Technical Analysis of BTC/USD for November 18, 2020

Crypto Industry Outlook:

Jay Clayton, who has served as chairman of the US Securities and Exchange Commission since May 2017, will leave the agency by the end of 2021.

In its official announcement, the agency noted that Clayton is one of the longest-serving people. Cryptocurrency enthusiasts are likely to be familiar with the work of an agency that has dealt with some of the most controversial regulatory issues facing the new asset class.

These include early debates on whether certain crypto assets should be defined as a security according to the 71-year Howey test.

As CEO, Clayton also warned Bitcoin investors last year that they would be "very wrong", expecting the cryptocurrency to be traded on major exchanges without more solid regulation.

During Clayton's tenure, the SEC reportedly secured orders for more than $ 14 billion in cash, a record $ 4.68 billion in fiscal 2020 alone, and returned approximately $ 3.5 billion to affected investors. The commission also paid approximately $ 565 million to whistleblowers, the largest single amount paid out, $ 114 million.

Technical Market Outlook:

The BTC/USD pair has made another yearly high at the level of $18,389 and the way to $20k remains intact. The market volatility has increased as the Bitcoin trades in the upper boundary of the the ascending channel. The intraday technical support is seen at the level of $17,000 and the technical resistance is now a swing high located at $18,389. As long as the market trades above the level of $15,000 the short-term outlook remains bullish.

Weekly Pivot Points:

WR3 - $18,219

WR2 - $17,297

WR1 - $16,656

Weekly Pivot - $15,563

WS1 - $14,969

WS2 - $14,056

WS3 - $13,330

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 $20,000, 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 $15,000 is broken.

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