Crypto Industry News:
The Singapore authorities today announced that their Blockchain payment project, Project Ubin, is complete and ready for commercial launch.
The Singapore monetary authorities (MAS) first launched the Ubin project in 2017, planning first to develop a digitized Singapore Dollar (SGD). The next steps included examining Blockchain and DLT technologies to build a system for clearing and settlement of payments and securities using digital SGD. In the final phase of the project, MAS cooperated with an investment company based in Singapore Temasek and the American investment bank JPMorgan.
MAS successfully completed the development of a payment network prototype in November 2019, since then the body tests the system for its ability to run smoothly with commercial Blockchain applications. According to the official MAS announcement, the payment network will provide an interface for "other Blockchain networks for seamless connection and integration".
Among other things, the system will allow for faster and cheaper cross-border payments in many currencies, exchange of foreign currencies and settlement of securities denominated in currencies. In addition to government-supported Blockchain projects, the private sector of Singapore is also flourishing thanks to Blockchain and cryptographic innovations. Over the past 12 months, Singapore has seen a 50% increase in the number of Blockchain companies nationwide.
Technical Market Outlook:
The BTC/USD pair has reversed back below the short-term trend line after the attempt to rally higher and is currently trading around the level of $9,145. This level is not that far away from the 61% Fibonacci retractement located at $9,082 and if violated, then the drop might accelerate towards the level of $8,860. The momentum is still hovering around the neutral level, but there is no sign of increased bullish activity. Only a sustained breakout through the trend line resistance might put the bulls back to control over the market again.
Weekly Pivot Points:
WR3 - $10,016
WR2 - $9,728
WR1 - $9,448
Weekly Pivot - $9,161
WS1 - $8,884
WS2 - $8,576
WS3 - $8,302
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.