Bitcoin analysis for April 28, 2021
Looking at the chart on the four-hour time frame, we see that Bitcoin is now testing the moving averages of the MA200 and EMA200, while at the bottom, we have support in the MA20, EMA20, and MA50. For now, we have resistance at $ 56,000. We can set the Fibonacci level from the previous high and the previous low, and based on that. We see that we are currently testing zone 38.2-50.0% Fibonacci level.
A drop below the $ 38.2 level opens the door to a new drop and testing the previous low to $ 47,000. Otherwise, we need a stronger momentum to move above moving averages and above 61.8% Fibonacci levels to $ 58,000, where we can expect the next upper resistance to $ 60,000.
Looking at the MACD indicator, we see that the bullish signal is weak, although we are still on the bullish side. The price is still at key points on the chart, and we can expect some major moves up or down. Online game provider Nexon Co. earned $ 100 million in bitcoins. This became the largest-ever purchase of digital currency by a listed company in Tokyo.
An increasing number of companies worldwide, including MicroStrategy, Tesla, and Square, have bought Bitcoin in the last few months. More and more companies are starting to adopt cryptocurrency as a form of payment and value storage. Nexon, a South Korean-Japanese video game company, bought 1,717 bitcoins at a total cost of $ 100 million.
The average price of each bitcoin purchased was $ 58,226, including fees and charges. Owen Mahoney, CEO of Necon, cited the current economic environment as one of the main drivers of investment in the new asset class.
The acquisition of the technology company’s leading cryptocurrency represents less than 2% of Nexon’s total cash and cash equivalents. Mahoney said he understands that there are risks associated with digital assets. However, the company is committed to studying them in the future.
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