FX.co ★ Technical Analysis of BTC/USD for October 13, 2020

Crypto Industry News:

Members of the lower house of the Spanish Congress saw a surprise in their inbox, the equivalent of 1 Euro in crypto.

As reported by the Spanish news agency ABC, the plan is spearheaded by Tutellus, a decentralized platform to tokenize educational technology, and the Blockchain Observatory. The project aims to promote the use of cryptocurrencies in the country.

All 350 members of the lower house of Spain, i.e. the Congress of Deputies, received the equivalent of 1 Euro in cryptocurrency in their e-mails. Miguel Caballero, founder of Tutellus, said the goal is to raise awareness of the future role of cryptocurrencies in society:

"We have explained to your esteemed members that we are in a time of profound changes in the use of money, and we also highlighted the important role cryptocurrencies play today."

Caballero said the cryptocurrency "is not a donation" and admitted that some members of congress may be more familiar with cryptocurrencies. But for those who are not yet experienced with them, this is an opportunity to learn more, said Caballero.

Spain isn't the first country to send cryptocurrencies to lawmakers. The Political Action Committee (PAC) of the Chamber of Digital Commerce sent $ 50 worth of Bitcoin to all 541 members of Congress in early October.

Technical Market Outlook:

The BTC/USD pair has broken out from the Triangle pattern and made a new local high at the level of $11,679, just above the technical resistance seen at $11,646. Please notice, Bitcoin is now entering the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,233 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:

WR3 - $12,712

WR2 - $12,078

WR1 - $11,737

Weekly Pivot - $11,125

WS1 - $10,786

WS2 - $10,156

WS3 - $9,820

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 corrections 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 $10,000.