FX.co ★ Technical Analysis of BTC/USD for October 30, 2023

Crypto Industry News:

Elon Musk has revealed that he is transforming his X platform (formerly Twitter) into an all-in-one financial platform. "When I talk about payments, I'm really talking about a person's entire financial life... If it involves money, it will be on our platform," he said. He added that people would no longer "need accounts" in banks.

Elon Musk, CEO of Tesla and SpaceX, revealed during a conference call with colleagues on Thursday that he is transforming X into a financial center.

Noting that he expects financial and payment features to launch on the platform by the end of 2024, Musk said people will be surprised by "what a powerful tool" X is.

"When I talk about payments, I'm really talking about a person's entire financial life... If it involves money, it will be on our platform. Money, securities or whatever. It's not like I'm sending $20 to a friend. I'm talking about that you won't need a bank account," he allegedly said.

His company is currently in the process of obtaining a money transfer license within USD. Everything to be able to offer financial services to users. Musk also said during Thursday's meeting that he hopes to obtain additional licenses of various types in the "next few months."

As for when financial features will be available on the X platform, Musk said he would be "amazed if it doesn't roll out by the end of next year."

Last November he said X could offer "an extremely attractive account", debit cards, checking and lending services. What's more, he previously said that X would become an "app for everything."

Technical Market Outlook:

The BTC/USD pair has made a three wave pull-back from the new local high located at the level of $35,227 and broke below the short-term trend line support around the level of $34,386. Currently, the market is consolidating the recent gains around the level of $34k and is getting ready to spike up again. The intraday technical support is seen at $34,205 and the intraday technical resistance is seen at $34,386. The next target for bulls is seen at the level of $37,142. The momentum remains weak and negative, but it is hovering very close to the neutral level of fifty, so any breakout above this level would trigger up trend resumption.

Weekly Pivot Points:

WR3 - $35,103

WR2 - $34,711

WR1 - $34,493

Weekly Pivot - $34,319

WS1 - $34,102

WS2 - $33,927

WS3 - $33,538

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 $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.