Crypto Industry News:

Wang Wong Zhongmin, former vice chairman of the Chinese National Social Security Fund Council, announced that China has completed the development of the architecture of the back office of China's digital currency, the central bank (CBDC).

Wang announced this during the Fintech 2020 online forum organized by the Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing.

With so many existing and developed cryptocurrencies, China is trying to create a payment infrastructure in which these currencies could coexist with sovereign digital currencies. Wang said that such a system would create an environment in the digital currency space for healthier competition and cooperation.

According to Wang, the epidemic has increased competition in the digital currency space, and more technology giants and governments have become interested in creating a better digital payment infrastructure. He also noted the development of Libra.

Wang said in the forum that CBDC in China is currently being tested. Earlier, there were also reports that the country began developing regulations that would help launch and implement the digital currency.

The Chinese technology and payment giants Alibaba, Tencent, Huawei and China Merchants Bank are believed to cooperate with the People's Bank of China in developing and testing.

Although everyone is still not sure when China plans to officially release the digital currency, head of Ledger Vault from the Asia-Pacific region Glenn Woo said that the digital Yuan will probably be the first virtual currency supported by the state around the world.

Technical Market Outlook:

The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704. This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $9,530 as any violation of this level might accelerate the drop towards the level of $9,381. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $10,274

WR2 - $9,895

WR1 - $9,583

Weekly Pivot - $9,212

WS1 - $8,912

WS2 - $8,511

WS3 - $8,252

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.