Technical Analysis of BTC/USD for July 27, 2020

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Crypto Industry News:

The Malaysian Securities Commission (SC) is planning a regulatory framework for wallet providers to be built into existing cryptocurrency laws.

In an announcement published, SC said it wanted to “complement” its existing digital asset exchange and IEO framework by including wallet providers. While the committee did not provide details of what the new framework might look like, such actors play an important role in protecting digital assets on behalf of clients, it said. Digital asset portfolio service providers or interested parties are encouraged to contact the committee to discuss ongoing business activities or provide feedback on the structure. Interested parties should make an appointment before August 14, 2020.

After the sunset date, the legal framework for wallet providers will be added to the national guidelines for digital assets.

Technical Market Outlook:

The BTC/USD pair has broken above the $10,000 level which was the key mid-term technical and psychological level for market participants. The recent swing high was made at the level of $10,282, but the bulls do not seem to stop just yet as the momentum is still strong and positive despite the overbought market conditions. The next target is seen at the level of $10,343 and $10,430. The nearest technical support is located at the level of $10,000, $9,956 and $9,922. There is only 4 days until the month’s end and the current monthly candle looks bullish.

Weekly Pivot Points:

WR3 – $11,362

WR2 – $10,720

WR1 – $10,360

Weekly Pivot – $9,731

WS1 – $9,314

WS2 – $8,690

WS3 – $8,269

Trading Recommendations:

The volatility on Bitcoin has significantly increased, but still 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 long-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 27, 2020:

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