The BTCUSD pair on the monthly chart shows that the crypto traders who are shorting the BTC are engulfing the previous month
Introduction
Crypto brokers are concerned about their investment with crypto lender Voyager digital which filed for chapter 11 bankruptcy. The company gave reasons that prolonged contagion and volatility in the cryptocurrency industry are affecting their position and general business.
The crypto hedge fund management (3AC) Three Arrows Capital defaulted on the loan it took, and it needs to take deceive and deliberate actions. These are some of the recent events that reflect the ongoing bloodbath in the crypto market. Let’s analyze the charts.
BTCUSD: Technical Analysis
Monthly Chart
Monthly Resistance Levels: 30000, 48000.
Monthly Support Levels: 15000, 17000.
June’s candlestick moved about 45% from the opening price and dropped to the support level of 17000 as the month’s candle closed in favor of the sellers. The BTCUSD market is still bearish as the dominance of sellers is obvious on the crypto market chart. The selling pressure may continue to take the price down if the price cannot establish support soon.
Weekly Chart
Weekly Resistance Levels: 30K, 25K.
Weekly Support Levels: 17800K.
In the last two weeks, the bitcoin price dropped about 17.12% from the 21K dollar mark after the price failed to go above the zone. The pressure is still on the Bulls as they failed to turn the trend around.
If the price of bitcoin continues to respect the 17800-dollar mark, the zone may attract long-position crypto brokers to open positions for a swing trade in the coming weeks.
Daily Chart
Daily Resistance 25K, 34K, 43K
Daily Support 17K, 19K
Crypto brokers have not seen much movement in the bitcoin market as the daily chart has not shown any significant move either to the upside or downside. The BTCUSD pair is in a consolidation state for the past 15 days. The market is yet to give the next direction of the price because of uncertainty and fear in the cryptocurrency industry.
However, many brokers in South Africa and around the World are optimistic that the bull’s cycle will resume very soon. The previous resistance level of 2017 is currently supporting the price of bitcoin around the 19K zone.
Bullish Scenario:
The Bulls are yet to dominate the support level of 17K-19K on the daily chart as the market continues to range. A bullish scenario is expected around the zones if the buyers can take the price up towards the 23K levels for a breakout above scenario.
Bearish Scenario:
Sellers on Bitcoin are holding on to their short position, they will need to break out below the support level of 17K for the bearish scenario to continue on the daily time frame.
BTCUSD News Events
DUBAI AUTHORITIES WORKING TO TAKE FUNCTIONS TO METAVERSE
The government of Dubai is exploring the crypto industry by taking some of its office functions to the metaverse. However, the government authorities are seeking third-party input in the area of transition of some of its departments into the virtual world according to the chief metaverse officer of the Cybergear Sharad Agarawal.
Dubai is an emirate in the United Arab Emirates and it is creating an avenue for crypto users to perform certain actions in its metaverse facilities in the future. The country is known for its position in technology and how it is positioning itself for the future.
Sharad Agarwal said that it is just a matter of time before Dubai will become the metaverse and crypto hub of the world. His team, a Dubai-based metaverse company has started working on the process of taking some government ministries and departments into the metaverse.
The Dubai authorities have a global plan to make metaverse a profitable industry in the future and they plan to get about 1% contribution to the GDP from the metaverse industry by 2030. Also, they hope to create about 42000 virtual jobs by that time of the year. Countries like South Korea are also following the same part as Dubai as they are developing their metaverse application and they have invested about $177 million into this project.
Recently, the virtual asset regulator for the country established its operations in the metaverse as a leading pioneer in space.
Conclusion and Projection
The buying scenario has not shown significant momentum in the crypto market as the BTCUSD daily chart is neutral after days of consolidation. If the Bulls can hold the current level of support around the 175000 and 19000 levels, the price of bitcoin can surge up for a bullish run towards the 23000 level.
A breakout above the zone will take the price higher to the next resistance level of 25500.
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- 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
