BTCUSD Weekly Outlook and Bitcoin Fundamentals , 9th January 2021
BTCUSD Forecast and Fundamentals for Bitcoin
This week, Bitcoin BTC attains a new ATH on India forex trading platforms, inching closer to the 36k to 50K ranged earlier priced by traders on the Options market.
Upon hitting the 41K round-number mark at press time, the number one crypto asset made a sharp price correction towards the 37K area and finds its way back up. Come closer as we look at the likely scenarios, chart patterns, and news events in the crypto space.
BTCUSD Technical Analysis
Monthly Resistance Levels: 40316.92
Monthly Support Levels: 20000.00, 18500, 17500, 16500
The chart above covers the BTC Bitcoin cycles’ available data since October 2010, where we identify the impulse and corrective Elliot wave pattern.
From the historical data, we observe that Bitcoin BTC always sets new record highs after breaking above a past impulsive wave, like the wave-1 and wave-3, and now wave-5.
The corrective ABC-wave shows that we should get set for a long ride up for a new series of impulse wave cycles for Bitcoin BTC in the coming years.
Weekly Resistance Levels: 40425.00
Weekly Support Levels: 14000.00, 16500
The October 05 ’20 bullish divergence sent the bitcoin price into the overbought area, where it continues to trade for thirteen weeks to date, setting a new all-time high at $40425.00.
Now that the BTCUSD has attained a 259% rise from the bullish divergence level, we expect a slowing of the flagship cryptocurrency in the coming weeks. On the other hand, uncertainties from COVID-19 pandemic may lead to a prolonged bullish trend on the higher time frames.
Daily Resistance Levels: 41999.99
Daily Support Levels: 31975.0, 24244.0, 18299.00
The BTCUSD maintains a stable uptrend on the daily-TF, trading above the MA10. We look to scale into the uptrend as soon as the BTC price corrects into the 29247.89 and 33596.81.
An exit of the overbought area should signal further scaling into the upward trend where the BTCUSD may correct the $16500 and $21000 range.
Presently, there is no strong bearish signal on the monthly and weekly time frame. However, the intraday one-hour and 4-hour time frame offer short term sell trades for BTC futures traders; we suggest that such intraday trades should not be held for long as the upside momentum is enormous.
Bitcoin BTC News Events
Following a tweet by the billionaire Chamath Palihapitiya, the Shark Tank, and Dallas Mavericks owner Mark Cuban says he’ll run for president of the United States if BTC Bitcoin hits $1m.
The world’s largest slot machine manufacturer recently received a patent to open up crypto payments to gamblers.
Reports from the US Patent and Trademark Office IGT – International Game Technology patented a system that would allow seamless transfer of cryptos from their accounts into an account established for gaming.
Crypto payments included in the system include BTC Bitcoin, ETH Ether, and BCH Bitcoin Cash.
Casino users can make transfers from their private crypto wallets to Casino crypto wallets.
IGT’s spokesperson Phil O’Shaughnessy stated that the company secured the patent in anticipation of future crypto-related gaming regulations.
After smashing through the $30K mark January 02, ’21, Bitcoin BTC advanced to $35.87K under five days, overtaking Warren Buffets Berkshire Hathaway.
The number one crypto asset now occupies the ninth position of the most valuable global asset, as Asset Dash stated, after hitting a market cap of 638 billion USD.
Top Companies on the list are Apple, Microsoft, Amazon, Alphabet, Facebook, Tencent, Tesla, and Alibaba.
The BTC has also surpassed the shares of the Semiconductor Manufacturing company in Taiwan.
Conclusion and Projection
The Bitcoin BTC continues to set new highs every week. Bears looking to short the number one crypto asset are currently being drained of air as we witness a massive surge in mainstream and institutional adoption.
We may consider locking in some profit at the current highs as USDT to avoid a withering of our earnings from a sharp correction.