Technical analysis of BTC/USD for 31.07.2019

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Fortaleza, the main city of Northeast Brazil, will start to accept Bitcoin as a form of payment for bus tickets until the end of 2019.

Local transport services have announced an initiative to enable citizens to pay for bus tickets with credit and debit cards, as well as Bitcoin and other cryptocurrencies. This initiative aims to reduce operational costs in the ticket system.

The entity, known as the Cooperative of Independent Transport of Passengers of State of Ceara (Cootraps), said passengers would be able to pay for their travels with Bitcoin via smartphones by scanning the QR code.

While Cootraps reportedly stated that the incoming system would also accept other cryptos in addition to Bitcoin, the co-operative did not explain any further details in this matter.

However, Carlos Roberio Sampaio, CFO at Cootraps, reportedly said that the new payment methods would reduce the amount of bureaucracy required and attract more users because the unit expects to simplify payment procedures by processing them using electronic coupons. In addition, passengers will be able to pay for tickets without disturbing the driver's work.

Technical Market Overview:

The BTC/USD pair has bounced out of the trading range and currently is testing the trendline resistance around the level of $9,753. Any breakout above this trendline will be considered bullish breakout with a target at the level of $10,166. The increasing momentum supports the short-term bullish outlook.

Weekly Pivot Points:
WR3 - $11,468
WR2 - $11,040
WR1 - $10,062

Weekly Pivot - $9,661
WS1 - $8,704
WS2 - $8,287
WS3 - $7,289

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.

Technical analysis of BTC/USD for 31.07.2019