Technical Analysis of BTC/USD for July 23, 2020

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Crypto Industry News:

Russia has passed a major law related to cryptocurrencies like Bitcoin today.

The State Duma – Russia’s legislative body – passed a law entitled “On Digital Financial Assets” in the last third reading, reports local news agency Regnum. After initiating the bill in 2018, Russian authorities finally agreed to legal status for cryptocurrencies in preparation for the implementation of the first major part of the industry regulations.

According to a recent Duma decision, the DFA law is expected to be officially adopted in Russia on January 1, 2021. The law provides a legal definition of digital assets and legitimates cryptocurrency trading in Russia. However, it prohibits the use of cryptocurrencies such as Bitcoin as a payment method.

Technical Market Outlook:

The BTC/USD pair has broken through the key short-term technical resistance located at the level of $9,432 and made a massive up candle during the move. The local high was made at the level of $9,559, which is above the technical resistance located at the level of $9,530. Currently, the market is consolidating the recent gains around the level of $9,470. The nearest technical support is seen at the level of $9,290. If violated, the next one is located at the level of $9,202. Please notice, that bulls might continue the rally towards the level of $10,000 before any significant pull-back.

Weekly Pivot Points:

WR3 – $9,569

WR2 – $9,411

WR1 – $9,271

Weekly Pivot – $9,117

WS1 – $8,968

WS2 – $8,812

WS3 – $8,862

Trading Recommendations:

The volatility on Bitcoin has been subdued for more than two months now, so the larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

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

Source:: Technical Analysis of BTC/USD for July 23, 2020:

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