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Forex Analysis & Reviews: Technical Analysis of BTC/USD for December 1, 2022
time 01.12.2022 09:43 AM
time Relevance up to, 02.12.2022 09:43 AM

Crypto Industry News:

In light of the recent collapse of FTX and the liquidity scandal, regulators in the European Union have joined other global regulators in pushing for clearer guidelines and regulations for cryptocurrencies.

The European Central Bank (ECB) published a post on November 30 titled "Bitcoin's last stand", which summed up Bitcoin's financial career with current price volatility. However, instead of drawing an objective picture of the cryptocurrency history so far, he only presented its disadvantages.

Written by Ulrich Bindseil and Jurgen Schaaf, director general and advisor to the ECB, the article says the digital currency is "on the road to insignificance." He also claimed that BTC is rarely used for legal transactions, and that the attention from regulators around the world could be "misunderstood as approval." In addition, he warned banks against interacting with the digital currency as it could damage their reputation.

However, where there are libels against crypto from traditional, centralized financial institutions, there are defenders. The crypto community is always ready with answers to bust myths and defend their assets.

The tweet from the ECB itself received hundreds of responses, and the cryptocurrency community verified the claims made in the article and emphasized the origin of its authors.

Technical Market Outlook:

The Bitcoin bulls bounced above the local trend line resistance and made a new local high at the level of $17,248. The BTC spiked up over 11% already and the next technical resistance is seen at $17,600. The immediate technical support is seen at $16,984 and $16,793. The momentum is strong and positive, but the market conditions are now extremely overbought on the H4 time frame chart. There is no indication of the down trend on Bitcoin to terminate or reverse yet, so the next target for bears is seen at the level of $13,563 (2019 high).

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Weekly Pivot Points:

WR3 - $17,057

WR2 - $16,628

WR1 - $16,391

Weekly Pivot - $16,199

WS1 - $15,962

WS2 - $15,770

WS3 - $15,340

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.

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