Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for October 14, 2021

Crypto Industry News:
After China suppressed Bitcoin mining, the United States has become the leading country in terms of hash rate.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), US Bitcoin miners account for 35.4% of the total global BTC hash rate distribution.

CBECI data also indicates Kazakhstan (18%) and Russia (11%) as the next major Bitcoin mining centers outside the United States. These three nations gained significant market share following China's cryptocurrency mining ban.

Perhaps particularly interesting is the fact that the CBECI figures indicate a 0% rate from China. However, it is possible that covert mining operations continue to operate despite the ban.

Apart from mining suppression in China, North American cryptocurrency mining plants increased their efficiency, significantly increasing the efficiency of the equipment.

American miners such as Argo Blockchain, Riot Blockchain, Marathon and several others have taken out large orders for mining platforms from leading manufacturers such as Bitmain and MicroBT.

Places like Texas and Ohio are also expected to host Bitcoin mega mines that will further increase the production capacity of US cryptocurrency miners. The expansion of the US mining space also made more companies apply for listing on US stock exchanges.


Technical Market Outlook:
The BTC/USD pair has made another higher high at the level of $58,498 as the bulls are on control of the market. The immediate technical support is seen at the level of $55,748, but the corrective cycle in wave 4 might extend lower towards the key short-term technical support is located at $52,209. Please keep an eye on this level as any violation of this level will be negative for bulls.

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).






Sebastian Seliga
Analytical expert of InstaForex
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