Technical Analysis of BTC/USD for November 30, 2020

Crypto Industry News:

The Ukrainian Ministry of Digital Transformation has released an online series aimed at educating citizens about cryptocurrencies, Blockchain and Bitcoin.

The program premiered on Wednesday and was created in cooperation with Binance, Hacken and Crystal Blockchain as part of the "Diia.Digital Education" program of the Ukrainian government.

The program consists of eight six to 12-minute episodes that explain the basic concepts of Cryptocurrency and Blockchain. The program is hosted by Andriy Onistrat, an entrepreneur and former banker who interviews guests working in the Blockchain industry.

The first episode, available on YouTube, introduces the concept of cryptocurrencies as a license-free transaction ledger that cannot be kept. Particular attention is paid to the concept of asset audibility, with Onistrat noting that the National Bank of Ukraine can always decide to significantly increase the supply of the hryvnia, the national currency of Ukraine. Ivan Paskar, Marketing Manager, Binance Ukraine, explains how Bitcoin maintains an unchanging, auditable asset.

The duo also talked about more complex ideas, mentioning Ethereum, smart contracts, and decentralized exchanges. Despite the beginner-friendly format of the program, Onistrat continued to ask Paskar a few more difficult questions - for example, how can the ideals of decentralization and freedom be reconciled with the identification requirements seen in many centralized exchanges.

Viewers receive a certificate of completion after reviewing all episodes. This initiative is in line with the Ukrainian government's drive to achieve digital competences in this country. Other programs offered by the ministry include 'Digital Teacher Lessons' and 'How to Become a YouTube Blogger'.

Technical Market Outlook:

The BTC/USD pair has bounced above all Fibonacci levels and the new local high is seen at the level of $18,592. The levels of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $19,000 again and then continue the up trend towards the new all time highs.

Weekly Pivot Points:

WR3 - $22,987

WR2 - $21,189

WR1 - $19,745

Weekly Pivot - $17,922

WS1 - $16,614

WS2 - $14,848

WS3 - $13,390

Trading Recommendations:

Bitcoin is trading close to 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 -