Technical Analysis of BTC/USD for January 11, 2021

Crypto Industry News:

One of the richest people in the world, Elon Musk, responded to Ben Mezrich's tweet. The author of the best-selling book Bitcoin Billionaires wrote that he will never again refuse to receive remuneration in bitcoin.

Mezrich did not disclose under what circumstances, if ever, he had the opportunity to be paid in cryptocurrency. Elon Musk replied to this tweet by expressing his full support for the issue.

Musk's tweets are famous for their vagueness, whether he's tweeting about overpriced TSLA, Dogecoin or SpaceX shares. Ten days after 2020, Musk tweeted that "Bitcoin is not my safe word."

Exactly ten days before the end of 2020, Musk seemed to be playing with the subject again, stating the opposite. Immediately after this tweet, the price of BTC increased by almost $ 200. Twenty minutes later, the author commented on his tweet, stating: "Just kidding, who needs the safe word at all !?"

Michael Saylor, whose MicroStrategy bought billions of dollars worth of bitcoins in 2020, recently suggested that it would be in the interest of Tesla shareholders if Elon Musk did the same.

Technical Market Outlook:

The BTC/USD pair might have finally start the corrective cycle. After the yearly top was made at the level of $41,905, the pair first traded sideways for some time and then the sell-off has started. Currently, BTC/USD trades below $33,000 and keeps going lower. The next target for bears is seen at the level of $30,000. Please notice, that any break below the long term trend line support located around the level of $29,000 will be the first confirmation the up trend is terminated.

Weekly Pivot Points:

WR3 - $57,405

WR2 - $50,005

WR1 - $44,297

Weekly Pivot - 36,611

WS1 - $31,317

WS2 - $23,111

WS3 - $17,774

Trading Recommendations:

Bitcoin made another ATH 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 $50,000, 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 $20,000 is clearly broken.


The material has been provided by InstaForex Company -