Crypto Industry News:
Tether, the company behind the world's largest USDT stablecoin, has signed a Memorandum of Understanding (MOU) with the government of Georgia.
The partnership reinforces the company's position as a "pioneering infrastructure partner for cities and nations around the world." The collaboration will help the country in its efforts to become a global hub for blockchain technology.
According to the document, the signed agreement may have a positive impact on both Tether and Georgia. Paolo Ardoino, the stablecoin issuer's CTO, described the move as a "significant milestone" that could help his entity in its bid to diversify its offering.
"By understanding the potential of cryptocurrencies, Tether aims to empower cities and facilitate the adoption of blockchain technology as well as peer-to-peer technology solutions such as Keet and Holepunch," he added.
At the same time, MOU will focus on creating a thriving startup ecosystem and boosting Georgia's development in the world of cryptocurrencies. Both Tether and the Georgian government praised the country's high quality of life and favorable working conditions that could attract international investment.
Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, said Tether is interested in investing in the region. As such, the company will introduce a fund for domestic startups to help develop blockchain technology. The aim is to position Georgia as a leader in this field.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,002, but the Doji candlestick pattern was made at the top of the move on the H4 time frame chart. The market reversed and is now back inside the trading range located between the levels of $29,556 - $30,701. The intraday technical support is seen at the level of $29,556 and the intraday technical resistance is located at $30,328. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 - $31,378
WR2 - $30,802
WR1 - $30,511
Weekly Pivot - $30,226
WS1 - $29,935
WS2 - $29,650
WS3 - $29,074
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.