FX.co ★ Technical Analysis of BTC/USD for August 10, 2023

Crypto Industry News:

The Bank of Russia announced that it will start testing the Central Bank of Russia (CBDC) digital currency project using digital rubles. These tests are scheduled to start on August 15.

A statement issued by the Bank of Russia indicated that the pilot tests will include the participation of 13 banks and a limited group of their clients.

According to Olga Skorobogatova, first deputy chairman of the Bank of Russia, the launch of pilot operations using real digital rubles is a key phase in the project. This step makes it possible to test the functionality of the digital ruble platform in an industrial context, refine the necessary procedures in cooperation with customers, adjust the processes if necessary, and provide a user-friendly and understandable experience.

Skorobogatova added that the bank's strategy includes the introduction of the digital ruble for general use, based on the results of phased tests and conditional on the successful completion of comprehensive trials covering all operational possibilities related to the digital ruble. According to the vice-president, it is expected that starting from 2025, citizens and businesses will be able to actively use the national digital currency at their own request.

According to the announcement, the initial phase of the pilot program will focus on improving core processes, including setting up and funding digital ruble accounts (digital wallets), person-to-person digital ruble transactions, simple automated payments, and the use of a QR code for purchase and service transactions.

Technical Market Outlook:

The BTC/USD pair has hit level of $30,190 during the spike up and then pulled-back towards the moving average located at the level of $29,338. The next target for bulls is seen at the level of $30,324 and $30,510. The market conditions are neutral as the RSI is approaching the level of fifty, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.

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.