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flag ★ Technical Analysis of BTC/USD for January 10, 2022

Crypto Analysis:::2022-01-10T08:46:38

Technical Analysis of BTC/USD for January 10, 2022

Crypto Industry News:

The American fintech giant PayPal Holdings has reportedly confirmed its intention to launch its own stablecoin called PayPal Coin. The development of an internal stablecoin was first discovered in the source code of the PayPal iPhone application by developer Steve Moser.

Moser's discovery revealed that the US firm is working on building a PayPal Coin that will be backed by USD. However, a company spokesman explained that the source code for the iPhone application was developed during a recent hackathon.

When creating a digital asset, the name, logo and functions of the internal token are subject to change prior to launch. Supporting continuous development, PayPal introduced new features beforehand that allow users to buy, store and pay with crypto.

In addition to launching its own stablecoin, PayPal has also taken measures to spread cryptocurrency-related services in jurisdictions outside the US

In September 2021, the company announced the launch of new crypto trading services in the UK market. As reported in the media, customers can trade major cryptocurrencies including Bitcoin, Ether, Litecoin, and Bitcoin Cash.

Technical Market Outlook

The BTC/USD pair has been seen testing the key long-term technical support located at the level of $40,635. The intraday technical resistance is seen at the level of $42,715, but the key short-term technical resistance is located at the level of $45,367 and $45,669, so the bulls have a quite a long road to make in order to resume the up move. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $40,000 would change the outlook to bearish again.

Weekly Pivot Points:

WR3 - $52,467

WR2 - $50,030

WR1 - $45,792

Weekly Pivot - $43,016

WS1 - $38,361

WS2 - $36,105

WS3 - $31,712

Trading Outlook:

The ABCxABCxABC complex corrective cycle is still in progress and is much more complex and time-conusming than anticipated. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).

Technical Analysis of BTC/USD for January 10, 2022

Analyst InstaForex
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