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FX.co ★ Technical Analysis of BTC/USD for November 24, 2020

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Forex Analysis:::2020-11-24T07:28:18

Technical Analysis of BTC/USD for November 24, 2020

Crypto Industry Outlook:

PayPal's CEO believes that cryptocurrencies are on the verge of widespread adoption as more and more businesses and consumers are using "digital payments and digital forms of currency". In an interview with CNBC, PayPal CEO Dan Schulman said the COVID-19 pandemic has accelerated the transition to digital payment methods. PayPal wants to be a leader in the ongoing digital transformation.

Schulman said "cash consumption has plummeted" during the pandemic, adding that "40 to 70 percent of consumers no longer want to deal with cash."

PayPal doesn't just make it easier for people to buy and store cryptocurrencies; the service will be integrated with existing merchant payment platforms, enabling businesses to accept digital payment methods.

PayPal consulted global regulators and central banks before launching its crypto service. Schulman said it was only a matter of time before these monetary authorities release their own central bank or CBDC digital currencies:

"It's not a question of whether, but when and how we'll start to see more and more central banks issuing digital currencies. I think you'll have more and more utility for cryptocurrency."

PayPal launched its US cryptocurrency trading services earlier this month, just weeks after the first announcement of the new initiative. The services will be rolled out worldwide early next year.

A global payment merchant with over 300 million active users is rapidly buying Bitcoin and other cryptocurrencies. PayPal has bought almost 70% of all new Bitcoins in circulation. The supply shortage has been cited as the main reason for Bitcoin's rapid growth in the past month.

Technical Market Outlook:

The BTC/USD pair has been seen trading inside of the ascending channel, but the bulls are struggling to rally higher above the $19,000. The yearly high has been made at the level of $18,895, so the target for bulls is seen at least at the level of $19,000 first, and then $20,000. The nearest technical support is seen at the level of $18,000 and $17,644. Please notice, the momentum is strong and positive as the market approaching the all time high.

Weekly Pivot Points:

WR3 - $23,175

WR2 - $21,060

WR1 - $20,074

Weekly Pivot - $17,904

WS1 - $16,917

WS2 - $14,683

WS3 - $13,761

Trading Recommendations:

Bitcoin is trading close to 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.

Technical Analysis of BTC/USD for November 24, 2020

Analyst InstaForex
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