Technical Analysis of BTC/USD for October 11, 2021

Crypto Industry News:

Car For Coin, PacSun, and Nicklaus Children's Hospital Foundation are some of the newest organizations to add crypto payment options to their clients.

Even though Tesla has suspended Bitcoin payments for its electric vehicles, citing energy consumption as the reason, the online Exotic Car Market Car For Coin has once again made it possible.

According to a recent press release, an auction site featuring high-end vehicles such as Tesla, Porsche, Lamborghini, McLaren, Ferrari and others allowed customers to pay in US dollars or Bitcoin equivalent for the purchase of certain sports cars.

At the moment, the most expensive is the exclusive Porsche 911 GT3, which costs 110,000 or 2.02 BTC (in today's prices). Speaking of Tesla, the Model S can be purchased for $ 35,000 or 0.64 BTC.

Tom Hegedosh, founder of Car For Coin, explained in detail how people can use crypto payments in the new offering:

"During the auction, bidders and sellers do not have to worry about fluctuating cryptocurrencies. All bids and auction prices are quoted in USD because they know the value of the fiat currency. After winning the auction, buyers can pay for Tesla and other vehicles using either cryptocurrency or traditional currency. If the seller doesn't accept the crypto we'll convert; that's not a problem. "

On the other hand, Justice Conder, an expert at the company, does not recommend paying for luxury vehicles directly in crypto as the underlying virtual coin is quite an asset that people should keep for the future. Instead, risky altcoins may be a more suitable option.

Technical Market Outlook:

The BTC/USD pair has been seen moving up during the weekend and the next target is seen at the level of $59,661. The market conditions are still overbought, but the momentum remains strong and positive as the bulls are in control of the market. The immediate technical support is seen at the level of $55,748. The key short-term technical support is located at $52,209.

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).

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

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