FX.co ★ Technical Analysis of BTC/USD for October 13, 2021

Crypto Industry News:

International airport Simona Bolivara is working to ensure that cryptocurrency payments are in line with local industry standards. The airport, also known as Maiquetia, is located in the center of Caracas, the capital of Venezuela.

According to Maiquetia director Freddy Borges, the airport plans to accept multiple cryptocurrencies including Bitcoin, Dash and Venezuelan digital currency Petro. He said the airport administration will introduce new payment options in coordination with the national oversight of crypto assets and related activities in Venezuela.

Introducing crypto payments at Maiquetia Airport would mean a commitment by the company to advance towards international standards and drive the adoption of digital currencies, Borges noted. According to the director, the crypto payment option would benefit foreign tourists, including those from Russia.

Several airports and airlines around the world have in recent years explored ways to introduce crypto payments and Blockchain-based features to provide better cash payment options and improve customer verification services. In March, the Latvian airline airBaltic began accepting Ethereum and Dogecoin as a form of payment for tickets.

Technical Market Outlook:

The BTC/USD pair has complete the wave 3 with a top at the level of $57,779 and is starting the correction in the wave 4. The immediate technical support is seen at the level of $55,748, but the corrective cycle in wave 4 might extend lower towards the key short-term technical support is located at $52,209. Please keep an eye on this level as any violation of this level will be negative for bulls.

Weekly Pivot Points:

WR3 - $69,115

WR2 - $62,582

WR1 - $60,185

Weekly Pivot - $53,520

WS1 - $50,100

WS2 - $43,237

WS3 - $40,463

Trading Outlook:

According to the long-term charts 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. The next mid-term target is seen at the level of $59,506. 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).