07.02.2023 10:09 AM
Technical Analysis of BTC/USD for February 7, 2023

Crypto Industry News:

With the reopening of China's economy after nearly three years of Covid stagnation and paranoia, the HangSeng tech index has surged, and there are many indications that the resurgent 'Chinese dragon' may reconsider legalizing cryptocurrencies. According to media reports, former member of the People's Bank of China, Huang Yiping, called on the government to reconsider the risks of banning cryptocurrencies against the possibility of missing out on the chance to take part in the global technological revolution. A few days ago, he warned that banning cryptocurrency activities could result in a loss of development opportunities not only for technology but also for regulated financial systems.

The economist pointed out that the government and the central bank should consider whether this policy will be sustainable and whether it is sustainable in the long term. He warned that a permanent ban on cryptocurrency-related products could result in the loss of some opportunities for evolution.

Huang Yiping served as a member of the Monetary Policy Committee of the People's Bank of China from 2015 to 2018, and is now a professor of finance and economics at the University's National School of Development in Beijing.

Technical Market Outlook:

A breakout above the level of $25,000 on BTC/USD is still needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, so there is still a room to the upside for bulls. Nevertheless, so far the bullish rally was capped at the level of $24,258 after the Shooting Star candlestick pattern was made on the Daily time frame chart and the market reversed towards the middle of the old trading range. The key short-term technical support is located at $22,523 and $22,308. On the lower time frames, like H4, the bears are approaching the technical support located at the level of $22,523. The key short-term technical support is seen at the level of $22,308.

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Weekly Pivot Points:

WR3 - $22,820

WR2 - $22,768

WR1 - $22,745

Weekly Pivot - $22,715

WS1 - $22,693

WS2 - $22,663

WS3 - $22,610

Trading Outlook:

Despite the recent rally, 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.

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