Technical Analysis of BTC/USD for April 30, 2021

Crypto Industry News:

The Russian space agency Roscosmos aims to combat the violation of intellectual property rights in the space industry using blockchain technology.

Roscosmos began testing an IP protection solution based on the Waves Enterprise blockchain platform, a hybrid platform developed by a local company of the same name. Named IP Guard, the blockchain-based tool detects infringements of intellectual property rights owned by Roscosmos and other industry organizations.

By using this tool, Russians are said to be able to maintain and validate an IP object database, as well as coordinate the work of IP experts such as lawyers, patent specialists and auditors.

Waves Enterprise Commercial Director Igor Kuzmichev said:

"The most notable properties of blockchain are data immutability and verifiability. Centralized ledgers cannot provide these properties."

The solution also enables Roscosmos to provide non-monetary rewards for detecting infringements of intellectual property rights through smart contracts. As part of the platform's compensation program, network participants will receive "kosmotokens" that can later be exchanged for goods from agencies as well as other organizations in the space industry, Kuzmichev said.

The new tool is in beta testing, and Roscosmos is the first organization to test the service. IP Guard is expected to be fully operational in summer 2021.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $52,620 and is heading towards the local high located at the level of $56,365. Any violation of the level of $52,620 (technical support for bulls) will be an indication of a local top in place. Any breakout below $51, 239 would likely accelerate the drop towards the swing low seen at the level of $47,707. The momentum is currently neutral and any breakout into the positive territory might extend the bounce to the level of $57,330.

Weekly Pivot Points:

WR3 - $62,642

WR2 - $60,057

WR1 - $52,987

Weekly Pivot - $50,187

WS1 - $42,706

WS2 - $40,371

WS3 - $33,169

Trading Recommendations:

Event despite the recent correction from $64,789 to $47,060 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 daily time frame chart (daily candle close below $50k).

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

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