Technical analysis of BTC/USD for Jan 6, 2020

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Crypto Industry News:

Bitcoin has come to Burger King in Venezuela – a new partnership opens cryptocurrency payments in the fast food chain.

As confirmed in a tweet, a single Burger King branch in the Sambil area of Caracas now accepts Bitcoins, along with Ethereum, Litecoin, Binance Coin and Dash altcoins, as well as Tether Stablecoin. According to a blog post from Dash management, in 2020 the number of locations servicing such payments will increase to 40.

Cryptobuyer is a cryptocurrency trading platform based in Panama that also supports the fleet of Bitcoin ATM. It offers conversion of cryptocurrency funds for companies, which it then pays in fiat currency.

Venezuela continues to suffer from severe economic turmoil, which is causing efforts to increase the use of cryptocurrencies. The government has avoided cross-border payment methods by imposing severe restrictions on access to foreign currencies.

Instead, Petro, a highly controversial cryptocurrency supported by the state, is the official favorite weapon in the fight against the crisis. Petro is currently the only currency accepted for some basic services, such as passports.

Technical Market Overview:

The BTC/USD pair has been rallying higher towards the level of technical resistance located at $7,464 after the Bullish Engulfing pattern was made around the level of $6,789. If the rally persists, then the next target for bulls is seen at the level of $7,601 or $7,710. Nevertheless, the Bitcoin is still trading inside of a narrow range located between the levels of $6,345 – $7,601 and all these inside movements are not as valid and strong as a breakout move. The larger timeframe trend remains down and there are no signals of any trend reversal just yet.

Weekly Pivot Points:

WR3 – $8,248

WR2 – $7,819

WR1 – $7,642

Weekly Pivot – $7,179

WS1 – $6,988

WS2 – $6,550

WS3 – $6,318

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 06/01/2020:

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