FX.co ★ Technical Analysis of BTC/USD for August 7, 2023

Crypto Industry News:

Elon Musk has stated that his social media platform X (formerly Twitter) has no plans to introduce cryptocurrencies in response to a post about dubious digital currencies related to X and Twitter.

In response to DogeDesigner's post, Musk addressed the issue of fake tokens like X(X) and TwitterDAO(TWITTER) falsely claiming to have connections to this social media platform. DogeDesigner warned the cryptocurrency community to be wary of articles regarding fraudulent tokens and clarified that neither Musk nor X had ever introduced cryptocurrency. In his response, Musk claimed, "And we will never do that."

Earlier, Musk hinted at the possibility of integrating cryptocurrencies as a payment option on X. Traders wondered if he would introduce a specific cryptocurrency token or stick with his favorite Dogecoin.

However, after the appointment of Linda Yaccarino as the new CEO, some doubts have been raised about the likelihood of DOGE integration. Nevertheless, Musk's recent comments have revived optimism among Dogecoin investors.

Musk recently announced an ambitious vision to turn Twitter into an end-to-end platform called X, the so-called all-in-one, officially rebranding Twitter as X in July.

Technical Market Outlook:

The BTC/USD pair intraday technical resistance is seen at the level of $29,623, just below the 100 MA. In a case of a another breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in the sand for bulls). The weak and negative momentum, together with an increasing bearish pressure supports the short-term bearish outlook for BTC, but for now the market is consolidating around the 50 MA as it awaits the fundamental trigger to increase volatility. The trading conditions are still choppy and full of false breakouts as the bulls and bears fight for the control of the market.

Weekly Pivot Points:

WR3 - $29,401

WR2 - $29,222

WR1 - $29,126

Weekly Pivot - $29,043

WS1 - $28,948

WS2 - $28,864

WS3 - $28,685

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.