27.10.202009:32 نشرة تحليل الفوركس: Technical Analysis of BTC/USD for October 27, 2020

Crypto Industry Outlook:

According to the official announcement, Toyota Systems, the IT division of Toyota Motor Corporation, is working with the Japanese cryptocurrency exchange DeCurret to develop Toyota's branded digital currency. The pilot will cover 2,500 employees at Toyota Systems.

According to the announcement, participating employees will be able to exchange digital currency for benefit points or gifts from the catalog. Toyota Systems noted that digital currency cannot be exchanged for Japanese yen.

The new pilot program uses DeCurret's proprietary blockchain-based platform to issue and manage digital currencies. The pilot will test the scalability of the peer-to-peer model on the blockchain and business issues related to payments to a large group of people.

Toyota is actively exploring the blockchain industry by establishing its own Toyota Blockchain Lab in March 2020. The automotive industry joined the R3 consortium, a major industry alliance, in 2016.

Toyota is not the only car manufacturer experimenting with blockchain and crypto. Earlier, in October, BMW Korea announced that it would be the first subsidiary in the BMW Group to conduct a blockchain-based token test with a view to fully launch it domestically by the end of 2020.

Technical Market Outlook:

The BTC/USD pair had made a new yearly high at the level of $13,300 and since then is trading in a horizontal trend, consolidating the recent gains. The local lows are shallow, so the bulls are still in control of this market. If the level of $13,300 is clearly violated, then the next target is seen at the level of $13,698. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high.

Weekly Pivot Points:

WR3 - $15,886

WR2 - $14,555

WR1 - $13,946

Weekly Pivot - $12,537

WS1 - $11,955

WS2 - $10,713

WS3 - $10,093

Trading Recommendations:

Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.

Exchange Rates 27.10.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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