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Technical Analysis of BTC/USD for December 28, 2020

Crypto Industry News:

Nouriel Roubini believes future US president Joe Biden will go much further than Donald Trump in controlling cryptocurrency. In a heated debate on Twitter on December 24, Roubini, who is known for both his aversion to cryptocurrencies and his ability to misjudge the bottom of the market, called the sector a "cesspool."

Roubini responded to Jake Chervinsky, a lawyer investigating the effects of recent news, where US lawmakers demanded stablecoin payments to be implemented in a chain of anti-money laundering and customer identification (AML / KYC) processes.

Czerwinski argued that this idea now has "exactly zero chance" to become an enforceable law. Rather, he represented the "personal views" of Steven Mnuchin, the treasury secretary under Trump, who was soon replaced by Biden's chosen one, Janet Yellen.

Biden's team, starting with Yellen who was my boss at CEA, will crack down on tax fraud and AML-KYC-TFC scams in cryptocurrency / shitcoin cesspools, much more so than Mnuchin.

Cryptocurrency skeptics were reinforced this week by news that the US regulator, the Securities and Exchange Commission, has decided to file a lawsuit against the Ripple blockchain payment network. The largest investor in the fourth-largest cryptocurrency, XRP, Ripple, saw a 60 percent decline in token value after the news went public.

At the same time, commentators noted that Bitcoin has barely responded to the legal challenge. However, in the long term, research has shown that many remain concerned about the possible impact of government bans on Bitcoin's success.

Technical Market Outlook:

The BTC/USD pair continues the up trend and recently hit the level of $28,183. After the pull-back towards the level of $26,000 (low at the level of $25,783), the market bounces back up again. There is no sign of a trend reversal and the next target for bulls is seen at the level of $30,000. The intraday support is seen at the levels of $27,000 and $26,000. The strong and positive momentum supports the short-term bullish outlook for Bitcoin.

Weekly Pivot Points:

WR3 - $35,468

WR2 - $31,807

WR1 - $29,313

Weekly Pivot - $25,209

WS1 - $23,706

WS2 - $19,294

WS3 - $16,598

Trading Recommendations:

Bitcoin made another 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 $30,000, 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 $20,000 is clearly broken.


The material has been provided by InstaForex Company -