20.11.202009:36 Forex Analysis & Reviews: Technical Analysis of BTC/USD for November 20, 2020

Crypto Industry Outlook:

A study by the consulting company DeVere Group was conducted on over 700 millionaires. It showed that almost three-quarters (73 percent) of them either already own or want to invest in cryptocurrencies before the end of 2022. In 2019, 68 percent of the respondents gave such positive answers to the same survey.

The participants in the study were people who owned over £ 1 million, or about $ 1.32 million. Millionaires came from several regions of the world: the United States, Great Britain, Asia, Africa, the Middle East, Australia and Latin America.

The CEO and founder of the DeVere Group, Nigel Green, wrote in a company report that Bitcoin was once again one of the best performing assets of the year and it was certainly a 125% increase in the rate.

It is worth remembering that the decision of PayPal, for example, could also drive wealthy investors to this market. Recall that the company is starting to allow its clients to pay BTC.

In addition, Wall Street companies invest in BTC. An example is Jack Dorsey's Square or Microstrategy. Both companies bought cryptocurrencies as a security for their capital.

Technical Market Outlook:

The BTC/USD pair keeps moving higher, so the up trend and the way to $20k remains intact. The market volatility has increased as the Bitcoin trades in the upper boundary of the ascending channel. Any violation of the level of $18,389 will accelerate the next wave up. The intraday technical support is seen at the level of $17,000 and the technical resistance is now a swing high located at $18,389. As long as the market trades above the level of $15,000 the mid-term outlook remains bullish.

Weekly Pivot Points:

WR3 - $18,219

WR2 - $17,297

WR1 - $16,656

Weekly Pivot - $15,563

WS1 - $14,969

WS2 - $14,056

WS3 - $13,330

Trading Recommendations:

Bitcoin is trading at the yearly highs 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.

Exchange Rates 20.11.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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