FX.co ★ Technical Analysis of BTC/USD for September 13, 2022

Crypto Industry News:

After the death of Queen Elizabeth II, not only did a lot of news appear in virtually all media. It took several dozen minutes to create the first memecoins and NFTs, which tried to earn on the event that attracted the attention of the world.

Shortly after the official announcement of the queen's death, many new NFTs on a similar topic appeared on the OpenSea platform, and new cryptocurrencies hit the exchanges.

Regarding the NFT, there are a lot of "stamps" featuring the queen's profile, photos and pixel art - also those with "laser" red eyes. In turn, decentralized exchanges flooded with memecoins with names such as Queen Elizabeth Inu, Save the Queen, QueenDoge, London Bridge is Down, or simply RIP Queen Elizabeth.

For some, this type of activity will be distasteful, while for others it is a great way to earn money.

Technical Market Outlook:

The BTC/USD pair has been seen consolidating around the level of $22,400, close to the lower channel line. The last local high was made at $22,474, so the next target for bulls is seen at $23,513. The bulls are back inside the channel despite the extremely overbought market conditions on the H4 time frame chart. A pull back towards the technical support located at $20,580 is welcome and might occure ant time now. The main trend remains down and the next target for bears is located at $17,600.

Weekly Pivot Points:

WR3 - $23,418

WR2 - $22,624

WR1 - $22,146

Weekly Pivot - $21,821

WS1 - $21,352

WS2 - $21,035

WS3 - $20,241

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.