Technical Analysis of BTC/USD for November 10, 2020

Crypto Industry Outlook:

In 2013, the world's first-ever Bitcoin ATM made its debut when Robocoin placed the machine in a coffee shop in Vancouver. A transaction in BTC worth $ 10,000 was made on the device that allows customers to exchange Bitcoins for cash and vice versa on the first day.

Now, one month from the end of 2020, the estimated number of cryptocurrency ATMs worldwide that allow customers to buy and sell Bitcoin and other altcoins for cash is around 11,665.

This reflects the remarkable increase in the number of crypto ATMs compared to last year. The number of bitomats at the end of 2019 was estimated at 6372 machines; now, as we approach farewell to 2020, there has been an increase of almost 80%.

CoinATMRadar also shows that the number of crypto ATMs is increasing by an average of 23 machines per day, or almost one new bitomat per hour.

The United States saw the fastest take-up in the world of crypto ATMs and gained the largest share in its territory. The number of bitomats located in the United States has increased from 4,213 in 2019 to 9,242 in 2020, an increase of over 50%. The United States currently accounts for approximately 79.2% of the total number of crypto ATMs in the world.

There is also a growing diversity in the spread of cryptocurrency ATMs in the United States - located in small stores, malls, transportation hubs, and even at the Tesla Gigafactory.

Canada is second in the top five with 880 bitomats; Great Britain in third place with 268 machines; Hong Kong in fourth place with 62 machines and finally Columbia, which has recently shown a lot of interest in building bitomats, with 59 machines.

The significant increase in the number of cryptocurrency ATMs in 2020 proves the growing interest of both buyers and financial institutions, including the financial giant Paypal.

Technical Market Outlook:

After the BTC/USD pair has bounced quickly back above $15,000 it keeps hovering in a narrow range between the levels of $14,781 - $15,783, consolidating the recent gains in extremely overbought market conditions. There is a potential Bullish Flag price pattern in progress on the H4 time frame chart. The intraday technical support is currently seen at the level of $15,215 and the intraday technical resistance is located at $15,526. The up trend is still being continued, so the next target for bulls is seen at the level of $16,000.

Weekly Pivot Points:

WR3 - $19,307

WR2 - $17,576

WR1 - $16,627

Weekly Pivot - $14,868

WS1 - $13,889

WS2 - $12,207

WS3 - $11,247

Trading Recommendations:

Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $16,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.

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