Technical Analysis of BTC/USD for April 21, 2021

Crypto Industry News:

Less than a week after the listing of the largest cryptocurrency exchange in the US, Nasdaq is expected to start trading options for Coinbase Global.

According to a media report, a Coinbase representative said COIN.O options will be available on Nasdaq on Tuesday, April 20. Introducing stock options will provide investors with a new way to invest. Stock options are the right, but not the obligation, to buy or sell a share at a specified price, known as the strike price, on or before the expiry date. This message follows Coinbase's direct listing. On the first day of trading, the company's shares oscillated between $ 429.54 and $ 310.

Reuters estimates that Coinbase CEO Brian Armstrong sold about $ 292 million worth of shares on the first day of COIN trading. According to documents filed with the US Securities and Exchange Commission, Armstrong sold 749,999 shares in three lots at prices ranging from $ 381 to $ 410.40 per share, for a total income of $ 291.8 million, but this is less than 2% all his shares.

Information on the Coinbase Investor Relations website revealed that 12,965,079 shares worth more than $ 4.6 billion were sold at the close on Friday at a price of $ 344.

Technical Market Outlook:

The BTC/USD pair keeps consolidating between the levels of $57,330 - $53,290 after a 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 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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