Technical Analysis of BTC/USD for August 1, 2022

Relevance up to 07:00 2022-08-02 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Crypto Industry News:

Banco Santander — the Brazilian arm of the Spanish banking giant — has revealed its intention to offer cryptocurrency services to clients. In this way, the company will join a number of local institutions that have already taken advantage of this opportunity. BTG Pactual, Nubank, PicPay and XP Inc. followed in this direction.

In a recent interview with local media, Brasil Santander CEO Mario Leao said his bank could provide cryptocurrency services to over 9 million customers. He introduced himself as a true supporter of the digital content market. He added that he believes bitcoin is «permanently here».

The offer will be introduced not because competing companies are in a hurry to enter the blockchain sector, but because Banco Santander users are interested in this asset class.

Technical Market Outlook:

The BTC/USD pair managed to made a new marginal higher high located at $24,664, but another Pin Bar candlestick pattern was made at the top of the move at the daily time frame chart, so the market reversed. The intraday technical support is seen at $23,772 and $23,012. The momentum remains strong and positive, but the reversal is clear, so no up move continuation until is completed. The key short-term technical support is seen at the level of $20,716.

Weekly Pivot Points:

WR3 — $23,739

WR2 — $23,529

WR1 — $23,421

Weekly Pivot — $23,319

WS1 — $23,211

WS2 — $23,110

WS3 — $22,900

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.

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