Technical Analysis of BTC/USD for November 13, 2020

Crypto Industry Outlook:

Over the 11 years since the inception of the crypto industry, malicious sites have used digital assets for a range of illegal activities, ranging from drug payments to money laundering. The analytical company Blockchain Chainalysis is introducing a new service to help authorities track, store and sell crime-related cryptocurrencies after their recovery. The company calls this initiative the Asset Realization Program.

With the new Chainalysis program, it aims to help customers by putting together and selling confiscated digital funds, closing once illegally used assets and legally putting them back into the ecosystem.

Chainalysis's Asset Realization Program is aimed at government agencies as well as insolvency firms, players representing insolvent entities. However, the program is also open to other interested people. As part of the initiative, Chainalysis has partnered with Asset Reality, a company that already operates in a niche of confiscated assets. The company will work with Chainalysis on a number of processes, including the sale of confiscated funds.

Technical Market Outlook:

The BTC/USD pair has broken above the $16,000 and made a new yearly high at the level of $16,420 (at the time of writing the article). From time to time the market is consolidating the recent gains in extremely overbought market conditions and then makes another spike up, so the up trend is being continued. The intraday technical support is currently seen at the level of $16,000 and the intraday technical resistance is located at $16,420. As the up trend is still being continued, so the next target for bulls is seen at the level of $17,000.

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