Technical Analysis of BTC/USD for March 4, 2021

Crypto Industry News:

Billionaire Tim Draper predicts Netflix will be the next Fortune 500 company to invest in bitcoin.

In a new episode of Unstoppable Podcast, Draper stated that if he were managing the finances of a corporate behemoth, he would be looking at BTC as a potential hedge against a lot of things.

"If I were the chief financial officer of one such large organization, I would say," We must have X% in bitcoin, "because that is a hedge against another currency that will become the currency of the future, and a hedge against inflation as governments print more and more of their funny dollars. ".

Draper Associates founder says Netflix CEO Reed Hastings fits the profile of someone who may choose to put bitcoin on their company's balance sheet.

"Do you know who that could be? Netflix. I think Reed Hastings is a very innovative guy and he thinks very creatively. Google could do something, but I think all of them: Google, Facebook, and Apple are trying to ... Create a centralized currency for their property. And then Amazon. Although Amazon will probably start accepting bitcoin soon... ".

Draper adds that organizations will increasingly and inevitably jump aboard a train called bitcoin, looking for ways to fulfill their fiduciary duties.

"You know who else will have to do this? Pension sector operators - all people who are trustees and have to care for people's money. They will have to own some bitcoins because ... They are confidants, they need to understand all the markets and see where the potential profit is, the potential loss, the hedging needed - all that comes with it. "

Technical Market Outlook:

The BTC/USD bounce had been capped at the level of $52,506 where the market reversed after the Doji candlestick was made. The market reversed towards the level of $49,650 which is the lower boundary of the last ascending channel. Any breakout lower will directly expose the technical support located at the level of $48,355 - $48,021. The key short-term technical support is located at $45, 710.

Weekly Pivot Points:

WR3 - $66,669

WR2 - $61,820

WR1 - $52,326

Weekly Pivot - $47,444

WS1 - $38,017

WS2 - $33,139

WS3 - $23,184

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 $60,000. 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.

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

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