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FX.co ★ Technical Analysis of BTC/USD for July 4, 2022

Technical Analysis of BTC/USD for July 4, 2022

Crypto Industry News:

According to Coincub, North Korea is the country that leads the ranking of cryptocurrency crimes. There have been over 15 documented cases of crime related to digital currencies. Criminals stole approximately $ 1.59 billion. The other four countries on the list are: the United States, Russia, China and the United Kingdom.

Economically isolated from the rest of the world, North Korea has managed to organize its army of hackers behind these cryptocurrency attacks. The funds they obtain in this way are reportedly spent by the Kim regime on nuclear research and armaments.

The said report suggests that all attacks originating in North Korea are likely government sponsored as Internet access in the country is controlled by Pyongyang. The Kim Cyberarmy allegedly attacks governments of other countries and companies around the world.

This is not the first time someone has accused Korea of doing so. This was already suggested by a UN report, which reported that North Korean hackers launched seven attacks on platforms where bitcoin was traded. The organization also said it was about raising funds for nuclear tests.

In turn, at the beginning of the year, the analytical company Chainalysis wrote in its report that hackers embezzled over $ 400 million in 2021. The criminals mainly attacked investment firms and centralized exchanges. They used a variety of tactics, including phishing and various social engineering techniques.

Technical Market Outlook:

The BTC/USD pair continues to move sideways as the market spend all the weekend bouncing up and down in below $20,000. The nearest technical support is seen at the level of $18,624 (swing low). The technical resistance is located at $19,616, $19,765 and $19,817. 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. The bearish pressure might intensify soon and the momentum indicator is below the level of fifty already.

Technical Analysis of BTC/USD for July 4, 2022

Weekly Pivot Points:

WR3 - $23,406

WR2 - $22,585

WR1 - $20,840

Weekly Pivot - $19,685

WS1 - $17,927

WS2 - $16,745

WS3 - $15,083

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. 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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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