Key Takeaways:
Bitcoin's recent rally to new yearly highs presents a bullish outlook for traders.Mercari, a major Japanese e-commerce platform, embracing Bitcoin could significantly boost cryptocurrency adoption.Technical indicators and market sentiment strongly favor Bitcoin's continued growth, but caution is advised.In the dynamic world of cryptocurrencies, two recent developments have caught global attention: Bitcoin's surge to new yearly highs and Mercari's move to accept Bitcoin payments. This article analyzes these events and their potential impact on the market.
Mercari's decision to accept Bitcoin payments from June 2024 is significant. With over 22 million monthly users, this could lead to wider cryptocurrency adoption in Japan and beyond. It's notable that while payments can be made in Bitcoin, sellers will receive fiat currency, with real-time BTC to yen conversion.
Mercari's Growth and Crypto Initiatives:
Established in 2013, Mercari quickly became Japan's largest e-commerce platform.Previous cryptocurrency initiatives include Mercari Bitcoin for trading and a loyalty program offering digital assets.Japan's Crypto-Friendly Environment:
The Japanese government's regulation of cryptocurrencies has facilitated their adoption.Besides Mercari, other large platforms like Rakuten are active in the digital currency market.Bitcoin's Bullish Trend: A Closer LookThe BTC/USD pair reached a new high of $47,338, signaling strong bullish momentum. Despite overbought conditions hinting at a temporary pullback, the uptrend is likely to resume, with targets at $48,200 and $50,000. Intraday support is identified at $45,956.
Intraday Indicator Analysis:
Buy Signals: 14 out of 21 technical indicators; 14 out of 18 moving averages.Sell Signals: 6 technical indicators; 4 moving averages.Neutral: 3 indicators.Market Sentiment:
Current: 73% bullish.Last Week: 70% bullish.Last Three Days: 72% bullish.Weekly Pivot Points:
Resistance: WR3 - $53,656, WR2 - $48,603, WR1 - $46,315.Pivot: $43,582.Support: WS1 - $41,283, WS2 - $38,540, WS3 - $33,509.Weekly Time Frame Analysis:
Fibonacci Levels: Bitcoin touching the 0.618 level suggests upward momentum.Moving Averages: The 55-week and 100-week averages indicate bullish continuation.DMI Analysis: A strong trend is signaled, with the +DI dominating.Elliott Wave Projection: Suggests Bitcoin is in an expansive third wave.For Bulls: The current market trend and technical indicators suggest that Bitcoin's value could continue to rise. Entry points around key Fibonacci levels and moving averages could be considered, always with risk management in mind.
For Bears: Caution is needed. A decisive break below the key support level of $31,790 could shift the market sentiment. Bears should watch for signs of trend reversal and adjust their strategies accordingly.
Final Thought: While Bitcoin's uptrend and Mercari's adoption present exciting opportunities, traders should balance optimism with caution, keeping abreast of market news and global economic shifts.
Useful LinksMore ArtclesInstaForex Course for BeginnersOpen Trading AccountImportant NoticeThe begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
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