Technical Analysis of BTC/USD for September 4, 2023

Crypto Industry News:

One of the leading cryptocurrency mining companies, Stronghold Digital Mining, is reportedly planning to use tire fuel (made from shredded vehicle tires) in its Pennsylvania operation.

Burning such items is a toxic process that pollutes the nearby air, water and soil. No wonder that some residents and environmental activists are strongly against it.

According to press accounts, Stronghold is trying to burn tires and use the generated energy to mine bitcoins. This is a controversial move due to its anti-ecological nature.

While the miner says he will reuse the waste, others say the process causes pollution and is very dangerous to health. Burning tires release toxic chemicals into the atmosphere that can cause cancer, lung disease or birth defects.

Stronghold spokeswoman Naomi Harrington told the media that substances such as tire fuel "are especially needed when the quality of coal waste is of low energy content". It also revealed that Stronghold has already obtained permission to test the use of tire energy, and now intends to obtain authorization to use 78,000. tons of this fuel.

Residents of Carbon County, Pennsylvania (where the company has facilities) protested the plan. Lawyers and environmental activists also expressed their disapproval. Charles McPhedran, a lawyer for the non-profit legal organization Earthjustice, stated that tire smoking poses a health risk to the region's residents. He believes that this kind of disposal is a "last resort".

Technical Market Outlook:

The BTC/USD pair has broken below the key short-term technical support seen at the level of $25,356 and made a new swing low at the level of $25,333. The bearish pressure is strong and the momentum is again weak and negative, so the short-term outlook for BTC remains bearish. The intraday technical support is seen at the level of $25,820 and the intraday technical resistance is seen at the level of $26,119.

Weekly Pivot Points:

WR3 - $26,375

WR2 - $26,157

WR1 - $26,042

Weekly Pivot - $25,939

WS1 - $25,824

WS2 - $25,721

WS3 - $25,503

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.