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FX.co ★ Technical Analysis of BTC/USD for September 27, 2022

Technical Analysis of BTC/USD for September 27, 2022

Crypto Industry News:

Despite the fact that the founder of Terraform Labs claims that he is open to cooperation with legal authorities, the South Korean authorities found him elusive, and as a result, in cooperation with Interpol, countries cooperating with the institution were called to detain him.

As a result of Singapore authorities' inability to capture Do Kwon, where he is officially arriving, Interpol issued a red note signaling that the charges against him were serious enough to deserve international standing.

The red note does not in itself constitute an arrest warrant, as it is a request to the countries cooperating with Interpol to track down and temporarily detain a given person on behalf of the country where the refugee is being sought. Currently, the red note does not appear on the official Interpol website yet. However, according to Bloomberg, authorities in Seoul have confirmed that such a request has been made in the case of Do Kwon.

South Korean authorities issued an arrest warrant for the CEO of Terraform Labs two weeks ago, citing violations of local capital laws. At the time, Kwon was believed to be at his home in Singapore. Later, this information was denied by law enforcement, which determined on September 17 that he was not there.

Technical Market Outlook:

The BTC/USD pair had broken out from the narrow zone located between the levels of $18,640 - $19,361 and made a local high at the level of $20,333 (at the time of writing the article). The nearest technical resistance is seen at the level of $20,473 and $20,580 and only a sustained breakout above this levels would change the outlook to more bullish. The market conditions on the H4 time frame are now extremely overbought, so please keep an eye on the supply zone located at $20,473 and $20,580 for abnormal bearish activity. The nearest technical support is seen at $19,815.

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Technical Analysis of BTC/USD for September 27, 2022

Weekly Pivot Points:

WR3 - $19,226

WR2 - $18,987

WR1 - $18,829

Weekly Pivot - $18,742

WS1 - $18,587

WS2 - $18,500

WS3 - $18,259

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.

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