Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for October 29, 2021


Crypto Industry News:
The US Department of Justice announced that "Operation Dark Huntor" has led to 150 arrests worldwide. In addition, over $ 31.6 million in cash and cryptocurrencies was confiscated.

The DOJ described Operation Dark Huntor as "a coordinated international effort across three continents to disrupt the darknet trade in opioids." It was carried out in the USA, Australia and Europe in cooperation between the Joint Criminal Opioid and Darknet Enforcement (JCODE) and foreign law enforcement agencies. Coordination activities were carried out by Europol and Eurojust.

The announcement detailed that the operation "resulted in the arrest of 150 alleged drug dealers in the darknet and other criminals who were involved in tens of thousands of illegal goods and services sales in Australia, Bulgaria, France, Germany, Italy, the Netherlands, Switzerland, the United Kingdom and United States.


Technical Market Outlook
The BTC/USD pair has made a very big Pin Bar candle and bulls took this opportunity to move higher towards the technical resistance located at $63.889, but this level had not been broken. The 38% Fibonacci retracement of the last wave up is located at $56,934 and there should be some kind of bounce from this level. There is a 100% market geometry level based on Fibonacci extension located at $56,050 that might be a target for bears as well. The momentum is weak and negative as bears are temporary on control of Bitcoin. The larger time frame trend is still up.

Weekly Pivot Points:
WR3 - $72,680
WR2 - $69,750
WR1 - $64,343

Weekly Pivot - $61,785
WS1 - $57,070
WS2 - $54,248
WS3 - $49,247


Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).









Sebastian Seliga
Analytical expert of InstaForex
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