FX.co ★ Technical Analysis of BTC/USD for October 2, 2023

Crypto Industry News:

Brazil is taking an important step in adopting new technologies. Its residents will soon be able to see how blockchain works in practice. It's about a digital identity program. Rio De Janeiro, Goias and Parana will be the first states to issue blockchain-based documents to their citizens.

The country's government has announced that more than 214 million Brazilians will soon use blockchain technology to confirm their identity. Rio De Janeiro, Goias and Parana will be the first states whose officials issue blockchain-based identification documents. Everything will happen via a private blockchain developed by Serpro. The entire country should be able to issue identity documents via blockchain technology by November 6, we read in the decree of September 25.

According to the local government, the ID project is crucial in the fight against organized crime and will facilitate cooperation between different public sectors, offering a simpler way to access services and improving documentation administration.

Technical Market Outlook:

The BTC/USD pair has tested the key short-term technical resistance located at the level of $28,186. The new swing high was made at the level of $28,277, but due to the extremely overbought market conditions on the H4 time frame chart the bulls pulled-back lower. The next target for bulls is seen at the level of $28,687 and $28,800. The intraday technical support is seen at $27,477 and $27,270. The strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $28,708

WR2 - $28,340

WR1 - $28,158

Weekly Pivot - $27,972

WS1 - $27,790

WS2 - $27,605

WS3 - $27,237

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.