10.05.202308:07 Forex Analysis & Reviews: Technical Analysis of BTC/USD for May 10, 2023

Crypto Industry News:

The crypto community has been receiving constant news lately about big players launching new blockchains. No wonder - the global blockchain market is developing dynamically, and analysts predict that its value will increase dramatically by the end of this decade. Recently, Coinbase announced the launch of its own Base network, this time it's the turn of giants from the consulting, banking and technology sectors. The new blockchain will be called the Canton Network.

Microsoft, Goldman Sachs, Deloitte and their partners have decided to cooperate in a project to create a new blockchain network called Canton Network, aimed mainly at the financial industry. The network and ecosystem are being developed by Digital Asset, with other partners including BNP Paribas, Cboe Global Markets, Deloitte, Paxos and others. The network will offer privacy control and interoperability, enabling the synchronization of activities among institutional participants in financial markets that were previously "silos", and therefore without appropriate connections.

Canton Network is built on the Daml language and library, an intelligent platform for smart contracts by Digital Asset. The interoperable system created on its basis will enable the synchronization of "assets, data, and money" within interconnected applications. The network intends to improve privacy control, stability and security on financial intermediation platforms, and its use may, according to the creators, open new doors for market participants.

Technical Market Outlook:

The BTC/USD pair keeps trading lower after the swing high had been done at the level of $31,044 and is in progress of making a Triangle pattern on the H4 time frame chart. The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. If there is a breakout above the short-term trend line resistance, then the next target is seen at $30,561. Only a sustained breakout above the swing high might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued for next few days. The key technical support levels are $27,259 and $26,972.

Weekly Pivot Points:

WR3 - $29,884

WR2 - $29,080

WR1 - $28,607

Weekly Pivot - $28,315

WS1 - $27,843

WS2 - $27,550

WS3 - $26,786

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. 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.