29.06.202208:13 Forex Analysis & Reviews: Technical Analysis of BTC/USD for June 29, 2022

Crypto Industry News:

Less than a week ago, representatives of the Chinese Communist Party, through the fully controlled newspaper The Economic Daily, warned against Bitcoin's fall to zero, which they believe will happen soon, and the recent drops are to be just one of many nails in the Bitcoin coffin.

This time, Yifan He, the CEO of Red Date Technology - the company responsible for the largest Chinese project built on blockchain technology - namely Blockchain Service Network (BSN), expressed his opinion on Bitcoin and its future. In an article by him published in The People's Daily, we read, inter alia, that "private cryptocurrencies are the largest financial pyramids in history."

Yifan He also referred to the collapse of the Terra network and its native algorithmic stablecoin, TerraUSD (UST). In his opinion, this is a great example of how all "projects" work and what they are for, and a similar end to the rest of cryptocurrencies, including Bitcoin, is to be expected. He also criticized the recently gaining popularity of the X-to-earn concept, such as move-to-earn or play-to-earn, which he called typical models based on a "phishing strategy".

The CEO of Red Date Technology also reminded that his opinion about cryptocurrencies is nothing new, because Warren Buffet and Bill Gates have a similar opinion about them, who also consider Bitcoin a worthless asset.

Technical Market Outlook:

The BTC/USD pair has broken below the short-term trend line support located around the level of $20,037 as the bearish pressure intensify. The nearest technical support is seen at the level of $19,789. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.

Weekly Pivot Points:

WR3 - $24,726

WR2 - $23,231

WR1 - $22,437

Weekly Pivot - $20,850

WS1 - $20,126

WS2 - $18,771

WS3 - $17,937

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. 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 round 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.