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Crypto Industry News:
Bitcoin's value in US Dollar jumped 20% overnight as the world's most famous cryptocurrency quickly rebounded from a 27% decline that occurred a few days earlier. The broader cryptocurrency market followed suit on Tuesday, as more than $ 150 billion returned to global market capitalization on the same day.
According to the financial media, the main banking institutions in the United States hope that 2020 and the problems related to it are over when data for the fourth quarter are released on Friday. Financial analysts expect a sharp contrast between Bitcoin's recent fate and the historic banking sector, with some predicting losses in excess of 40%.
Citigroup Inc is expected to show a 42% decline over the last three months of the previous year, while analysts predict Wells Fargo & Co will record a similar decline of approximately 39%. Next week, Bank of America Corp will release its own quarterly report, which is expected to show a 33% drop in earnings.
Not every bank suffered equally at the end of 2020, and JPMorgan Chase & Co expects to see a less severe decline of 5%. Two major banks are expected to release positive data for the last quarter: Morgan Stanley is expected to post 1% of profits, and Goldman Sachs Group Inc can count on 43% growth to quarterly earnings thanks to strong market services equity performance.
Some bank shares have already recovered 35% since the US presidential election in November. The announcement of the anticipated COVID-19 vaccine during the same period is believed to have restored confidence in cautious investors.
Technical Market Outlook:
The BTC/USD pair has managed to retrace 50% of this wave down and hit the level of $36,241 before the bounce was capped. The price of Bitcoin slide again towards the level of $33,000 with a low made at the level of $32,376 and it is currently consolidating around this level. Please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.
Weekly Pivot Points:
WR3 - $57,405
WR2 - $50,005
WR1 - $44,297
Weekly Pivot - 36,611
WS1 - $31,317
WS2 - $23,111
WS3 - $17,774
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.
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