The crypto brokers have seen the crypto market experience a major crash this year from the start of the second quarter of the year. The market cap has decreased by about $2 trillion.
During this downside of the crypto market, we can see that some notable bankruptcies and insolvency issues are also affecting the confidence levels of crypto believers in the digital industry.
BTCUSD: Technical Analysis
Monthly Resistance Levels: 69000, 40000, 25000.
Monthly Support Levels: 17000, 18510.
The monthly chart for September has done about 17% movement from its high to its recent low. The bears have been able to test the lows of the 18000-dollar mark during last week’s trading activity which saw the price dropping lower into all-time low zones for the year.
As September’s trading activities enter their last stage, we can also see the Bulls responding by pushing the price up and this has made the current shape of the September bitcoin candle look like a Doji candlestick as of the writing of this report.
This is an indication that the sellers and also skeptical about the current zone of the market structure, as the Bulls are also holding on to the zone as the last line of defense.
Weekly Resistance Levels: $22810, $24500.
Weekly Support Levels: $18090, $17000.
Looking at the weekly chart, the trading activity shows that the price of the BTCUSD pair has moved within the high of 22810 and the support of 18358 level.
From the angle of a chart pattern, we can see that the weekly chart is forming a descending triangle, a breakout of the triangle can either be to the upside or the downside of the chart. Crypto brokers who trade the chart pattern will have to wait for the breakout to happen for them to know what is next for the bitcoin users.
Daily Resistance 24883.6K, 22810K.
Daily Support 18500K, 17500K
The BTCUSD pair is up by 5% for the week as the Bulls are looking out for a possible breakout above the scene of the trendline connecting the highs of 24883 and 22810. Crypto brokers on a bullish mission will be inspired by the recent bullish surge that saw the price rise above 18500 after the bears dominated the market previously.
The support level of 17500 has been holding for some days after surviving the last trading week’s pressure to bring relief to the Bulls in the BTCUSD market. The Bulls need to take the price of bitcoin higher to retest the resistance zones of 24500 again if they can breakout above the level.
The Bullish scenario playing out early this week is the result of the zone surviving the bears treat around the 18500 zone. A breakout above the trendline on the daily chart will take the price of bitcoin higher toward the 23000 level.
The bears keep pushing the price down from the 22500 level as they push for a breakout below the psychological zone if they can move the bitcoin price below the 17500 zone for another bearish swing.
Bitcoin BTC News Events
Strick App is an application that can be used to make lighting payments with a debit card or bank account without any other thing. The App was built on bitcoin lightning Network Strike. However, a test was carried and participants were from Washington University in St. Louis, the University of Wyoming, existing investors, and others.
Ten 31 is the architect in funding companies that are building on bitcoin and the lightning Network. It is a USA investing company that is setting up infrastructure and technology in the BTC ecosystem. The Ten 31 platform has over $100 million in equity in various companies that are building on the lightning Network and bitcoin.
The co-founder and Managing Partner of Ten31, Grant Gilliam says that his company and strike share a common vision in line with the positive impact bitcoin has on the world, as they mutually aligned with the adoption and acceleration of bitcoin.
He further noted that the capital raised will enhance growth, expand and launch new partnerships which will drive Strike to revolutionize the payment process in the future in financial institutions, marketplaces, and large merchant payments.
Conclusion and Projection
The 175000 psychological level for the BTC/USD pair is what is keeping the pair from falling lower after the market reacted to the US Fed’s latest interest rate hike.
The market has not broken out of the range it has been for some days. Most advanced crypto brokers and traders are opening short positions from the 20500 levels to scalp the market for short trades.
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