FX.co ★ Technical Analysis of BTC/USD for August 31, 2020

Crypto Industry News:

According to the media, several federal agencies such as the US Food and Drug Administration (FDA) and the Department of the Treasury have started using blockchain.

US Food and Drug Administration officials needed an effective way to help them track data on the H1N1 swine flu virus, which started spreading again in 2017. Of course, US Food and Drug Administration officials have found no better way than adopting blockchain technology.

Henry Francis, associate director of data mining and computing evaluation and research at the FDA's Drug Evaluation and Research Center, successfully developed a blockchain-based application that automatically enables them to obtain real-time encrypted data from multiple sources. Francis explained that the Application for Portable Interactive Devices (RAPID) program is one of the first full-blown blockchain implementations in the federal government, and interest in the technology is growing.

The Treasury Department's Office of Innovation and Financial Transformation, or FIT, has also turned to blockchain. The first application was used for tracking mobile devices, and the second was for managing software licenses. FIT also tested whether blockchain use can improve grant payment processes in collaboration with the National Science Foundation.

The Department of Health and Human Services (HHS) also uses distributed ledger technology to increase its mass purchasing power, reduce reporting burden, lower costs for industry partners and improve record keeping of supplier transactions.

Technical Market Outlook:

After the BTC/USD bounced from the demand zone located between the levels of $11,062 - $11,220, the channel has been violated as well. The bulls has resumed the local up trend from the oversold market conditions as they do not want to lose the $11,000 support. The nearest technical resistance is seen at the level of $11,646 and the key short-term technical support is seen at the level of $11,062. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $12,658

WR2 - $12,221

WR1 - $11,935

Weekly Pivot - $11,435

WS1 - $11,232

WS2 - $10,778

WS3 - $10,510

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.