Technical Analysis of BTC/USD for December 31, 2020

Crypto Industry News:

On the Lunarcrush platform, which offers data on how social media is influencing cryptocurrency markets, bitcoin critic Peter Schiff ranks 2nd in the pantheon of the biggest cryptocurrency influencers, right after bitcoin and bitcoin podcast host Anthony Pompliano. Max Keizer is fifth. It's worth noting that recently, Schiff and Keizer have frequently exchanged views on Bitcoin on Twitter.

The Lunarcrush ranking shows the status for the last 7 days - from December 24 to the present. According to the website's data, it was during this period that Schiff published 54 tweets, which translated into 17,140 likes and 30,384 engagements.

From the list we learn that his statements influenced in particular two coins: Bitcoin and Litecoin. Its "impact on BTC" was much greater than on LTC.

Technical Market Outlook:

The BTC/USD pair has made a new ATH at the level of $29,225 (at the time of writing the article), so the up trend is continued. The local low during the pull-back 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 $28,000 and $28,186. 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. Considering that the Bitcoin price has risen by 64.9% since the beginning of December, reaching the 161% Fibonacci extension level located at the level of $30,196 could be a signal that a larger correction is indeed in the game. Ultimately, however, the volume may prove to be the main determinant of which direction price may go.

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 $30,196, 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.

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The material has been provided by InstaForex Company - www.instaforex.com