empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

20.07.202007:35 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 20, 2020:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

Abra's CEO and founder, Bill Barhydt, said he views Bitcoin as a means of custody, increasingly distancing himself from mainstream market price correlation.

"Today, Bitcoin is best suited for storing value, which over time will be increasingly correlated with traditional investment markets," said Barhydt.

After Bitcoin's beginnings in 2009, assets have followed a dizzying path of price increases, going from less than $ 1 all the way to nearly $ 20,000 at a high in 2017. With this price journey, different views and use cases have emerged for this resource, says PlanBm creator of the stock-to-flow model.When Bitcoin reached $ 1, the narrative focused on using the coin as a transaction currency. As its price has risen steadily over the past decade, assets have become the focus of attention as a possible asset retention option. The assets also made their fair share of gold, often referred to as "digital gold".

"Bitcoin's nickname as" digital gold "is the best analogy I have seen so far, said Barhydt, referring to an earlier statement.

Bitcoin theoretically has no direct links to the major financial markets as it is away from government control. However, the asset showed seemingly correlated activity with traditional markets in points, while at other times it travels on its own price path.

"Bitcoin is a fantastic insurance policy against traditional markets, while governments run amok irresponsibly pushing their economies into the ground. It is also the best showcase ever created for global decentralization" Barhydt added at the end.

Technical Market Outlook:

The BTC/USD pair has been slowly moving higher towards the level of $9,148. The bulls have managed to break through this level and made a local high at the level of $9,201, but there was a Pin Bar candlestick formation made at the top of the move. It might indicate increased bearish activity around the level of $9,200, so traders should keep an eye on this level today. The momentum is now neutral, but the recent breakout through the trend line resistance might accelerate the rally towards the level of $9,240.

Weekly Pivot Points:

WR3 - $9,569

WR2 - $9,411

WR1 - $9,271

Weekly Pivot - $9,117

WS1 - $8,968

WS2 - $8,812

WS3 - $8,862

Trading Recommendations:

The volatility on Bitcoin has been subdued for more than two months now, so the larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

Exchange Rates 20.07.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off