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Technical Analysis of BTC/USD for January 19, 2022

Crypto Industry News:

Arif Alvi, currently acting President of Pakistan, called for additional education in new technologies, including Blockchain, Artificial Intelligence and Cybersecurity, during a meeting with a delegation of Blockchain technology experts.

In today’s announcement, Alvi said Pakistan’s talent pool should be ready to meet the needs of the Fourth Industrial Revolution, which included the use of Blockchain technology in the public and private sectors. According to the president of Pakistan, the technology can be used as a government tool to track transactions, reduce corruption and increase transparency. Jimmy Nguyen, founding president of the Bitcoin Association, was among the experts.

The meeting took place shortly before the Pakistani president announced that he would appoint Noor Muhammad Dummar as senior finance minister of Balochistan Province. Pakistan’s federal ministries of finance and laws have not enacted laws to ban cryptocurrencies entirely in the country, but the State Bank of Pakistan has reportedly argued that cryptocurrencies such as Bitcoin are illegal and cannot be used for trading.

A report released in October 2021 found Pakistan had the third highest cryptocurrency adoption rate after Vietnam and India, with transfers exceeding $ 10 million in the country and accounting for 28% of all transactions. The country’s central bank also said it was investigating the possible introduction of the digital currency of Pakistan’s central bank in 2021.

Technical Market Outlook

The BTC/USD pair had broken the key short-term technical support located at the level of $41,695 and made a low at the level of $41,083 (at the time of writing the article). Any violation of this level will open the road towards the next technical support seen at $40,635 and the 2022 low at $39,555. The level of $40k is getting dangerously close and it might be a last call for bulls to resume the up move before deep and dynamic sell-off below $40k.

Weekly Pivot Points:

WR3 – $50,044

WR2 – $47,124

WR1 – $45,231

Weekly Pivot – $42,290

WS1 – $40,477

WS2 – $37,504

WS3 – $35,607

Trading Outlook:

The ABCxABCxABC complex corrective cycle is still in progress and is much more complex and time-consuming than anticipated. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).

The material has been provided by InstaForex Company – www.instaforex.com

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