Technical Analysis of BTC/USD for March 22, 2021

Crypto Industry News:

The US stimulus package, and more specifically the launch of another round of bailouts as part of it, will probably make Americans spend more this spring. Will this cash inflow bring about a recovery similar to that of the 1920s? A glance at the past year may provide an answer to this question.

A recent study by The Harris Poll on behalf of Yahoo Finance found that approximately 15% of Americans who received the last two incentives invested some or all of their money. About half of this group chose to buy cryptocurrencies such as bitcoin and ethereum.

Currently, the majority of Americans declare that compared to the pre-pandemic period, their "home" financial situation has not changed (52%). In reality, every fifth US citizen reports a real improvement in their household finances.

Nevertheless, more than a quarter (29%) of Americans still say their home finances have worsened as a result of the pandemic. This may be the reason why people - over the past year - have decided to allocate a stimulus package to investment.

Technical Market Outlook:

The BTC/USD pair has been seen trading inside of the narrow range during the weekend, so the volatility had decreased. The bulls might still try to rally above the short-term trend line resistance seen around the level of $58,223, so any breakout above this line will be considered as bullish with a target at $60,000 and above. On the other hand, the immediate technical support is seen at the level of $55,359 and $54,012. The momentum remains neutral, so the market participants wait for the bullish breakout and the up trend to resume.

Weekly Pivot Points:

WR3 - $68,853

WR2 - $64,700

WR1 - $61,327

Weekly Pivot - $57,323

WS1 - $54,318

WS2 - $49,983

WS3 - $46,876

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.

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

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