Technical Analysis of BTC/USD for March 25, 2021

Crypto Industry News:

E-car maker Tesla has begun to accept bitcoin, according to information released yesterday on Twitter by Elon Musk. This is a new milestone in the cryptocurrency adoption process.

"Tesla only uses internal and open source software and supports Bitcoin nodes directly," added Musk in another reply. "Bitcoin paid to Tesla will be kept as bitcoin, not converted to fiat currency."

The tweets appeared shortly after some Twitter users began noticing bitcoin support as a payment option in the company's US stores for its electric car models.

Musk commented that bitcoin payment is available in the US for now. "Bitcoin payment option available outside the United States later this year," he added.

You can now buy models from the manufacturer's extensive electric vehicle fleet (Model S, Model Y, Model 3 and Model X) with BTC.

Technical Market Outlook:

The BTC/USD pair has hit the 61% Fibonacci retracement located at the level of $52,213 and made a new local low at the level of $51,451 (at the time of writing the article). If bulls want to rally above the short-term trend line resistance seen around the level of $58,223, they need to break through the levels of $53,290, $54,012 and $55,810 first. The momentum is now weak and negative, which supports the short-term bearish outlook. The longer term trend is still up and intact and any breakout above trend line will be considered as bullish with a target at $60,000 and above.

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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