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Technical analysis of BTC/USD for Jan 30, 2020
Crypto Industry News:
The municipality of Zermatt in Switzerland is now second place in Switzerland where taxpayers can officially pay taxes in Bitcoin. To enable the new tax payment option, Zermatt authorities have partnered with the largest Swiss crypto company Bitcoin Suisse.
As announced by Bitcoin Suisse, Zermatt began to accept Bitcoin as a means of payment for local taxes and transactions on January 28, 2020.
By working with Bitcoin Suisse, Zermatt authorities are now able to convert taxpayer Bitcoins to Swiss francs through a company that then transfers the amount in fiscal currency to the municipality’s bank account.
Local taxpayers will be able to pay taxes in Bitcoins using the sales tool installed in the Zermatt city hall or on the online payment portal. However, to pay taxes using Bitcoin online, taxpayers will have to apply directly to the Zermatt tax office for a cryptographic payment solution.
Romy Biner-Hauser, mayor of Zermatt, emphasized that the new tax payment option aims to meet the increased demand for Bitcoin-based tax payments:
While Switzerland is still developing its industry of crypto-financial services in terms of Bitcoin-based tax payments, some global authorities have recently found this option too risky due to the high volatility of Bitcoin values.
Technical Market Overview:
The BTC/USD pair has made yet another higher high overnight, this time it was located at the level of $9,383 and bulls are now consolidating the recent gains. The level of $9,130 will now act as short-term technical support, together with the level of $8,836. The strong and positive momentum supports the short-term bullish outlook and the next target for bulls is seen at the level of $9,539. There is only a couple of days to complete the month of January and the Bitcoin chart still looks very bullish.
Weekly Pivot Points:
WR3 – $9,339
WR2 – $9,028
WR1 – $8,796
Weekly Pivot – $8,458
WS1 – $8,222
WS2 – $7,890
WS3 – $7,647
Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
