Technical Analysis of BTC/USD for April 20, 2021

Crypto Industry News:

A recently released Glassnode chart shows that just ten minutes after BTC fell to $ 51,000 on Sunday, Binance was transferring $1.2 billion worth of bitcoins. Let's recall that bitcoin experienced a decline of nearly 20% yesterday from $60,000 to $51,000 in less than an hour.

CIO Moskovski Capital released the above-mentioned chart about the huge decline in BTC. It has been speculated that there was a tweet behind the bitcoin price movement alleging that the U.S. Treasury Department was going to charge several financial institutions with cryptocurrency money laundering charges. Within an hour of this news, bitcoin created a large red candle. As the price of the king of cryptocurrencies fell, the rates of top altcoins fell. $ 288 billion disappeared from the market at that time.

Lex Moskovski, who shared the chart, asked Binance for official comment. At the time of preparing this publication, no representative of the stock exchange responded to his request

Technical Market Outlook:

The BTC/USD bounce from the level of $50,313 had been capped at the level of $57,333, which is just below the 50% Fibonacci retracement of the last wave down seen at the level of $57,717. The market reversed and looks like is about to continue the correction towards the level of $50,313 again. The key short-term technical resistance is located at the level of $58,345 and the nearest technical support is seen at $55,501. The longer time frame chart still shows the up trend is intact.

Weekly Pivot Points:

WR3 - $77,128

WR2 - $70,098

WR1 - $62,765

Weekly Pivot - $56,867

WS1 - $48,657

WS2 - $42,481

WS3 - $34,723

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 $50,000 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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