04.11.202210:16 Forex Analysis & Reviews: Technical Analysis of BTC/USD for November 4, 2022

Crypto Industry News:

Terrorists finance their activities with cryptocurrencies, warn UN officials

According to UN officials, cash and hawala remain "the dominant methods of financing terrorism." However, "advanced" terrorist organizations are turning to cryptocurrencies.

According to Svetlana Martynova, the United Nations (UN) Coordinator for Counter-Terrorist Financing, terrorist groups that have been excluded from the "formal financial system" have turned to harness the power of cryptocurrencies to fund their activities.

A UN official made comments during a speech at a "Special Meeting" organized by the UN Counter-Terrorism Committee (CTC) in New Delhi and Mumbai on October 28-29, which focused on combating the use of "new and emerging technologies" for terrorist purposes.

Martynova said cash and hawala - the traditional money transfer system in Arab and South Asian countries - are the "dominant methods" of financing terrorism.

Martynova noted that new technologies of interest to terrorist organizations include cryptocurrencies that have been used to "create opportunities for abuse," she said, adding:

"If they are excluded from the formal financial system and want to buy or invest in something anonymously, and are advanced at it, they will likely be abusing cryptocurrencies".

Technical Market Outlook:

The BTC/USD pair rebound again from the demand zone and is trying to break through the local trend line located around the level of $20,800. The momentum broke above the level of fifty already, so the bulls are trying hard to resume the recent rally. The target is seen at the level of $21,017. It is worth to mention, that any breakout below the demand zone low seen at $20,211 would have extend the sell-off towards the recent low seen at $20,016 or below. Please notice, there is untested level of technical support seen at $19,686.

Weekly Pivot Points:

WR3 - $20,969

WR2 - $20, 737

WR1 - $20,585

Weekly Pivot - $20,489

WS1 - $20,346

WS2 - $20,252

WS3 - $20,014

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 in the long term.