29.07.202211:07 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 28, 2022

Crypto Industry News:

Tesla's decision to sell most of its held Bitcoins earned the company a sizable profit in the second quarter, even now that the cryptocurrency market has plunged into a bearish market.

In the first six months of 2022, Tesla recorded $ 170 million in impairment losses "due to changes in the carrying amount" of its Bitcoin holdings, according to its official 10-Q form filed with the US Securities and Exchange Commission. After selling 75% of its BTC stock for dollars in the second quarter, the company made a realized profit of $ 64 million.

Tesla reported earnings per share of $ 2.27 in the second quarter on revenues of $ 16.93 billion. Although profitability fell compared to the first quarter, it was higher than a year ago. However, the company's profitability was also affected by rising inflation and competition for battery cells.

According to Bitcoin Treasuries, the electric vehicle manufacturer still has 10,800 Bitcoins in its books. At a current price of around $ 22,000 for Bitcoin, Tesla's digital assets are worth around $ 237 million.

Technical Market Outlook:

The BTC/USD pair keeps moving up after the FED interest rate decision and bull managed to made a new marginal higher high located at $22,414 (at the time of writing the article). The next target for bulls is the upper channel line resistance located around the level of $25,000. The intraday technical support is seen at $23,772 and $23,012. Please notice the extremely overbought market conditions at the H4 time frame chart that might produce the pull-back towards the support.

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.