Crypto Industry News:
Despite the fast approaching FED meeting, whose decision to change (or how big the change will be) may have a significant impact on the behavior of the markets - both traditional and crypto, the last days have brought a slight improvement in moods. As always in moments of a temporary positive rebound, there are voices about the quick end of the correction and the start of a new cycle.
One of the countries that has recently quite openly advocated relaxing the law in order to become more friendly to crypto investors is the United Kingdom. The positive narrative is intended to be used not only by private investors, but also by large financial institutions. One of the largest banks in the UK - Barclays has announced a plan to invest several million dollars in the shares of Copper, which invests in the cryptocurrency market. Copper itself plans to raise up to $ 500 million from its current issue. The company's ambitions are much greater, but it is limited by the banking regulations of Great Britain.
Detailed information on the concluded contract will be announced in the next few days.
The interest in such a large and respected bank in the cryptocurrency sector is another positive impulse in recent days, proving that banks, so far skeptical about cryptocurrencies, are beginning to see great earning opportunities in this sector.
Technical Market Outlook:
The BTC/USD pair is on the edge of the bigger sell-off. The next target for bears is seen at the level of $20,500 which is the lower channel line. If this level is clearly violated, then the bigger sell-off might happen with a target seen at the level of $18,916. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. Please notice, the level of $25,367 is the game changing level, but for a valid breakout, the daily candle must close above this level.
Weekly Pivot Points:
WR3 - $24,104
WR2 - $23,098
WR1 - $22,477
Weekly Pivot - $22,091
WS1 - $21,470
WS2 - $21,085
WS3 - $20,078
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a 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.
