Technical Analysis of BTC/USD for November 19, 2020

Crypto Industry Outlook:

In a thread posted on Twitter, Ray Dalio stated that he believes that Bitcoin is not an effective medium of exchange or a means of custody due to its volatility. He also assured that governments could ban crypto assets if they became a threat to fiat currencies. However, he also admitted that he "may have missed something" and invited others to join their explanations.

I can't imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin]," said Dalio. "If I'm wrong about these things I would love to be corrected."

Dalio's comments came after Bitcoin's price soared as its price exceeded $ 17,500 in less than 24 hours. The booming news has led many collaborators in space to share their views with the billionaire.

Dalio said last Thursday that he believes governments are likely to step up their efforts to curb cryptocurrencies if they see significant increases. His comments came when Bitcoin's price was about $ 2,000 lower than it is today.

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 ascending channel. The market might be developing a Triangle pattern, so the break out of it might be up. 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.


The material has been provided by InstaForex Company -