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Technical Analysis of BTC/USD for October 15, 2021

Relevance up to 05:00 2021-10-16 UTC–4

Crypto Industry News:

The Russian Federation President Vladimir Putin believes that it is still too early to use cryptocurrencies to account for trade in energy resources such as oil.

The Russian president discussed the potential use of cryptocurrencies in a tv interview on Thursday after the plenary session of the Russian Energy Week forum.

According to a full interview published on the Kremlin’s official website, Putin said private cryptocurrencies “may act as a unit of account” but are “very volatile.”

“Cryptocurrency contracts for oil? Too early to talk about it. It works for the transfer of funds from one place to another, but when it comes to trading, especially when it comes to energy resources, in my opinion it is still premature” – stated the president.

Putin added that “everything evolves” and “has a right to exist,” adding that the Russian government is closely monitoring the cryptocurrency market. He also did not rule out that at some point cryptocurrencies will become a “center of accumulation”. “We can see this market changing. Today is a bit early, “added Putin.

The president said the cryptocurrencies “don’t have any support yet.” When asked if he thought Tesla CEO Elon Musk’s cryptocurrencies were “worthless,” Putin replied negative, explaining that he was questioning cryptocurrencies as a unit of account only in the context of energy trading.

Technical Market Outlook:

The BTC/USD pair has made another higher high at the level of $59,963 as the bulls are on control of the market. The next target is seen at the level of 361% Fibonacci extension seen at $60,740. The immediate technical support is seen at the level of $58,487, but the corrective cycle in wave 4 might extend lower towards the key short-term technical support is located at $52,209. Please keep an eye on this level as any violation of this level will be negative for bulls.

Weekly Pivot Points:

WR3 – $69,115

WR2 – $62,582

WR1 – $60,185

Weekly Pivot – $53,520

WS1 – $50,100

WS2 – $43,237

WS3 – $40,463

Trading Outlook:

According to the long-term charts 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. The next mid-term target is seen at the level of $59,506. 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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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