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05.03.202109:33 Forex Analysis & Reviews: Technical Analysis of BTC/USD for March 5, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

Goldman Sachs' Gary Black closed his position on TSLA after the company bought BTC for $ 1.5 billion, avoiding a 28% crash. Now he is calling on the company to sell acquired bitcoins to buy back shares. Former CIO Goldman Sachs sparked this suggestion lively discussion on Twitter. '

On February 8, news came out that Tesla had purchased BTC worth $ 1.5 billion. The TSLA share price fell 28% from $ 863.42 to $ 621.44.

Black suggested that TSLA would attract more fund managers with a share buyback program, considering them more valuable to the investor than buying BTC "with excess cash".

Some Twitter users agreed that share buyback appeared to be a more appropriate way to use the funds, while others felt that too much attention was being paid to what Tesla did with 8% of their cash reserves.

Technical Market Outlook:

After the BTC/USD bounce had been capped at the level of $52,506, the price reversed towards the technical support located level of $48,021. This level had been violated as well, so the BTC/USD pair trades close to the next technical support located at $45,710. Due to the weak and negative momentum the bears might intensify the pressure and push the market lower towards the key short-term technical support seen at $43,097.

Weekly Pivot Points:

WR3 - $66,669

WR2 - $61,820

WR1 - $52,326

Weekly Pivot - $47,444

WS1 - $38,017

WS2 - $33,139

WS3 - $23,184

Trading Recommendations:

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 $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.

Exchange Rates 05.03.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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