14.12.202210:29 Forex Analysis & Reviews: Technical Analysis of BTC/USD for December 14, 2022

Crypto Industry News:

Ledger and Merlin, a decentralized finance (DeFi) portfolio tracker, announced a new partnership on Dec. 13 to bring live DeFi performance analytics to Ledger Live users. The application that connects to Ledger cold wallets serves more than 5 million users.

The newly integrated DeFi tracker connects more than 1,000 DeFi protocols across ten blockchain networks. Users will have access to performance metrics and profit and loss reports, as well as aggregated gas consumption reports and calculated profits.

Technical Market Outlook:

The Bitcoin bulls had broken above the 38% Fibonacci retracement level of the last wave down seen at $17,664, so this level might be tested as well (in a form of a spike up etc.). The local high was made at the level of $17,985 and the market is consolidating the recent gains. The next target for bulls is the key short them technical resistance seen at $18,135, so please keep an eye on this level. The level of $17,428 will now act as the key short-term technical support.

Weekly Pivot Points:

WR3 - $17,347

WR2 - $17,136

WR1 - $17,014

Weekly Pivot - $16,995

WS1 - $16,803

WS2 - $16,718

WS3 - $16,502

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 $15,555 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.