Technical Analysis of BTC/USD for December 4, 2020

Crypto Industry News:

S&P Dow Jones Indicies, one of the most established index providers in the world, is opening up to cryptocurrencies. Yesterday it was announced that the index provider of the US financial giant S&P Global will add indices for cryptocurrencies in 2021.S&P will initially launch two products. The indices will use data on over 550 cryptocurrencies using Lukka, a blockchain company based in New York.

Peter Roffman of S&P Dow Jones Indices today made the following statement on the S&P Global website:

"As digital assets such as cryptocurrencies are becoming a rapidly growing asset class, it's time for independent, reliable and user-friendly benchmarks. We are delighted to be working with Lucca, a leader in digital asset data services, to promote greater transparency in this emerging sector. "

Lucca will help to provide the S&P Dow Jones indices with information on a range of cryptocurrency assets, described by CEO Robert Materazzi as "the most trusted in the industry". S&P Dow Jones Indices is perhaps the world's best-known index provider. It is home to the S&P 500 and the Dow Jones Industrial Average, two indices that are among the best known in the global financial markets.

Technical Market Outlook:

The BTC/USD pair had made a new all time high (ATH) at the level of $19,891 and since then had been consolidating in a narrow zone located between the levels of $18,559 - $19,500. The idea of a triangle pattern as a form of the consolidation has been abandoned after a local higher high was made. The levels of $18,388, $18,000 and $17,644 will now act as a key technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $20,000 and then continue the up trend towards the new all time highs. Please notice, there is no indication of up trend termination on a daily, weekly and monthly time frame chart yet.

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 just 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