FX.co ★ Technical analysis of BTC/USD for 07/02/2020:

Crypto Industry News:

Mode, a financial services company supported by Twitter co-founder Biz Stone, has implemented the Bitcoin banking application for iOS devices.

The British company has made its application available worldwide, except for the United States. Customers can start using the application for 50 British pounds and buy Bitcoins using bank cards or by bank transfer. The funds are further processed via BitGo, the trustee of digital assets.

The application allegedly allows users to almost instantly credit funds using a faster payment process. Ariane Murphy, Director of Communication and Marketing in Mode, said that the Mode application solves problems related to transaction restrictions, low speed, high costs, insecurity, and most importantly, copes with the poor user experience usually associated with Bitcoin applications. Before using the Mode application, it requires users to undergo the KYC procedure, which is performed by AI-enabled identity verification technology.

The Mode company, founded in 2018, whose parent company is the British company fintech R8 Group, opened the waiting list for the application in October last year, initially making it available only by invitation.

Technical Market Overview:

The BTC/USD pair has hit the level of $9,795 three times already, so it looks like the market is consolidating the recent gains in extremely overbought conditions. The next target for bulls is the obvious $10k level. The bulls might be still in control of the market, but the counter-trend correction down might resume any time now. Please notice the momentum is clearly decreasing as well, which supports the near-term bearish outlook, that might occur when the level of $10,000 is finally hit. The nearest technical supports are seen on the levels of $9,555 and $9,508.

Weekly Pivot Points:

WR3 - $10,823

WR2 - $10,138

WR1 - $9,838

Weekly Pivot - $9,130

WS1 - $8,807

WS2 - $8,069

WS3 - $7,777

Trading Recommendations:

The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.