09.11.202210:11 Forex Analysis & Reviews: Technical Analysis of BTC/USD for November 9, 2022

Crypto Industry News:

Yesterday (07/11), the US Department of Justice announced the acquisition of $ 3.36 billion in cryptocurrencies.

US law enforcement agencies on November 9, 2021 searched James Zhong's home. The authorities then confiscated over 50,000 BTC which were worth around $ 3.36 billion at the time of the acquisition. In addition, over 600,000 were found. $ in cash and precious metals. In addition, in 2022, another several hundred Zhong bitcoins were found.

In 2017, as a result of the BTC fork, over 50 thousand zlotys were received by the fraudster. Bitcoin Cash, which the criminal exchanged for around 3.5 thousand. BTC. Most likely, the cryptocurrencies received from other forks were also exchanged by Zhong for BTC, but the authorities only mention BCH.

These funds were stolen by James Zhong in 2012 from the Silk Road portal. It was a trading platform operating in the Tor (darknet) network, where most of the offers concerned drugs and various psychoactive substances. The portal was launched in February 2011, and in October 2013 it was destroyed by US law enforcement agencies.

Technical Market Outlook:

The BTC/USD pair lost 19% from the top made at the level of $21,471. The price hit the level of $17,449 which is located below the technical support and the yearly low seen at $17,600. So far the bounce from this level was shallow and the market is trying to consolidate around the level of $18,486. The market conditions on the H4 time frame chart are extremely oversold, however, no significant bounce has been made yet. The nearest technical resistance zone is seen at $18,486, $18,563 and $18,658.

Weekly Pivot Points:

WR3 - $21,429

WR2 - $21,125

WR1 - $20,930

Weekly Pivot - $20,825

WS1 - $20,629

WS2 - $20,524

WS3 - $20,222

Trading Outlook:

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 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 in the long term.