Technical Analysis of BTC/USD for November 3, 2020

Crypto Industry Outlook:

A large private Russian bank, Gazprombank, has received regulatory approval to launch cryptocurrency storage services through its Swiss company.

According to the official announcement, the bank has obtained approval from the national financial regulator, the Swiss Financial Market Authority, to offer cryptocurrency storage and trading services to its institutional and corporate clients. The offers will initially be limited to a select group of customers with Bitcoin as the only supported cryptocurrency. Gazprombank plans to gradually expand its offer with additional cryptocurrencies and other related products and services.

President of Gazprombank Roman Abdulin said:

"We expect digital assets to become increasingly important in the global economy, especially for our existing and potential customers."

As a regulated entity, Gazprombank will have to comply with Swiss anti-money laundering and AML laws and regulations, and implement its own due diligence and software procedures.

Gazprombank Switzerland is a bank registered in Switzerland, 100% owned by Gazprombank based in Russia. The bank is preparing to launch cryptographic services in Switzerland from 2018.

Technical Market Outlook:

The BTC/USD pair has moved back into the horizontal channel after a failure to rally higher above $14,000. The recent local low was made at the level of $13,147. The market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $13,296 and $13,116. The key technical support is located at $12, 625.

Weekly Pivot Points:

WR3 - $15,648

WR2 - $14,723

WR1 - $14,351

Weekly Pivot - $13,475

WS1 - $13,116

WS2 - $12,252

WS3 - $11,845

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 $14,000, 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