20.02.202008:24 Forex Analysis & Reviews: Technical analysis of BTC/USD for 20/02/2020:

Crypto Industry News:

According to the published announcement, Coinbase became the main member of Visa. This will allow you to issue debit cards without relying on third parties.

Membership is an evolution of Coinbase's current relationship with Visa, under which the cryptocurrency exchange offers a Visa based debit card. The card called Coinbase enables customers living in the European Union or the European Community to spend a wide range of cryptocurrencies on purchases.

Although the card itself can operate globally, it cannot be ordered by a person living outside the served areas. Coinbase reports that the card is most commonly used in the UK, followed by Italy, Spain and France.

Through direct integration with Visa, Coinbase promises to be able to provide additional services and support more markets. The company ensures that it is the first "cryptocurrency company" that has become the main member.

The current version of the card was issued in 2019 in the United Kingdom, however, Coinbase previously supported the Shift cryptographic card, which drew funds from the user's balance. The service was launched in 2015.

Like many other cryptographic cards, Shift suffered greatly from the withdrawal of the WaveCrest Visa license at the beginning of 2018. The company was an effective publisher of almost all debit cards serving cryptocurrency users. Shift finally closed at the beginning of 2019.

The new version is supported by Paysafe Financial Services Ltd., a consumer product company such as Skrill and PaysafeCard. It is not clear when and how the transition to Coinbase cards will take place.

Technical Market Overview:

The BTC/USD pair has made a big shakeout candle to the downside and the price has hit the level of $9,248 before any bounce has occurred. Currently, the market is trading in a narrow zone between the levels of $9,448 - $9,622, but it does not look like the bears are done. The momentum is weak and negative and there is no indication of any bullish reversal coming. The next target for bears is seen at the level of $9,123 and the immediate resistance is located at the level of $9,645.

Weekly Pivot Points:

WR3 - $11,039

WR2 - $10,715

WR1 - $10,112

Weekly Pivot - $9,845

WS1 - $9,424

WS2 - $8,941

WS3 - $8,335

Trading Recommendations:

The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.