FX.co ★ Technical Analysis of BTC/USD for December 17, 2020

Crypto Industry News:

In the end, what we've been waiting for a long time has happened. Bitcoin has managed to surpass its desired $ 20,000 and establish a new ATH. Aside from a very short period in 2017 on one particular stock exchange, the coin has never crossed this magical barrier.

The last few months have undoubtedly been exciting for the crypto community. The oldest cryptocurrency achieved huge price increases, which was also followed by the capitalization of the entire market. However, the situation has stagnated in the last few weeks, which has caused concern among investors.

Since breaking its previous ATH of 2017 in November, Bitcoin has made several unsuccessful attempts to break $ 20,000, but withdrew after each attempt. This led several analysts to consider the possibility that perhaps a full tank of the last rally was empty.

BTC, however, decided to try again and finally broke the important psychological barrier of 20,000. Dollars, hitting the peak at $ 22,200. This is how the new ATH was noted (at the time of writing the article).

Technical Market Outlook:

The BTC/USD pair has made the new ATH at the level of $22,200 (at the time of writing the article). The nearest technical support is seen at the level of $22,000 and the next technical resistance is located at $23,000. The momentum is strong and positive, so the higher time frame trend remains up, but breakout below the level of $22,000 will open the road towards the next technical support seen at $21,000.

Weekly Pivot Points:

WR3 - $21,188

WR2 - $20,624

WR1 - $20.024

Weekly Pivot - $18,707

WS1 - $18,177

WS2 - $16,940

WS3 - $16,341

Trading Recommendations:

Bitcoin made a new 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 $30,000, 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.