Technical Analysis of BTC/USD for August 13, 2021

Crypto Industry News:

According to a market analysis prepared by Blockdata, more than half of the largest banks in the world have exposure to cryptocurrencies and blockchain technology.

This shows that the largest banks (when it comes to the value of assets they manage) are willing to invest in companies related to cryptocurrencies and companies using blockchain solutions.

Blockdata, a company specializing in blockchain-related analytics, looked at the top 100 largest banks. It found that up to 55% of them now have exposure to cryptocurrencies and blockchain. This group includes both direct investments (an example may be the purchase of cryptocurrencies by a bank) and indirect investments (investment in a company that provides solutions related to cryptocurrencies).

Blockdata's research shows that the greatest interest in the cryptocurrency industry is shown by banking giants such as Citigroup, Barclays (interestingly in July, the same Barclays blocked transfers to Binance), Goldman Sachs (Goldman Sachs and bitcoin. A special change in optics or a romance with a trend?) And BNP Paribas (BNP Paribas | We need to understand what the world will be like not only in five, but in 10-20 years). Among the banks that are strongly interested in blockchain technology and cryptocurrencies, JPMorgan could not be missing (JPMorgan, Goldman Sachs and UBS invest in ETP Polkadot (DOT)).

Technical Market Outlook:

The BTC/USD pair has been seen approaching the recent swing high located at the level of $46,719. In a case of a breakout, the next target is seen at the level of $51,189, which is the 61% Fibonacci retracement level. The nearest technical support is located at $43,159 level, but the intraday technical support is seen at $44,555. Please notice the declining momentum and negative divergence at the H4 time frame chart support the short-term bearish outlook.

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).


The material has been provided by InstaForex Company -

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