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Technical Analysis of BTC/USD for January 18, 2021

Crypto Industry News:

Grayscale Investment has reached another record quarter. In its Q4 2020 report, a leading digital asset management fund reported that institutional investors spent over $ 3 billion on its products, with bitcoin being the largest share.

Despite the challenges 2020 brought to the financial markets, or maybe because of them, Grayscale had its best year so far thanks to massive allocations, mostly from institutional investors. The first three quarters of 2020 brought record results, but the report for the fourth quarter beat all previous data. The company noted that total investments in the last three months of the year amounted to $ 3.3 billion, compared to $ 5.7 billion for the full year. This means that nearly 60% of all investments were made in the fourth quarter.

Moreover, the company stressed that since its inception, in 2013-2019, it had attracted a cumulative inflow of $ 1.2 billion. In other words, the revenues in 2020 were almost five times higher than in the previous six years combined.

Technical Market Outlook:

The BTC/USD pair keeps trading under the short-term trend line resistance (market gold in the chart). This means the market is still consolidating in the narrow range located between the levels of $34,00 - $39,000. Any violation of any of this levels would meant the up trend continuation or deeper corrective cycle towards $27,000. On the other hand, any trend line breakout and violation of the level of $37,000 will be the trigger for bulls to continue the bounce towards the level of $39,000.

The momentum indicator remains neutral, but the longer time frame up trend is intact.

Weekly Pivot Points:

WR3 - $50,241

WR2 - $45,262

WR1 - $41,218

Weekly Pivot - $35,725

WS1 - $31,875

WS2 - $26,553

WS3 - #22,402

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 $50,000, 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 -