FX.co ★ Technical Analysis of BTC/USD for July 7, 2022

Technical Analysis of BTC/USD for July 7, 2022

Crypto Industry News:

A new strain of crypto-malware is spreading via YouTube, tricking users into downloading software designed to steal data from 30 crypto wallets and browser extensions.

Cyble, the cyber intelligence firm, said in a blog post that it has been investigating malware known as PennyWise since it was first identified in May.

Data stolen from the victim's system takes the form of information from Chromium and Mozilla browsers, including cryptocurrency extensions and login credentials. The program can also take screenshots and steal sessions from applications like Discord and Telegram.

Malware also targets cold crypto wallets like Armory, Bytecoin, Jaxx, Exodus, Electrum, Atomic Wallet, Guarda, and Coinomi, as well as wallets that support Zcash and Ethereum by searching for wallet files in the directory and sending copies of files to attackers, Cyble reports.

The company noted that malware was distributed via YouTube mining education videos that purportedly promote free Bitcoin mining software.

Technical Market Outlook:

The BTC/USD pair bounce has been capped at the level of $20,727 after a rally from $19,300. The levels above $20k are very close to the local trend line resistance, so the bearish activity is increased around this line. In a case of a pull-back, the technical levels located at $19,616, $19,765 and $19,817 will now act as a local support for bulls. 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 id the bulls will not be able to break out above the short-term trend line resistance seen around the level of $20,500.

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Technical Analysis of BTC/USD for July 7, 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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