FX.co ★ Technical Analysis of BTC/USD for September 1, 2023

Crypto Industry News:

X (formerly Twitter), Elon Musk's social media platform, has obtained payment licenses from several US states in recent months. Most recently, it acquired a currency transmission license in Rhode Island earlier this week.

While Musk has hinted at cryptocurrency support on the platform (he changed the Twitter bird logo to dogecoin dog before rebranding to X last month), the licenses allow it to offer wider payment services.

Musk said he plans to expand X beyond social media posts and become a "for everything" app. Money transfer licenses obtained since June in Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire indicate the tech billionaire may have plans to handle payment processing nationwide along the lines of Venmo or PayPal, the company he co-founded. A Rhode Island license, while necessary to enable payment, is also a requirement to offer crypto services.

Technical Market Outlook:

The BTC/USD pair had spiked to the upside and made a new local high at the level of $28,136 and then within a two days period gave back all the recent gains. The bears broke back below the level of $26,779 which will now act as the technical resistance for bulls. Currently, the market is testing the key short-term technical support seen at the level of $25,356 again. The momentum is again weak and negative, so the short-term outlook for BTC remains bearish.

Weekly Pivot Points:

WR3 - $26,936

WR2 - $26,167

WR1 - $26,040

Weekly Pivot - $25,938

WS1 - $25,811

WS2 - $25,709

WS3 - $25,480

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.