Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for November 8, 2021


Crypto Industry Outlook:
The American grocery chain Kroger has denied claims that it accepts cryptocurrency payments.

The company said the press release stating that Bitcoin Cash would be accepted in all stores, as well as for online purchases, was a hoax. Kroger is the second retailer to fall victim to such a scam recently.

The cryptocurrency space is no stranger to Kroger. In 2020, the company began offering Bitcoin rewards in its store via the crypto-based Lolla platform.

Cryptocurrencies have gradually found their way into the grocery store in various forms. In 2019, Safeway - another major US grocery chain - began offering Bitcoin rewards through Lolla, as did Kroger.

Earlier this summer, Coin Cloud announced that it was preparing to install cryptocurrency ATMs at 29 H-E-B supermarkets in Houston, Texas.

Blockchain technology underlying cryptocurrencies is also expected to play an important role in the food industry. A 2019 study by research firm Gartner predicts that by 2025, 20% of the world's top 10 grocery stores will be using Blockchain chains.


Technical Market Outlook
The BTC/USD pair has resumed the impulsive wave to the upside and is currently moving above the technical resistance located at the level of $64,920. The next target for bulls is seen at the level of $66,971 and $70,000. The momentum is strong and positive, which supports the short-term bullish outlook for BTC. The nearest technical support is seen at the level of $63,689.

Weekly Pivot Points:
WR3 - $66,979
WR2 - $67,182
WR1 - $65,171

Weekly Pivot - $62,254
WS1 - $60,269
WS2 - $57,180
WS3 - $55,878


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 $66,974 (the previous ATH level). 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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