24.08.202209:20 Forex Analysis & Reviews: Technical Analysis of BTC/USD for August 24, 2022

Crypto Industry News:

A hospital worker in Upper Altai, the capital of the Altai Republic in southern Siberia, was arrested for running a cryptocurrency mine in a medical facility. The mining equipment was launched at the beginning of last year, Russian news services reported.

In February 2021, a man who worked as a chief information security officer installed cryptocurrency mining equipment and connected it to the hospital's servers that had previously been used to treat patients with Covid-19.

According to a statement by the regional department of the Federal Security Service (FSB), mining equipment operated on stolen electricity for almost a full year, causing damage amounting to nearly $ 7,000.

Law enforcement also noted that an IT expert decided to mine cryptocurrencies after experiencing financial difficulties. He quickly realized that he did not have the necessary computing power and energy at home, which prompted him to start mining at his workplace.

During the searches in the suspect's home, police and FSB officers confiscated mining equipment and other computer equipment. A cryptocurrency miner whose identity has not been disclosed can get up to two years in prison for his crimes under the Criminal Code of the Russian Federation.

Technical Market Outlook:

The BTC/USD pair has been seen testing the lower channel line around the level of $21,000 as the bears are getting ready do break out below the line soon. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.

Weekly Pivot Points:

WR3 - $22,059

WR2 - $21,713

WR1 - $21,486

Weekly Pivot - $21,368

WS1 - $21,140

WS2 - $21,022

WS3 - $20,677

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.