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Technical Analysis of BTC/USD for May 20, 2021

Crypto Industry News:

BlockFi mistakenly deposited millions of dollars worth of bitcoins into user accounts. The company is now threatening legal action against anyone who fails to refund.

The payments were related to the promotion of prizes on the loan platform. Users were supposed to get GUSD, a 1USD stablecoin, but were given BTC instead. One screenshot shows that a user received a reward of 701.4 BTC, worth around $ 28 million at today's prices, instead of GUSD 701.4.

Several other people reported receiving similar payments on Twitter and the BlockFi subreddit. A representative of BlockFi released a statement on the error, confirming that "fewer than 100 customers have been incorrectly credited in the context of a promotional payment that was not due to them."

Interestingly, BlockFi reached out to those who received payments by mistake, offering $ 500-1,000 to compensate for the inconvenience. The company threatened clients with legal action if they did not return the funds.

Technical Market Outlook:

The BTC/USD pair has bounced to the level of $40,454 after the sell-off terminated. The immediate technical resistance is seen at the level of $40,922, $41,794 and $43,159. Please notice, the market still trades under the trend line resistance and under the zone located between the levels of $43,1459 - $41,794. The market is in full control of bears and only a strong breakout above the level of $41,086 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish (but still corrective in nature).

Weekly Pivot Points:

WR3 - $67,286

WR2 - $62,987

WR1 - $51,788

Weekly Pivot - $47,852

WS1 - $35,984

WS2 - $32,386

WS3 - $20,567

Trading Recommendations:

Event despite the recent correction 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 $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).


The material has been provided by InstaForex Company -