Crypto Industry News:
Chinese authorities have announced that electronics manufacturers in the country should not use American chips or other components produced by the giant in the field, Micron Technology. The decision is another act that fits into the growing competition for dominance in the electronic and information field.
According to a statement released on Saturday by the China Cyberspace Administration (CAC), a regulatory and censorship body with powers over Internet and electronic communications, Chinese companies in the industry are "warned" against using parts of Micron Technology Inc., the world's largest an American manufacturer of semiconductors, integrated circuits and other parts used in the production of electronics
The US chips, it said, present "serious cybersecurity risks" and as such pose a threat to China's communications infrastructure and national security. Given this, manufacturers are "advised" to refrain from purchasing Micron chips and components in the future.
Technical Market Outlook:
The BTC/USD pair has been seen developing the potential Triangle pattern on the H4 time frame chart and when the pattern is completed, then the downside breakout should be made. So far the price still trades in a narrow range, awaiting for a breakout. The intraday technical support is seen at $26,536 and the intraday technical resistance is located at $27,276. Please notice the market keeps trading below the 50 and 100 MA, so the short-term outlook remains bearish.
Weekly Pivot Points:
WR3 - $27,485
WR2 - $27,111
WR1 - $26,974
Weekly Pivot - $26,736
WS1 - $26,599
WS2 - $26,321
WS3 - $25,986
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
