The BTCUSD pair on the monthly chart shows that the crypto traders who are shorting the BTC are engulfing the previous month
Introduction
The FBI wants crypto brokers and other crypto users to be careful not to fall into the hands of fraudsters as they intend to help Ukraine through the donation of Ethereum, Dogecoin, BTC, and other cryptocurrencies amid the Russian invasion.
The Federal Bureau of Investigation is warning the general public to be cautious of the fraudulent schemes so that they don’t fall victims in the process of helping others.
The total crypto market cap is in a bearish structure and many speculate on a further decline in the Bitcoin BTC price. Let’s analyze the BTCUSD charts.
BTCUSD: Technical Analysis
Monthly Chart
Monthly Resistance Levels: 69000, 50000.
Monthly Support Levels: 12000, 28000, 35000.
The BTCUSD pair moved about 34% for the month of May before it pulled back to the 30000-dollar mark. The short position traders had a good trade in the past months as the bearish crypto brokers are holding their positions after several weeks of bearish run in their favor. As the month candle closes during the week, can the bears continue the downtrend or the Bulls will recover from the dip it suffered from the Bears?
The Russian invasion is putting serious pressure on the humanitarian crisis in Ukraine, and people around the world are pulling their resources together to help the Ukrainians. However, the FBI is suggesting that there are various ways to differentiate between a legitimate donation link and that of a scammer. The concern is that the platform address is not affiliated with the Ukraine government, but it came across some cryptocurrency addresses like Ethereum, bitcoin not linked to the government.
Weekly Chart
Weekly Resistance Levels: 48234.
Weekly Support Levels: 28000, 25400.
The BTCUSD pair seems to have found support around the 25400 and 28000 zones since the price of bitcoin has not gone below the support zone in the past three weeks on the weekly time frame. Looking at the 30 May 2022 candlestick, you can see that the bullish crypto brokers are pushing the price up. If the Bulls can build momentum the price will likely test the high, 34000-dollar mark.
The weekly chart shows that the bitcoin is still on a bearish run and the market is in a correction phase as the price pulls back. If the price can breakout above the 34000-dollar mark we may see the trend reverse into a bullish trend.
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Daily Chart
Daily Resistance 43200, 48000, 40000.
Daily Support 25400, 28000.
The Bulls have pulled back about 27.18% from the low of the 25400-dollar mark as the price of bitcoin trades around the 32650-dollar mark. After the market consolidated for days, the Bullish crypto brokers successfully to the price up from 28 May 2022.
The long position traders will need to overturn the 33200-dollar mark resistance zone into support if the price of bitcoin needs to go up for a bullish rally. On the other hand, the 33200-resistance zone acted as support previously before the price broke out below the zone. We could have a retest of the zone to confirm it as a resistance for the selling pressure to resume around the zone if the sellers can dominate the level.
Bullish Scenario:
The bullish momentum can be seen buildup gradually on the daily time frame as of 28 and 29 May 2022 daily candles which lead to a bullish surge on the 30th May 2022 and engulfed some previous days’ candles. A breakout above the 33200 level will lead to a bullish scenario on the daily chart.
Bearish Scenario:
The BTCUSD market is in a consolidation state after the Bears dominated the market for weeks. A bearish scenario is likely to continue if the short position crypto brokers can breakout below the support zone of 25000-dollar levels on the daily chart, this will lead to the bearish scenario.
THE RUSSIAN CENTRAL BANK ACCEPTS CRYPTOCURRENCY FOR INTERNATIONAL PAYMENTS.
According to reports, the central bank of Russia announced that it will only be using crypto to make international payments as various departments and legislators proposed a new version of the digital currency law. Ksenia Yudaeva (Central Bank First Deputy Governor) stated that “in principle, they do not object to the use of cryptocurrency in international transactions”.
The legislators and government departments are making efforts to reach a consensus on the usage and acceptance of cryptocurrencies within the country since the international bodies placed sanctions on the Russian fiat and it is affecting their means of the transaction at the international level due to Russia’s invasion on Ukraine.
The Russian-Ukraine war brought a traveling ban, freezing of assets, and financial sanctions cutting off major banks for Russia from Swift and stopping products from Russia into Europe and Western nations as a means to stop Putin’s invasion.
According to a senior lawmaker in Russia Pavel Zalvany, the country is considering the acceptance of Bitcoin or local currencies for the purchase of gas and oil from friendly countries but the unfriendly countries will only be allowed to use Russian Ruble for international payments. Some analyst says that there is a risk to be considered as one bitcoin is highly volatile and could pose a challenge in the trade of natural gas compared to the stable US dollar and Euro.
Conclusion and Projection
The BTCUSD pair is pulling towards a previous support zone that is turned resistance on the daily chart, a strongly bullish breakout above the zone will be of great interest to the crypto brokers.
However, if the short position crypto brokers should dominate the zone and breakout below the support zone of the 25000-dollar mark, the downtrend will continue and the next support level of the 20000-dollar mark will be exposed.
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This article will not be giving advice for investment. It is strictly for educational purposes. Please consult your financial advisor when trading on leverage instruments, as we will not be liable for any losses incurred. Your capital may be at risk
- BTCUSD: Weekly Technical Analysis - September 30, 2022
- BTCUSD: Bulls to Dominate the Zone for the Price to Rise is Expected - September 16, 2022
- BTCUSD: Price of Bitcoin Bounce Expected - September 2, 2022
