On the 4H chart, bitcoin has not changed over the past day. It is still trading slightly above the triangle pattern. I have already said that this triangle pattern is not important. If the price break above its upper limit, it may climb to the level of $ 45,408. Apart from the triangle, BTC is trading in the sideways channel of $34,267 - $45,408 for almost 3 months. Therefore, it is necessary to focus primarily on this channel. The quotes have recently dropped to the pivot level of $40,746. If the price fixes below it, then bitcoin may decline to $38,000.
Honduras believes that bitcoin will help strengthen the economy that has been thriving on bananas and tobacco exports.
Some countries with less developed economies continue to see bitcoin as an opportunity to improve their own economies. Last year, El Salvador became the first country in the world to adopt bitcoin as legal tender. President Nayib Bukele even announced that it could build the world's first Bitcoin City. In such a city, there will be no taxes. Its construction will be financed with bonds linked to virtual currencies. It is not known yet when the construction of this city will begin. Besides, bitcoin has not become a popular means of payment within the country among the low-income population. According to the Chamber of Commerce and Industry of El Salvador, only 14% of residents have carried out transactions in bitcoins since the adoption of cryptocurrency as legal tender. Notably, 92% of businessmen said that the recognition of bitcoin did not affect them and their enterprises in any way. Nevertheless, the country's authorities continue to develop the bitcoin industry.
Honduran President Xiomara Castro also announced plans to declare bitcoin legal tender in the country. "We must not let El Salvador become the only country to escape dollar hegemony," he said. "Honduras has the right to move towards the First World countries." The government believes that the adoption of bitcoin will make the country more attractive for investments as well as it will help improve the tourism industry. However, Honduras is one of the biggest exporters of bananas, tobacco, and coffee. How a country with an agriculture-orientated economy is going to quickly and effectively implement bitcoin into the system is still unclear.
On the 4H chart, the BTC price broke out of the triangle pattern. It may continue to grow to the upward target of $45,408. There are simply no other target levels excerpt this level and $34,267. BTC has been trapped within the sideways channel for a long time. So, it can move in any direction within the channel. In the near future, there could be a decline or a jump above the $40,746 level. Traders will be able to reap a small profit from these movements.
