FX.co ★ Technical Analysis of BTC/USD for August 11, 2023

Crypto Industry News:

The Reserve Bank of India (RBI), the country's central bank, has released a press release outlining the concept of using artificial intelligence (AI) for conversational payments within its Integrated Payments Interface (UPI), an instant payments system developed in India.

On August 10, RBI noted that UPI has contributed to India's digital payment revolution due to its advantages such as ease of use, security and reliability. The central bank also emphasized that the introduction of new functions made it possible to adapt the platform to the diverse needs of the country's economy. As technology advances, RBI noted that there is potential for an AI-based system that initiates and closes trades in the course of a call. The statement reads:

"Artificial intelligence (AI) is increasingly integrating into the digital economy, and conversational instructions have great potential to improve the usability and reach of a UPI system."

According to the announcement, the system will be available on smartphones. RBI is confident that this will help to further increase digital penetration in the country.

In terms of language support, the system will initially work in Hindi and English, with future updates to support more Indian languages.

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 pulls backs more than 50% already as the level of $29,428 was violated during the down move. The next retracement level for a pull-back is seen at the level of $29,238. 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.