Analysis Cryptos Support & Resistance

Technical Analysis of BTC/USD for October 26, 2022

Crypto Industry News:

Mastercard will implement its technology to integrate cryptocurrency trading into bank interfaces, while Paxos is expected to provide its trading and fiduciary services.

The global payment giant continues its efforts to promote cryptocurrency adoption by developing a new tool to enable banks to trade cryptocurrencies such as Bitcoin (BTC).

Mastercard officially announced on October 17 a new program that will enable financial institutions to provide their clients with cryptocurrency trading opportunities and services.

The program, called the “Cryptocurrency Source”, is designed to allow users to buy, store and sell cryptocurrencies, complemented by the proprietary Crypto Secure solution for additional security and compliance.

The tool was launched in partnership with an existing partner, Paxos Trust Company, and is scheduled to go live in the fourth quarter of 2022. Paxos is known to provide similar services to the global payment giant PayPal, which launched its first crypto services in late 2020.

Technical Market Outlook:

After the BTC/USD pair bounced from the technical support seen at $19,248, the bulls aggressively extended the move up towards the level of $20,221 and currently are consolidating there. The supply zone located between the levels of $20,221 – $20,580 (marked as a red rectangle) is very important for bulls from a technical point of view, because only a sustained breakout above it would change the outlook to more bullish, so please keep an eye on this zone for a possible breakout towards the next target seen at $22,410. The intraday technical support is seen at $19,950.

analytics6358d8a501416.jpg

Weekly Pivot Points:

WR3 – $20,025

WR2 – $19,682

WR1 – $19,461

Weekly Pivot – $19,340

WS1 – $19,119

WS2 – $18,997

WS3 – $18,655

Trading Outlook:

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 key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.

The material has been provided by InstaForex Company – www.instaforex.com


Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /var/www/vhosts/beta.livemarkets.com/wp-includes/functions.php on line 5420

Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /var/www/vhosts/beta.livemarkets.com/wp-includes/functions.php on line 5420