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Technical Analysis of BTC/USD for October 28, 2021

Relevance up to 03:00 2021-10-29 UTC–4

Crypto Industry News:

El Salvador bought another 420 BTC. The president of the country, Nayib Bukele, informed about the new investment. He tweeted that his government had taken advantage of the recent decline in bitcoin’s price to do so.

“It took a long time to see it, but it was worth it”

– Bukele wrote on Twitter when he reported that we “just bought” bitcoins.

The four hundred and twenty bitcoins the government added to its balance sheet is worth around $ 24.6 million. The purchase brings the total amount of bitcoins El Salvador owns to 1,120 BTC (that’s about $ 87.4 million). The media calculate that the country’s authorities spent on average around USD 53,300 on 1 BTC.

El Salvador first bought bitcoins in September. Back then it was 200 BTC. Then he bought cryptocurrencies in stages, almost every time using price adjustments that took place on the stock exchanges.

Technical Market Outlook

The BTC/USD pair had broken below the technical support seen at the level of $59,561 and is heading towards the next technical support located at $57,770. The 38% Fibonacci retracement of the last wave up is located at $56,934 and there should be some kind of bounce from this level. There is a 100% market geometry level based on Fibonacci extension located at $56,050 that might be a target for bears as well. The momentum is weak and negative as bears are temporary on control of Bitcoin. The larger time frame trend is still up.

Weekly Pivot Points:

WR3 – $72,680

WR2 – $69,750

WR1 – $64,343

Weekly Pivot – $61,785

WS1 – $57,070

WS2 – $54,248

WS3 – $49,247

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 $66,974 (the previous ATH 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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