Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption To Buoy Cryptos

As mentioned in previous reports, the gradual adoption of Bitcoin, and cryptocurrencies in general, by several well-known financial institutions and companies has painted a rather bullish longer-term outlook for the digital asset space. Tesla invested $1.5 billion in Bitcoin and has begun accepting the popular cryptocurrency as a form of payment, while Bank of New York Mellon stated that it would treat the anti-fiat asset the same as any other financial asset. Mastercard also committed to integrating BTC into its payment networks.

Visa is the latest multinational to embrace blockchain technology, with the company announcing its payments network will utilize a stable coin backed by US Dollars to settle transactions over Ethereum. This move may fuel the fire needed for both Bitcoin and Ethereum to climb to fresh record highs in the coming weeks. Here are the key technical levels to watch for both cryptocurrencies.

Bitcoin (BTC) Daily Chart - Eyeing Push To Fresh Yearly Highs

(Click on image to enlarge)

Chart prepared by Daniel Moss, created with Tradingview

Bitcoin prices have meandered lower since storming to a fresh record high on March 14 (61699), sliding just under 18% and closing back below the 34-day EMA (53408) for the first time since late-January.

Yet, recent price action suggests that a push to fresh yearly highs may be on the cards, as buyers push the popular cryptocurrency back above all three short-term moving averages – 8-, 21-, and 34-EMA.

Indeed, with the RSI climbing back above its neutral midpoint, and a bullish crossover taking shape on the MACD indicator, the path of least resistance seems skewed to the upside.

A daily close above 61.8% Fibonacci resistance (61298) is required to signal the resumption of the primary uptrend and clear a path for price to challenge the landmark 65,000 mark. Clearing that convincingly brings the 70,000 and 100% Fibonacci (72503) into the crosshairs.

Alternatively, if BTC fails to pierce 58,000, a more extensive correction may be at hand. However, this seems relatively unlikely given the multitude of bullish technical signals being displayed.

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