03.08.202208:56 Forex Analysis & Reviews: Technical Analysis of BTC/USD for August 3, 2022

Crypto Industry News:

Michael Saylor is no longer CEO of the company. He will be replaced by Phong Le, the current president of the company and former financial director.

Saylor explains in his statement that his independent resignation from the position of CEO is intended to allow the company to better achieve its investment goals regarding bitcoin and those related to software (which in fact is the main activity of the company, today, however, most often associated with the purchase of cryptocurrencies). Importantly, it does not depart from MicroStrategy. He will remain in the company, but in a new role - as the executive president. As he claims, thanks to this, he will have greater freedom of movement, especially in terms of promoting BTC.

"As executive chairman, I will be able to focus more on our bitcoin buying strategy and initiatives to promote bitcoin, while Phong will be empowered as CEO to manage overall corporate operations," Saylor said in a statement.

The company is unlikely to change its strategy related to the acquisition of BTC. Nor will it sell its cryptocurrency resources. It's not just about Saylor's words. Le himself is his close associate who probably shares his vision of the market and the company, in addition, he has been behind the recent investments in the cryptocurrency market. He served as CEO since July 2020 and has helped implement the recurring bitcoin buying strategy. Starting his term as chief financial officer in July, Le explained that MicroStrategy would continue to acquire and HODL BTC.

Technical Market Outlook:

The BTC/USD pair continues to drop from the last high located at $24,664 and just made a new local low at the level of $22,664 and is now below the middle channel line. The intraday technical support is seen at $22,507. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,000 is possible before the bulls will wake up and start buying again. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidate. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.

Weekly Pivot Points:

WR3 - $23,739

WR2 - $23,529

WR1 - $23,421

Weekly Pivot - $23,319

WS1 - $23,211

WS2 - $23,110

WS3 - $22,900

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.