Jump to content

Bitcoin (BTC/USD) Technical Outlook is Bullish (For Now)

Recommended Posts


  • Trading below 2017 peak, but held on a weekly basis
  • A risk trends look to stabilize cryptos should see a recovery
  • Resistance near 30k will likely be difficult to overcome

I’ve been extremely bearish on cryptocurrencies for some time now, and continue to be so looking out over the long-term. But this doesn’t mean they won’t rally from time to time as nothing trends in a straight line.

Last week, BTC/USD traded below one of the big downside targets – the 2017 high at 19666 – but recovered to close the week above the level. This is considered a successful hold of that high even if it did temporarily dip below.

Looking to where BTC could go, if risk trends can continue to firm up, and that looks like it will be the case, then we could see a snapback to around the 30k level. This was a major area of support for quite some time, and given there isn’t anything between here and there it looks possible we see it.

There is a weekly low at 25401 to watch as the first level, then that is followed by 28600 up to just over 30k. Should we rise towards that 30k area I will be watching for signs of old support becoming new resistance and a capper on the advance before another major leg lower.

Should we see last week’s low at 17592 get taken out without a quick recovery, then look for Bitcoin to keep sinking with the next support level arriving at 2019 high at 13880. Eventually I’m looking for BTC to fall to 3-5k, but not any time real soon. For now, there will be solid levels to use for trading at higher levels.



Please add a description for the image.

BTC/USD Chart by TradingView



Jun 22, 2022 | DailyFX
Paul Robinson, Strategist

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 04/02/23 14:25
  • Posts

    • The epidemic in recent years has produced profound changes in people's lifestyles, and many of their activities have started to be developed in the virtual world, which plays an important role in promoting the development of the universe of meta. Games, as an important part of the universe of meta, will be the first industry to gain the benefits , but the following conditions are still indispensable for blockchain games to achieve better development.   - Wallets and Exchanges. Through the use of wallets, game users can truly take control of the assets in the game, and exchanges provide a trading platform and liquidity for these game assets NFT, helping users trade and revitalize their game assets. Wallets are a key application for depositing blockchain assets. Currently, wallets such as Metamask are not enough to support the extensive adoption of block games, and wallets will further advance community drive the popularity of blockchain games.  - Game playability. The biggest difference between blockchain games and traditional games is that gamers are also investors. Many blockchain games have gone out of course, treating all users as investors only and forgetting that the essence of making games is to develop high-quality games that users are interested in paying for. If most people play a game just to make money, and no one is ready to pay for it, it becomes a side-scam. The revenue of the participants of the side scam comes from the money of the people who come later, and if there are not enough people who come later, they will not be able to cash in the revenue, leading to the breakdown.  - Speed and performance. A high level of concurrency is the characteristic of game applications, so Wax, Coinan Chain and Polygon, which are public chains with a high level of concurrency and low fees, have attracted a large number of game developers. In the future, with the maturity of technologies such as Ethernet Layer 2 and slice scaling, as well as the maturity of other gaming public chain technologies compatible with EVM, blockchain games will have a better development and operation environment.  - Cross-chain and interaction. Cross-chain and interaction of game assets will be a direction of future development of metaverse games, and blockchain should be connected and accessible like the Internet. The maturity of cross-chain technology in the future will promote the cross-chain transfer of game assets and NFT, and improve the interaction experience of the system                                                                                     The game should maintain the operation of the project by relying on the payment of some users or selling profitable products, just like the new blockchain game Fairy Cat in 2023, which developed diverse gameplay for players and increased the playability of the game, thus got the recognition of many players. Blockchain games need to work hard on game experience and playability. Token economics is essentially just a kind of interest structure , and even good token economics cannot replace the development, operation and profitability of the project itself. It is believed that with the maturity of the above conditions, more and more game developers and investors will enter this industry and together promote the production of some blockchain games with beautiful graphics, first-class experience and high playability.
    • Hello, Is any interest paid on "available" cash (not "margin") in a spread betting account? For example, if I held £10k in an account and had no open positions. The reason for asking is that I understand that proceeds from short sales in a CFD will receive interest (benchmark-2.5%), so was wondering if that applied to all cash, and couldn't find an answer on the web site.   Thanks.
    • Hi @Mark12 If you are trading shares, you will have the option to place a limit order to sell your existing position. When the market opens, please check if your order level is close to where the market is trading. All the best, OfentseIG
  • Create New...