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Crypto Industry News:
While the market is sinking in losses and more and more investors are almost certain of drops to around USD 10,000, the largest bank in the United States, JP Morgan Chase, received a license for its digital wallet brand - the Crypto Wallet Trademark from the U.S. Patent and Trademark Office yesterday. The bank's new brand will be able to be used for services related to cryptocurrencies, financial transactions and digital assets. JP Morgan has registered a trademark for a digital wallet and related cryptocurrency processing services.
According to a filing in the U.S. Patent and Trademark Office, the bank filed a trademark for "JP Morgan Wallet" in July 2020, the application was finally approved on November 15, and today information about its acceptance has circulated on the market. The trademark text indicates that it can be used for online services, including cryptocurrency payment processing, electronic transfer of virtual currencies by the online community and exchange of virtual currencies. By registering the service, the bank seems to be opening up to the world of the Metaverse. JP Morgan analysts have pointed out many times before that it is virtual worlds that will become a place where the adoption of cryptocurrencies will accelerate and where they will become the currencies of virtual economies.
Technical Market Outlook:
The BTC/USD pair has made a new yearly low at the level of $15,477 as the bearish pressure is still strong. There is no indication of the down trend on Bitcoin to terminate or reverse, so the next target for bears is seen at the level of $13,563 (2019 high). The bulls are trying to bounce and they broke above the local trend line already ( $16,201is the trend line resistance level), the next technical resistance is seen at $17,103. The momentum bounces from the extremely oversold market conditions as well and is currently positive, so the bounce might extend higher.
Weekly Pivot Points:
WR3 - $16,881
WR2 - $16,477
WR1 - $16,299
Weekly Pivot - $16,072
WS1 - $15,895
WS2 - $15,667
WS3 - $15,263
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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