BTCUSD Weekly Outlook and Bitcoin Fundamentals, 1st April 2021
BTCUSD Forecast and Fundamentals for Bitcoin
Introduction
The BTCUSD is on a bullish run as Indian brokers such as IQ Option and other investors seek ways to maximize the profit the bitcoin market has brought to them in the Q1 of 2021. This move has given investors over 100% profit in the first quarter of the year as it attracts more institutions to adopt bitcoin into their financial services.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 50602.53
Monthly Support Levels: 28130.00
The covid19 pandemic hit its peak in March 2020, causing the global market to become unstable and the economy crumbling due to its lockdown.
Bitcoin became the most convenient transaction, and its acceptability increased by attracting big institutions like Goldman Sachs. This year Q1 2021, bitcoin made gain over 110%, thereby attracting more investors and users.
The Eliot wave cycle confirms its impulse wave cycle at the break out above point B (13963.810) on the chart from point C. The bullish run has been massive with strong momentum creating a new high for bitcoin as more institutions see bitcoin as a safe-haven for their investments.
Weekly Chart
Weekly Resistance Levels: 58000.00
Weekly Support Levels: 37857.00
The BTCUSD on the weekly chart shows some signs of weakness from the bulls as you can see that some bears are opening short positions for a possible downtrend as the bears try to push back the price down below the 43000.00 support level.
The hidden bullish divergence of 22 February 2021 shows that the buyers are still interested in taking the price higher as they use the 43000.00 support zone to push the price higher and testing the current high of the market.
Daily Chart
Daily Resistance Levels: 50855.00, 62000.00
Daily Support Levels: 46250.00, 50183.00
The Bitcoin trend is bullish on the daily time frame as the correction phase stopped at the support zones of 50183.00 before pushing up on the impulse move. The Indian brokers are optimistic that bitcoin’s price will go higher than the new high of 61000.00 it created as of March 2021.
However, we need to see another swing higher than the resistance levels of 13h March 2021 to continue the bullish trend. If the price should fail to go higher, we will likely see a reversal of the price in the coming days. The psychological point for both buyers and sellers is the 62000.00 levels which will determine bitcoin’s direction.
Bullish Scenario:
The BTCUSD is fully bullish. The momentum is vital as the bulls turned the previous resistance zone of 48000.00 into support with a big engulfing candle indicating the market’s buyers’ power. A close above the high show’s continuation of uptrend on the daily time frame.
Bearish Scenario:
The bearish scenario is possible if the bears can reject the bull’s advancement from the high of 62000 by turning it into a resistance against the buyers for a swing low, we may see sellers opening short positions the
Bitcoin BTC News Events
As many institutions adopt bitcoin, its credibility as a mature asset is a plus to the crypto industry. The new high bitcoin sets also challenge its critics’ perception, sending a hugely positive signal to the investor community.
Goldman Sachs is a big investment institution in the USA. They didn’t see bitcoin as an asset class as of last year. It has turnaround to offer bitcoin services to their high-net-worth clients only while other top investment banks like Morgan Stanley are working on rolling out direct ownership of bitcoin for its clients.
VISA and PayPal’s recent announcement to allow crypto payment and expenditure through their platform has also increased bitcoin acceptance.
Conclusion and Projection
Investors eye the 80K USD round-number level before the trend makes a correction or reversal from the monthly time frame.
Goldman Sachs’ acceptance to render crypto services to its wealthy clients interested in investing in crypto has increased the general acceptance of the coin in the payment services and establishment.
The BTCUSD was a safe-haven for many Investors and institutions during the covid19 pandemic, and the projection for bitcoin is to hit the 100,000 USD mark this year.
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