FX.co ★ Technical Analysis of BTC/USD for December 23, 2021

Crypto Industry News:

Cuy Sheffield, head of Crypto at Visa, said his company will continue to provide cryptocurrency services to its clients. The top executive has described Bitcoin and altcoins as a "technological phenomenon" while many of the company's users view them as the "future of money".

In a recent TV interview, Visa's cryptocurrency boss Cuy Sheffield presented his position and outlined the company's intentions to continue offering digital asset opportunities. More specifically, the company will enable customers to buy or withdraw cryptocurrencies, introduce new infrastructure and services opportunities, and support the growing NFT sector.

Earlier this month, the payment processing giant launched an advisory department in the hope of helping its clients understand the cryptocurrency world properly. When asked if Visa could extend this opportunity to India, Sheffield said the company would reach every country depending on local regulations:

Visa aims to provide cryptocurrency advisory services to clients around the world wherever there is an interest. We currently offer services in markets where laws permit such transactions.

It's worth noting that the authorities of the nation's second most populous country may impose strict rules on the crypto industry in the future.

Sheffield also outlined the advantages of Bitcoin and some altcoins that lie at the "intersection of trade and culture in a fascinating way." He added that they are not only a "technological phenomenon", but also deeply cultural.

Technical Market Outlook

The BTC/USD pair had broken above the short-term trend line resistance around the level of $48,388 and is currently testing the breakout form above. The nearest technical support is seen at the level of $48,253 and $47,529. The key short-term technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. The momentum is currently hovering just below the level of fifty on the RSI (14) indicator. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $41,678 would change the outlook to bearish again.

Weekly Pivot Points:

WR3 - $54,041

WR2 - $52,052

WR1 - $49,081

Weekly Pivot - $47,204

WS1 - $44,065

WS2 - $42,187

WS3 - $39,115

Trading Outlook:

The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. According to the long-term charts the bulls are still in control of the Bitcoin market 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 $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).