FX.co ★ Technical Analysis of BTC/USD for November 29, 2021

Crypto Industry News:

The Indian government is expected to present a new crypto bill to parliament. It contains certain regulations that are unfavorable to the Indian cryptocurrency economy. Vijay Shekhar Sharma, founder of Paytm, has a lot to say about it. This company is an Indian multinational technology corporation that specializes in digital payment systems, e-commerce and finance.

Sharma has announced that crypto will remain and expects to become mainstream in a few years.

"I am very positive about cryptocurrencies. Technology essentially based on cryptography will be mainstream in a few years, as will the internet, which is (now) part of everyday life," he said.

Currently, there are no laws in India regulating the use of cryptocurrencies. However, Prime Minister Narendra Modi recently held a meeting with other officials about the regulatory steps to be taken.

The Indian government plans to introduce a new law regulating digital currencies. With her, the authorities are preparing to ban private cryptocurrencies. At the same time, it will create the framework for the development of an official digital currency. However, the bill "allows certain exceptions to promote the underlying cryptocurrency technology and its uses."

Sharma further stated that the use of cryptocurrency is currently speculation. He stated that people would soon understand what the world would be like without crypto. However, he stressed that this would not replace fiat currencies.

Technical Market Outlook

The BTC/USD pair has suddenly bounced from the level of $53,250 after a short period of testing and consolidation of the demand zone seen between $53,331 - $53.747. The ABCxABC complex corrective pattern might have been completed at this level and now the market is ready to resume the up trend again. The recent local high was made at the level of $58,244, but in order to confirm the up trend continuation bulls must break through the wave X high located at $60,013. The nearest technical support is seen at the level of $55,748 and $53,306. The larger time frame trend is still up.

Weekly Pivot Points:

WR3 - $65,476

WR2 - $62,564

WR1 - $59,328

Weekly Pivot - $56,242

WS1 - $53,008

WS2 - $49,857

WS3 - $46,541

Trading Outlook:

The ABCxABC complex corrective cycle might be terminated. According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $52,943 is clearly broken on the daily time frame chart (daily candle close below $52,000).