Technical Analysis of BTC/USD for May 13, 2021

Crypto Industry News:

Tesla CEO Elon Musk said the company will no longer accept bitcoin as payment for its cars, citing concerns over energy consumption levels associated with cryptocurrency mining.

Musk wrote: "We are concerned about the sharp increase in the use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."

Tesla began accepting BTC as payment in February after it bought $ 1.5 billion worth of digital assets. Tesla buy-in news shifted the market - from $ 39,000 at the time of the February 8 announcement to $ 53,000 a week later.

It also led to opposition from environmentally conscious consumers. Many of them said Tesla's purchase of bitcoins ran counter to its pro-environmental image. Some Tesla shareholders did not like the move as well. It began to be seen as drawing attention to the company that has nothing to do with its actual activities.

Technical Market Outlook:

The BTC/USD pair had crashed below the level of $50,000 again and made a new low at the level of $46,615. There is a massive Pin Bar candlestick made just above the level of $47,077, which is the swing low from April 26th. The nearest technical resistance is seen at the level of $51,229, but now there are more levels for bulls waiting at $52,620, $52,921 and $53,799 and $54,719. However, the bulls managed to retrace 38% of the last wave down and the market is test the level of $50,944. Any failure to break out higher would reverse the recent gains and most likely continue the wave down.

Weekly Pivot Points:

WR3 - $67,229

WR2 - $63,211

WR1 - $60,975

Weekly Pivot - $56,852

WS1 - $54,336

WS2 - $50,318

WS3 - $48,012

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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