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26.01.202110:03 Forex Analysis & Reviews: Technical Analysis of BTC/USD for January 26, 2021

Crypto Industry News:

The International Air Transport Association will soon introduce blockchain passports that digitally store information about a person's health, in particular their COVID-19 tests and vaccination status.

In line with a move that IATA says it could reopen international travel and loosen current global restrictions, the "health" passport will be saved on the user's smartphone as an app, and the first real-world tests will take place in February.

Known as the IATA Travel Pass and described as a way to give travelers full control of their own data, the app would reportedly also act as a two-way communication tool that sends information to the relevant government authorities, immunization centers, and airlines.

So far, the four largest airlines have signed up for the program. Singapore Airlines and British Airways plan to start the first test phase in February, while Etihad and Emirates are anticipating it in April.

Alan Murray Hayden, head of IATA's airport, passenger and security products division, praised the program's use of "powerful" blockchain technology, adding that it was one of the few technology implementations to date that clearly had a positive impact:

"This is the beauty of the technology we use; it gives the passenger full control of their data. There is no central database and no one can hack it. The passenger owns his data and shares it with the airline. A program so powerful is probably one of the first examples. blockchain technology implemented for the benefit of people. "

The Travel Pass will contain four main interactive elements:

1. Digital passport module,

2. Lab application that enables secure data transfer via testing laboratories and the application itself;

3. Global registry of vaccination centers;

4. A global register of current health requirements necessary for international travelers.

Hayden said that if a potential passenger's health and vaccinations meet international requirements, the passenger will be able to continue traveling. Etihad airline passengers departing from Abu Dhabi will be the first to be able to use digital passports in the first quarter of 2021.

Technical Market Outlook:

The BTC/USD pair has made a Bearish Engulfing candlestick pattern around the level of $34,898, so the bounce from the level of $31,000 had been capped. The bears has pushed the price towards the level of $31,000 again and it looks like they are getting ready for a breakout lower. The key short-term technical support is seen at the level of $29,000, so if it is clearly violated, then the market might extend the slide down towards the level of $27,000.

Weekly Pivot Points:

WR3 - $45,492

WR2 - $41,554

WR1 - $36,330

Weekly Pivot - $32,457

WS1 - $27,332

WS2 - $23,540

WS3 - $18,286

Trading Recommendations:

Despite the recent corrective cycle the bulls are still 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.

Exchange Rates 26.01.2021 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 © 2007-2021
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