FX.co ★ Technical Analysis of BTC/USD for August 18, 2023

Crypto Industry News:

The British company Quantum Blockchain Technologies has created an algorithmic method that speeds up BTC mining. According to the creators of the algorithm, the new technology speeds up mining by up to 260%.

It is worth noting that Quantum Blockchain Technologies has been working on solutions based on machine learning, cryptography and artificial intelligence for over two years. All this in order to increase the speed of BTC mining in cryptocurrency ASIC miners.

Quantum Blockchain Technologies wants to revolutionize the cryptocurrency industry. This company has created tools based on artificial intelligence that are able to significantly increase the efficiency of ASIC cryptocurrency miners. According to the CEO of Quantum Blockchain Technologies Francesco Gardin, two algorithmic methods have been developed that allow you to increase the speed of BTC mining by 260%.

Gardin confirms that the company is currently testing its solutions and announced a patent application in July 2023. The company's technology is said to provide an "elusive advantage" through the use of AI and SHA-256 optimization. Although QBT has no plans to make its patented methods open source, the CEO admits that the company is considering various options for introducing its technologies to the BTC mining market.

Technical Market Outlook:

The BTC/USD pair has hit level of $25,560 during the recent spike down, so the BTC lost around -12% from the consolidation lows located at $29,100. The bulls are trying to bounce from the lows and the current local bounce high was made at the level of $26,743. The level of $25,560 will now act as the technical support, but the key technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.

Weekly Pivot Points:

WR3 - $29,987

WR2 - $29,629

WR1 - $29,485

Weekly Pivot - $29,270

WS1 - $29,127

WS2 - $28,912

WS3 - $28,553

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.