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Old 22-02-2021, 09:19
MikhailLF MikhailLF is offline
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Join Date: Sep 2017
Posts: 795
Default Re: Forex News Analysis by LiteForex

BTC/USD: growth prospects remain

Current trend

Last week, the pair has continued growing. The price reached new all-time highs, rising above 58000.00 and adding about 17.4%.

The growth in quotes was due to the growing popularity of BTC among large institutional players. Tesla Inc. investment into Bitcoin encouraged other large global companies to enter the digital assets market. German SynBiotic SE has officially announced the transfer of part of its liquidity to BTC, as it fears a serious devaluation of world fiat currencies.

The price increase is supported by the launch in Canada of the first Bitcoin ETF in North America. Its shares began trading on the Toronto Stock Exchange on February 18. According to Bloomberg, in the first two days, the fund managed to attract investments in the amount of USD 421M, which is several times higher than the capitalization of the average Canadian ETF. Bitcoin ETF trading may be allowed in the US in the near term, providing new support for the entire cryptocurrency sector.

Support and resistance

The price maintains an uptrend, which is confirmed by upward reversal of the Bollinger Bands and an increase in the MACD histogram in the positive zone. Now the price is trying to consolidate above 56250.00 (Murrey [+1/8]). If successful, the growth of quotations will continue to 62500.00 (Murrey [+2/8]) and 65600.00 (Murrey [+5/8], H4). A downward reversal of Stochastic in the overbought zone does not exclude a price rollback to 50000.00 (Murrey [8/8]), but is unlikely to lead to the uptrend reversal.

Resistance levels: 56250.00, 62500.00, 65600.00.
Support levels: 53900.00, 50000.00, 43750.00.

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