Technical Analysis of BTC/USD for August 11, 2021

Crypto Industry News:

The president and CEO of AMC Entertainment, Adam Aron, revealed that the American cinema giant intends to start accepting bitcoin payments for movie screenings by 2022.

Pay with bitcoin for a movie ticket

Speaking during a teleconference on August 9 on the company's results for the second quarter, AMC President and CEO Adam Aron revealed that by the end of 2021 the cinema chain intends to prepare the infrastructure to accept BTC payments for tickets purchased online.

While the details of the BTC adoption plan are fairly sparse for now, Aron has highlighted strong demand for cryptocurrency-based cinema purchases from the company's customers.

AMC's Q2 results showed a significant improvement over the previous year ($ 444 million in revenues versus $ 18.9 million in Q2 2020 revenues). Net losses also fell from $ 561 million or $ 5.38 per share to $ 349 million or $ 0.71 per share year-on-year.

Along with the adoption of BTC payments, AMC also announced plans to open more than a dozen locations in the United States, Europe and the Middle East this year.

Technical Market Outlook:

The BTC/USD pair has been consolidating the recent gains around the level of $46,691 after the successful breakout above the supply zone located between the levels of $41,794 - $43,159. Now both of this levels will act as a technical support for bulls. The next target for bulls is seen at the level of $46,991, which is a 50% Fibonacci retracement of the last, big wave down started in April 2021. The immediate technical support is seen at the level of $45,043, the key short-term technical support is located at $42,704. The strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $55,418

WR2 - $50,074

WR1 - $47,529

Weekly Pivot - $42,313

WS1 - $39,834

WS2 - $34,360

WS3 - $31,560

Trading Outlook:

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 $47,000. 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).

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The material has been provided by InstaForex Company - www.instaforex.com

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