MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical Analysis of BTC/USD for March 17, 2021

Crypto Industry News:

Bitcoin last week was over $ 60,000 a coin - and has become worth more than the world's three largest banks combined.

According to publicly available data, the largest cryptocurrency has outperformed the world's three highest-valued banking giants in terms of market capitalization. At a record high of $ 61,700, Bitcoin's market capitalization was around $ 1.15 trillion. The total market capitalization of JPMorgan Chase, Bank of America and Industrial and Commercial Bank of China is $ 1.08 trillion.

The track record doesn't stop there: Visa and Mastercard, the largest payment networks, have a combined market capitalization of $ 871 billion, now also much less than Bitcoin. BTC/USD market has seen a slight decline since then, lowering its market capitalization to $ 1.03 trillion while still holding a significant trillion dollar asset title.

This level was previously cited by analysts as a likely consolidation zone, which still remains after Monday's decline that pushed Bitcoin back below its previous all-time record set in late February.

Others noted that its growth was impressive - the value of the Bitcoin network grew from zero to $ 1 trillion 3.6 times faster than Microsoft, for example.

Technical Market Outlook:

The BTC/USD bounce from the level of $54,012 was very shallow so far, so if there is no bullish pressure, then the market is about to test the technical support located at the level of $52,466 - $52,039. If this level is violated, then the corrective cycle might expand towards the next technical support seen at $49,422. The nearest intraday technical resistance is seen at the level of $55,091. Please notice the market keep making higher highs on the daily time frame despite the bearish divergence building since the level of $41,917.

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.

analytics6051a57e86aaf.jpg

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