Technical Analysis of BTC/USD for April 8, 2021

Crypto Industry News:

Thiel admitted this in his speech at a seminar on China and Big Tech. In his opinion, the approach that the Chinese take with regard to their own digital currency should be of great concern to Americans.

The weapon China uses in the arms race, Thiel says, is Bitcoin.

"Even though I'm a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S." says Paypal

co-founder Peter Thiel.

The question Thiel answered was not about Bitcoin itself, but about China's plan to create a digital yuan. Hugh Hewitt wanted to know if the digital yuan was "a threat to the dollar and its dominance in world markets."

Thiel believes that the matter lies elsewhere. He rejected the idea that a Chinese digital coin issued by the Central Bank of the Middle Kingdom should be some kind of "totalitarian measuring device."

The businessman felt that Bitcoin was the real worry in this case. In his opinion, it is more likely to serve as a functional reserve currency. The lower the dominance of the dollar, the less the influence of US monetary and foreign policy.

"If the Chinese see bitcoin's growth potential, perhaps - from a geopolitical point of view - the United States should ask tougher questions about exactly how it works," commented Thiel.

Technical Market Outlook:

The BTC/USD pair has broken out from the consolidation zone under the level of $60,000 and made a new local low at the level of $55,495 during the retrace. The next target for bears is seen at the level of 50% Fibonacci retracement located at $55,227. The nearest technical support is seen at the level of $54,719 and if violated, then the 61% Fibonacci retracement at $54,070 will be tested. The next target for bulls is the ATH located at the level of $61,632.

Weekly Pivot Points:

WR3 - $65,565

WR2 - $62,712

WR1 - $60,648

Weekly Pivot - $57,470

WS1 - $55,041

WS2 - $52,150

WS3 - $49,837

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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