05.12.202210:32 Forex Analysis & Reviews: Technical Analysis of BTC/USD for December 5, 2022

Crypto Industry News:

For proof-of-reserve (PoR) audits triggered by the collapse of FTX, cryptocurrency exchange Binance partnered with accounting firm Mazars. The corporation once provided services to former US President Donald Trump for a long period of time.

According to a report published by the media, Mazars has been appointed as the official auditor to perform financial verification as part of the Binance PoR update.

A Binance spokeswoman said that the accounting firm is allegedly already analyzing all publicly disclosed information about Bitcoin PoR. It will also verify any future updates or tokens. According to information, the first verification update for BTC will be completed by the end of this week.

Mazars is a global accounting firm headquartered in the French capital, Paris. As of 2019, the entity is embroiled in a dispute with the House Oversight and Reform Committee over some of Trump's financial records.

Technical Market Outlook:

Bitcoin spiked up over 12% already and the next technical resistance is seen at $17,600. The 38% Fibonacci retracement level of the last wave down is seen at $17,664, so this level might be tested as well (spike up). The momentum is strong and positive, but the market conditions are now extremely overbought on the H4 time frame chart, so a pull-back towards the local technical support levels seen at $17,173 and $16,814 is possible. There is no indication of the down trend on Bitcoin to terminate or reverse yet, so the next target for bears is seen at the level of $13,563 (2019 high).

Weekly Pivot Points:

WR3 - $17,953

WR2 - $17,573

WR1 - $17,420

Weekly Pivot - $17,221

WS1 - $17,068

WS2 - $16,869

WS3 - $16,516

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 $15,555 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.