Technical Analysis of BTC/USD for March 29, 2021

Crypto Industry News:

The US stimulus package in the amount of $ 1.9 trillion does not seem to - at least so far - not to significantly affect the increase in activity on the largest cryptocurrency trading platforms.

The above situation is puzzling because during the previous tranches of the stimulus package, cryptocurrency exchanges recorded a significant increase in inflows and trading.

The low purchase turnout in the bitcoin market has already caught the attention of many observers. Voyager said it was too early to suggest that this was a negative trend. He noted that recent tranches of stimulus for the US economy have also led to significant increases in depositing funds with these exchanges.

According to a tweet of Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the US, an earlier round of stimulus stimuli resulted in an increase in deposits that were made at exactly the same amount as the value of the check ($ 1,200) that was being distributed at the time.

The tweet has since been removed and Coinbase declined to comment on the latest round of incentives due to a regulatory "quiet period" preceding the public market debut.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $50,313, which is the 61% Fibonacci retracement of the last wave up and the technical support as well. The bounce went up towards the level of $56,383, but the market is still trading below the short-term trend line resistance. Only a sustained breakout above this line will open the road towards $60,000 again and put the bulls back into control of the market. The immediate technical support is seen at the level of $53,290.

Weekly Pivot Points:

WR3 - $66,270

WR2 - $62,632

WR1 - $58,882

Weekly Pivot - $54,425

WS1 - $50,791

WS2 - $46,464

WS3 - $42,622

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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