Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for September 3, 2021

Crypto Industry News:
Last weekend at the international convention Market America Worldwide Shop.com 2021 (MAIC2021), e-commerce president Steve Ashley announced that Shop.com sites would accept cryptocurrencies via Bitpay. This means that Bitcoin, Ethereum, Bitcoin Cash, and several other digital assets can be used to purchase products through the Shop.com sites.

Steve Ashley, Shop.com president and chief operating officer said:

"Shop.com will offer Bitcoin, Ethereum, and several other cryptocurrencies via Bitpay. This option will be available on Shop.com sites around the world."

Shop.com is popular e-commerce all over the world. Shop.com is owned by Market America, an MLM company that was founded in 1992. Market America purchased Shop.com in late 2010.

"Countries like Taiwan, Thailand, Argentina, Brazil and Indonesia are very difficult to make payments. Credit cards are not everywhere, and in this region BitPay and crypto are the cheapest and fastest payment options," said Sonny Singh, Bitpay's commercial director.


Technical Market Outlook
The BTC/USD pair has been seen moving towards the last swing high and made a local high at the level of $50,337. The nearest technical resistance is seen at the level of $50,456 (last week high). The key short-term technical support is seen at $46,719 and $46,209 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $51,189, which is the 61% Fibonacci retracement of the whole move down.

Weekly Pivot Points:
WR3 - $54,910
WR2 - $52,718
WR1 - $50,895

Weekly Pivot - $48,630
WS1 - $46,765
WS2 - $43,987
WS3 - $42,007


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 $51,189, which is the 61% Fibonacci retracement of the whole move down. 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).







Sebastian Seliga
Analytical expert of InstaForex
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