FX.co ★ Technical Analysis of BTC/USD for October 30, 2020

Crypto Industry Outlook:

A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investors' appetite for Bitcoin.

The company surveyed 1,000 American consumers between the ages of 25 and 64 who had participated in personal investments of $ 10,000 or more in household assets. The survey was conducted between June-July 2020, 63% of respondents who had invested in Bitcoin in the last four months said the pandemic influenced their decision. In addition, 39% felt that Bitcoin was more attractive due to the pandemic. Only 13% said the COVID-19-related events made the resource less desirable:

"According to respondents, Bitcoin appears to share some features with safe-haven investments. Bitcoin's scarcity, verifiable nature, lack of correlation with global markets, and the fact that it is not controlled by government organizations are the attributes that make Bitcoin similar." to traditional safe harbor investments. "

This seems to confirm Bitcoin's safe-haven status, as many analysts say. According to the survey, interest in Bitcoin as an investment appears to increase with education levels. Thus, only 17% of the respondents without a degree had a share of the assets, while 29% of the holders had a master's degree.

Technical Market Outlook:

The BTC/USD pair has made a Doji candlestick pattern, reversed from a new yearly high at the level of $13,778 and since then is trading in a horizontal trend, consolidating the recent gains. Please notice that the market keeps trading inside a channel as well and must stay inside it to continue the move up. If the level of $13,698 is clearly violated, then the next target is seen at the level of $14,000. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high. The intraday supports are seen at the levels of $13,296 and $13,116.

Weekly Pivot Points:

WR3 - $15,886

WR2 - $14,555

WR1 - $13,946

Weekly Pivot - $12,537

WS1 - $11,955

WS2 - $10,713

WS3 - $10,093

Trading Recommendations:

Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.