Technical Analysis of BTC/USD for January 15, 2021

Crypto Industry News:

MicroStrategy, a NASDAQ-listed Business Intelligence company, will host an online conference to show large organizations the potential benefits of investing in bitcoin. The initiative called 'Bitcoin for Corporations' has also received support from other industry giants. They include companies such as Gemini, Binance, Coinbase, Fidelity, Grayscale and more.

"Bitcoin for Corporations" from MicroStrategy coming in February

The company's founder and CEO, Michael Saylor, announced the initiative on his Twitter account:

"On Feb 3 & 4, MicroStrategy will host Bitcoin for Corporations. Join our officers, industry luminaries & strategic vendors for a free, online, accelerated course in Bitcoin strategy & tactics to grow your company & create shareholder value ".

The first block will take place on February 3. It will review how BTC can serve as a financial reserve asset and what macroeconomic factors are behind its adoption at corporate and institutional levels. The speaker in this section will be the founder and CEO of Saylor and Stoneridge - Ross Stevens.

Later, on the online stage, MicroStrategy's president and chief financial officer Phong Le will provide an overview of the various ways corporations can integrate Bitcoin into their reserve strategies.

Other topics will include legal and regulatory issues as well as accounting, taxation and audit.

MicroStrategy, which made BTC its primary reserve asset last year, will also disclose the documentation and information it used to implement this strategy.

Technical Market Outlook:

The BTC/USD pair has managed to almost hit the level of $40,000 during the recent bounce. The new local high was made at the level of $39,945 (at the time of writing the article), which means the bulls are still strong and might carry on towards the next target seen at the level of $41,000 and towards the swing high located at $41,905. The intraday technical support is seen at the level of $36,665. The up trend is still intact, but 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.

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

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