Technical Analysis of BTC/USD for May 14, 2021

Crypto Industry News:

Cryptocurrency adoption among the major payment service companies continues to grow, and MoneyGram is set to join the roster.

In a published announcement, the global payment service announced a partnership with the cryptocurrency exchange and ATM operator Bitcoin Coinme Inc. to allow US customers to withdraw their cryptocurrencies in exchange for cash at points of sale in that country.

As part of the announcement, MoneyGram also revealed that customers will be able to buy BTC and cryptocurrencies as part of an extension of the existing cryptocurrency model pioneered by nearly 20,000 cryptocurrency ATMs worldwide.

Commenting on the development, MoneyGram CEO Alex Holmes noted:

"This innovative partnership opens up our business to a whole new customer segment as we were the first to introduce a cryptocurrency model by building a bridge with Coinme to link Bitcoin to local fiat currency," we read.

Being able to buy Bitcoin in brick-and-mortar stores can be a significant achievement for potential cryptocurrency users who are discouraged from interacting with online cryptocurrency exchanges.

MoneyGram's announcement also likely points to the potential of a unified money transmission licensing system, especially for cryptocurrencies.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $46,615 and is now back above the $50,000 again. The local high was made at the level of $50,762 and the bulls are heading towards the level of $50,844,which is the 50% Fibonacci retracement of the last wave down. 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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