Technical Analysis of BTC/USD for March 15, 2021

Crypto Industry News:

Over the past ten years, Bitcoin has outclassed all asset classes available in the markets at least tenfold. Charlie Bilello, CEO and founder of Compound Capital Advisors, dressed it in numbers. He collected the results of the top asset classes on the basis of data from Ycharts and posted on Twitter.

In response to the above findings, Messari analyst Roberto Talamas stressed that bitcoin brought an average annual return of 230% - more than 10 times higher than the second-ranked asset class.

The US Nasdaq 100 index came second with an annual return of 20%. US large-cap companies - equities of US-based companies with a market capitalization of more than $ 10 billion - came close behind, with an average annual performance of 14%. US small-cap stocks were the only other asset class to record double-digit annual returns in the past ten years.

The data compiled by Bilello also shows that since 2011, gold has delivered an annual return of 1.5%. However, five of the last 11 years have resulted in a loss. According to Gold Price, the precious metal has fallen by 8.5% since the beginning of 2021.

Technical Market Outlook:

The BTC/USD pair has made another all time high at the level of $61,633 during the weekend and is currently pulling back from the highs. The market is about to test the technical support located at the level of $58,233. If this level is violated, then the corrective cycle might expand towards the next technical support seen at $54,314. The momentum remains positive, but is not that strong anymore, so please keep an eye on a breakout below fifty level on RSI indicator.

Weekly Pivot Points:

WR3 - $77,718

WR2 - $70,065

WR1 - $65,682

Weekly Pivot - $57,463

WS1 - $53,537

WS2 - $45,060

WS3 - $41,147

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken on the e daily time frame chart.

analytics604f04ad6727e.jpg

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

Pages