Technical Analysis of BTC/USD for December 29, 2020

Crypto Industry News:

Deputy CEO of the Central Bank of Russia, Olga Skorobogatova, says that a total of around 30 central banks are currently exploring the potential of digital currencies. Russian media reports that many of the projects that rely on them are expected to go live in the next five to seven years.

Skorobogatova comments that the digital version of fiat currency can be so efficient that the international payment network SWIFT (Society for Worldwide Interbank Financial Telecommunications), which currently operates with some 11,000 financial institutions and sends over 33 million transactions per day, may soon become needed.

"Then we will be able to deal with direct integration issues. In this case, SWIFT may not be necessary as it will be a different type of technological interaction. '

Russia is currently working on a digital version of the ruble. According to CBR, the digital ruble must be simple, high-speed, high-reliability, low-cost, as well as secure online and offline payments. An official release date has not been set, but testing is expected to start next year.

Russian leaders say the digital currency can be used for international money transfers as soon as other countries launch digital versions of their own currencies.

Technical Market Outlook:

The BTC/USD pair has been seen trading below the level of $27,000 during the ongoing pull-back from ATH. The local low was made at the level of $25,801, but 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 $26,000 and $25,000. The strong and positive momentum supports the short-term bullish outlook for Bitcoin. Moreover, the market still trades above the short-term trend line support (market orange on chart).

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 -