24.03.2023 10:02 AM
Technical Analysis of BTC/USD for March 24, 2023

Crypto Industry News:

On March 22, the US SEC accused Tron founder Justin Sun of selling and distributing unregistered securities via TRX and BTT tokens. This is a violation of Section 5 of the Securities Act.

According to an SEC press release, Justin Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (now known as Rainberry) are facing charges of fraud and market manipulation to create an extensive wash trading scheme. He allegedly manipulated TRX trading volume.

The SEC also sued actress and singer Lindsay Lohan, influencer and boxer Jake Paul, influencer Michele Mason, and rappers and singers Soulja Boy, Lil Yachty, Ne-Yo and Akon for illegally promoting TRX and BTT without disclosing that they were paid for the advertisement.

Most of these celebrities, with the exception of Cortez Way and Mahone, agreed to pay more than $400,000 in restitution, interest and fines to settle the SEC claims.

Technical Market Outlook:

The BTC/USD pair has been seen approachnig the last swing high located at the level of $28,878 after the local low was made at the level of $26,650 during the pull-back. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are still possible. In a case of a breakout, the next target for bulls is seen at $32,417. The momentum on the H4 time-frame chart is strong and positive, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated (no daily candle close below this level). Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.

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Weekly Pivot Points:

WR3 - $29,430

WR2 - $28,530

WR1 - $28,076

Weekly Pivot - $27,630

WS1 - $27,176

WS2 - $26,730

WS3 - $25,830

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

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