FX.co ★ Technical Analysis of BTC/USD for April 15, 2021

Technical Analysis of BTC/USD for April 15, 2021

Crypto Industry News:

WallStreetBets (WSB), a Reddit community whose activities have significantly influenced the GameStop share price, will now enable the discussion of cryptocurrencies: bitcoin, ethereum and dogecoin.

The moderators' decision is a turning point in the development of the subreddit so far. It has long been believed that the topic of cryptocurrencies would overcome the main mission of WSB: discussing stocks listed on the stock exchange.

"I don't see the point in delaying the inevitable as cryptocurrencies will stay in the industry for a long time," wrote the moderator "bawse1". "After much consideration, we decided to discuss only BTC, ETH and DOGE [sic]."

The discussion will be limited to one thread in order to "not burden everyone with cryptocurrency spam".

WallStreetBets' decision to include digital assets in the discussion was announced on the same day as the lines between exchanges and cryptocurrency markets became somewhat blurred. Coinbase, the cryptocurrency exchange in San Francisco, entered - just a few hours ago - the Nasdaq exchange. An exchange that allows you to trade bitcoin and ethereum (not dogecoin) generates most of its revenue from transaction fees. If cryptocurrency trading volumes decline, goodwill is likely to decline as well.

Technical Market Outlook:

The BTC/USD pair has made a new ATH at the level of $64,786 and then dropped down towards the level of $61,226, which is a 38% Fibonacci retracement level of the last wave up. The market tested the short-term trend line support around the level of $61,500 as well and bounced significantly. The momentum remains strong and the next target for bulls is seen at the level of $70,000. The immediate support is seen at the level of $61,683 and $60,000, but the key short-term technical support is located at $54,719. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $68,058

WR2 - $64,489

WR1 - $62,269

Weekly Pivot - $58,989

WS1 - $56,726

WS2 - $53,045

WS3 - $51,108

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 $54,719 is clearly broken on the e daily time frame chart.

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Technical Analysis of BTC/USD for April 15, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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