Crypto Industry News:
The end of the Bitcoin 2021 Conference definitely belonged to the President of El Salvador, who announced an action that is an unprecedented confirmation of the revolutionary nature of Bitcoin. Nayib Bukele announced via Zoom that he will be submitting a bill to recognize BTC as legal tender in parliament.
Bukele believes that central banks are increasingly taking measures that may adversely affect the economic stability of El Salvador. He also added that in the short term, the movement would create jobs and help ensure financial integration for thousands of people in the country. El Salvador's central bank will also accept bitcoin as part of its reserves, while citizens will be free to transact using cryptocurrency.
The Republic of El Salvador is a country in Central America that lies on the Pacific Ocean and borders with Guatemala and Honduras. El Salvador is the smallest in terms of area in the Central American Intermarium, but densely populated.
Bukele's speech was taped in advance and it was aired at the conference during a speech by Jack Mallers, founder of Strike, a cryptocurrency wallet built on the Lightning Network.
Technical Market Outlook:
Not much has changed over the weekend as the BTC/USD pair is still testing the lower short-term channel line around the level of $36,050. The momentum is still hovering around the neutral level of 50, but is not dropping lower yet. The market still trades under the supply zone located between the levels of $43,1459 - $41,794, so bears are still in full control of the market and only a strong breakout above the level of $41,096 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish. The next target for bears is May 19th low seen at the level of $29,701.
Weekly Pivot Points:
WR3 - $43,458
WR2 - $41,521
WR1 - $38,273
Weekly Pivot - $36,222
WS1 - $33,131
WS2 - $30,800
WS3 - $27,577
Trading Recommendations:
Even despite the recent correction 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 $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
