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Technical Analysis of BTC/USD for October 20, 2021

Relevance up to 03:00 2021-10-21 UTC–4

Crypto Industry News:

Chainalysis, a $ 4.2 billion software company announced Tuesday that it had purchased an undisclosed amount of BTC through NYDIG, an institutional Bitcoin management company popular on Wall Street.

CEO Michael Gronager called it Chainalysis’s first cryptocurrency purchase.

“We will continue to look for other digital assets as potential future investments,” he said in a statement.

Keeping Bitcoins as reserve assets was popularized last year by MicroStrategy. However, so far, few public and private companies have taken a step in this direction. It is worth noting, however, that Coinbase and BitGo stand out from the rest.

Technical Market Outlook:

The BTC/USD pair is heading towards the ATH located at the level of $64,920 and the last high was made at the level of $64,460. The immediate technical support is seen at the level of $62,888, but the corrective cycle might extend lower towards the key short-term technical support is located at $53,331. Please keep an eye on this level as any violation of this level will be negative for bulls.

Weekly Pivot Points:

WR3 – $72,401

WR2 – $67,700

WR1 – $63,611

Weekly Pivot – $58,705

WS1 – $54,810

WS2 – $49,233

WS3 – $45,621

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 $64,920 (the previous AT level). 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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