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Crypto Industry News:
The first Cryptosat nanosatellite will be put into orbit on Wednesday using Elon Musk's SpaceX rocket.
A small satellite no larger than a coffee mug, made of pre-fabricated parts and a tamper-resistant platform for securing blockchains and other Web3 protocols flies into space.
If all goes to plan, Florida's SpaceX rockets will launch the first "crypto-satellite" into low Earth orbit on Wednesday, paving the way for secure blockchain cryptography in space.
Cryptosat, as the name suggests, is the company that created Crypto1, the cryptosatellite module that is loaded aboard the Falcon 9 rocket for the SpaceX Transporter 5 mission. The satellite blockchain technology has already been tested at the International Space Station.
Technical Market Outlook:
Despite the fact that the volatility has decreased dramatically, the BTC/USD bulls keep trying to bounce higher and so far successfully bounced from the range lower level seen at $28,980 again. The local high was made at the level of $31,190, but bulls are not that keen to continue the bounce anymore as the move up had ended with a Pin Bar candlestick formation. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen even at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact. The first indication of the deeper correction would be a clear breakout above the range high located at the level of $32,870.
Weekly Pivot Points:
WR3 - $33,847
WR2 - $32,649
WR1 - $31,169
Weekly Pivot - $29,902
WS1 - $28,296
WS2 - $27,028
WS3 - $25,668
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.
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