Technical Analysis of BTC/USD for October 20, 2020

Bitcoin continues the uptrend towards $12k

Crypto Industry News:

Rothschild Investment Corporation bought 27 Bitcoin stocks via GBTC Grayscale. The corporation is estimated to have $ 1.4 billion in assets (as part of its official structure), of which $ 235,000 is currently in Bitcoin.

This makes this fund one of the best known to buy Bitcoin. The purchase is likely to be finalized for one of their private clients, which is just one of the many private banks owned by Rotschild Investment.

Recently, the world has been circulating more and more new information on how various corporations or investment funds are entering the world of cryptocurrencies. The richest are increasingly favoring Bitcoin and altcoins. And it's not just about hedge funds, but whole clans of the wealthiest.

Already in 2018, the global media reported that the Rockefeller family, known for its dominance in the fuel sector, was investing in start-ups in the blockchain industry.

Technical Market Outlook:

The BTC/USD pair keeps trying to enter into the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. If bulls fail to break through to the next target seen at the level of $11,855 the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:

WR3 - $12,229

WR2 - $11,973

WR1 - $11,678

Weekly Pivot - 11,375

WS1 - $11,077

WS2 - $10,755

WS3 - $10,461

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

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The material has been provided by InstaForex Company - www.instaforex.com