Technical Analysis of BTC/USD for April 2, 2021

Crypto Industry News:

Bitcoin closed the sixth consecutive monthly candle in green for the first time since April 2013. If history repeats itself, a continuation of the bitcoin boom may await us this year.

In April 2013, bitcoin closed at around $ 140 after it saw six more - green monthly candles. While the market receded to less than $ 100 in the next two months, bitcoin surged 700% in the next six months and hit the price above $ 1000 for the first time.

Bitcoin behaved similarly even before the parabolic spike in 2017, when the market saw five consecutive green monthly candles through September. While consolidation took place in September, bitcoin soared to a new all-time record in October and surged from $ 5,000 to nearly $ 20,000 by the end of the year.

Past trends do not guarantee future results, and the history of green candles is somewhat cloudy. Despite Bitcoin releasing five green monthly candles in a row at the end of 2015, BTC collapsed by 20% in the first weeks of 2016 before it entered a state of several months of consolidation.

Technical Market Outlook:

The BTC/USD pair has been consolidating in a narrow zone located between the levels of $58,223 - $60,100. It the level of $60,100 is violated finally, the road towards the ATH located at the level of $61,683 is very quick. The key technical support is seen at the level of $56,795. Strong and positive momentum supports the short-term bullish outlook for BTC.

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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