Technical Analysis of BTC/USD for December 14, 2020

Crypto Industry News:

Russian Federation is the latest country to officially require its government officials to report their cryptocurrencies. President Vladimir Putin signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021, the local news agency reported on December 10.

The decree, which was officially released on Thursday, provides for new measures related to Russia's federal cryptographic law "On Digital and Financial Assets" (DFA). The form requires officials to disclose information such as the name of the digital asset, the date of acquisition, the total amount of assets held, and information about the issuer of the asset such as the country of registration.

The declarations must contain information on cryptocurrencies and tokens belonging to officials, as well as their spouses and minor children. As we read in the decree, the disclosure process will start on January 1, 2021. According to some local crypto players, the new regulatory initiative will have a positive impact on the Russian cryptocurrency ecosystem.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $17,579 and went straight up towards the $19k target. The local high was made at the level of $19,359 and since then the market is consolidating in a narrow range. The nearest technical support is seen at the level of $19,000 and the next technical resistance is located at $19,625. The momentum is strong abd positive, so the higher time frame trend remains up.

Weekly Pivot Points:

WR3 - $21,188

WR2 - $20,624

WR1 - $20.024

Weekly Pivot - $18,707

WS1 - $18,177

WS2 - $16,940

WS3 - $16,341

Trading Recommendations:

Bitcoin made a new ATH 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