07.05.202109:40 Forex Analysis & Reviews: Technical Analysis of BTC/USD for May 7, 2021

Crypto Industry News:

Cryptocurrency trust company NYDIG has reported that hundreds of U.S. banks are implementing bitcoin (BTC) services for their customers.

NYDIG, headquartered in New York, is a subsidiary of Stone Ridge, managing assets worth $ 10 billion. The company has partnered with the fintech giant Fidelity National Information Services to allow US banks to offer bitcoin to their customers.

According to Patrick Sells, head of banking at NYDIG, "hundreds" of banks are already working to increase their exposure to BTC. They are about to offer a digital currency to buy, sell, invest and trade.

"What we are doing is making it easier for everyday Americans and corporations to buy bitcoin through relationships with banks. If I use a mobile app for all my banking operations, now I have the ability to buy, sell and hold bitcoins, "Sells said.

Technical Market Outlook:

The BTC/USD pair keeps going higher and recently has bounced higher towards the level of $58,332, which is the short-term technical resistance for bulls and since then the market is consolidating the recent gains. The next target is seen at the level of $58,919 ( May 3rd high) and then at $60,000. The momentum remains positive, but is not that strong anymore, so please keep an eye on the level of $55,674, which is the technical support for the market.

Weekly Pivot Points:

WR3 - $73,274

WR2 - $65,664

WR1 - $62,211

Weekly Pivot - $54,445

WS1 - $50,865

WS2 - $43,394

WS3 - $39,732

Trading Recommendations:

Event despite the recent correction from $64,789 to $47,060 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. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $50,000 is clearly broken on the daily time frame chart (daily candle close below $50k).