27.03.202308:56 Forex Analysis & Reviews: Technical Analysis of BTC/USD for March 27, 2023

Crypto Industry News:

Nasdaq Inc. plans to start offering cryptocurrency storage services by the end of the second quarter of 2023.

According to media reports yesterday, these plans were revealed by Nasdaq Senior Vice President and Head of Digital Assets Ira Auerbach at the Blockchain Week Summit in Paris.

Media further reports that Nasdaq is currently in the process of obtaining all required technical infrastructure and approvals from the relevant regulatory authorities.

Nasdaq is one of the world's traditional financial giants with a total value of $25.95 billion. The company is responsible for servicing three exchanges in the United States and seven more in Europe.

The launch of the cryptocurrency storage service will be Nasdaq's first major entry into crypto. However, the company's interest in the $1 trillion market has been evident for some time.

Already in 2018, the company's president, Adena Friedman, declared Nasdaq's willingness to provide cryptocurrency trading services and operate as a crypto exchange after the implementation of the relevant regulations.

In 2022, Nasdaq also attracted attention in the crypto space by partnering with Brazil's largest XP broker to establish XTAGE, a cryptocurrency exchange. However, for now, XTAGE only provides support for Bitcoin and other cryptocurrencies, with plans to add other forms of digital assets to its services later.

Technical Market Outlook:

The BTC/USD pair has made the local low at the level of $26,650 during the pull-back and since then the market has been moving sideways just below the swing high seen at $28,878. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible. In a case of a breakout, the next target for bulls is seen at $32,417. The momentum on the H4 time-frame chart is strong and positive, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated (no daily candle close below this level). Please notice, the market keeps trading inside a potential Triangle Pattern structure on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.

Weekly Pivot Points:

WR3 - $28,346

WR2 - $28,110

WR1 - $27,977

Weekly Pivot - $27,874

WS1 - $27,741

WS2 - $27,638

WS3 - $27,402

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.