22.09.202309:41 Forex Analysis & Reviews: Technical Analysis of BTC/USD for September 22, 2023

Crypto Industry News:

During a public hearing before the European Banking Authority (EBA), a representative of the Binance cryptocurrency exchange announced plans to withdraw stablecoins from sale on the European market by June 2024.

Marina Parthuisot, head of Binance's legal department in France, stated that since no projects have been approved yet, "we are moving towards withdrawing all stablecoins from the European market by June 30."

"This could have a significant impact on the market in Europe compared to the rest of the world."

These comments followed Europe's adoption of landmark cryptocurrency regulation, the Markets in Crypto-Assets (MiCA) Act, in June this year. The provisions of this act regarding stablecoins are to enter into force a year later, i.e. in June 2024.

Technical Market Outlook:

The BTC/USD pair has reversed lower after the extremely oversold market conditions were hit on the H4 time frame chart at the level of $27,464. The market trades below the short-term trend line support already, so the next target for bears is the technical support seen at the level of $26,446. The momentum is weak and negative on the H4 time frame chart, so the bears are temporary in charge of the market. The key technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $27,464.

Weekly Pivot Points:

WR3 - $27,226

WR2 - $26,918

WR1 - $26,783

Weekly Pivot - $26,570

WS1 - $26,435

WS2 - $26,222

WS3 - $25,875

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.