09.02.202310:21 Forex Analysis & Reviews: Technical Analysis of BTC/USD for February 9, 2023

Crypto Industry News:

The UAE's largest airline, Emirates Airline, has stated its intention to adopt Bitcoin as a means of payment and use blockchain technology to track aircraft records, but according to a recently published document, operations with anonymity-enhancing cryptocurrencies such as XMR and ZEC are now prohibited in Dubai.

The local regulator has also set the authorization requirements that crypto companies must meet before entering the region.

The most basic rules include anti-money laundering obligations, marketing protocols, insider trading prevention, and watching if an asset class is used in criminal activity. Angela Ang, Senior Policy Advisor at blockchain technology firm TRM Labs, commented:

"Any obfuscation of fund flows is a challenge to detect illegal activities. So it's no surprise that regulators react strongly to these types of asset classes and mechanisms."

The updated system aims to ensure maximum security for local consumers and establish Dubai as a global hub for blockchain technology.

Technical Market Outlook:

The bullish rally was capped at the level of $24,258 after the Shooting Star candlestick pattern was made on the Daily time frame chart and the market reversed towards the key short-term technical support seen at $22,328. A breakout above the level of $25,000 on BTC/USD is still needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, so there is still a room to the upside for bulls. The key short-term technical support is located at $22,523 and $22,308. On the lower time frames, like H4, the bulls bounced from the technical support located at the level of $22,522 and tested the short-term trend line resistance (rejection). The key short-term technical support is seen at the level of $22,308.

Weekly Pivot Points:

WR3 - $22,820

WR2 - $22,768

WR1 - $22,745

Weekly Pivot - $22,715

WS1 - $22,693

WS2 - $22,663

WS3 - $22,610

Trading Outlook:

Despite the recent rally, 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.