FX.co ★ Technical Analysis of BTC/USD for December 13, 2021

Crypto Industry News:

WikiLeaks is one of the most famous organizations in the world. It is an international non-profit organization dedicated to publishing leaks of news and documents provided by various anonymous sources.

It was founded in 2006 by Julian Paul Assange, an Australian activist, publisher and editor. Assange was arrested in 2019 in London and charged in the United States with conspiracy and espionage.

As WikiLeaks is a non-profit organization, it is supported by donations from individuals or entities that support their cause and activities. However, because they published very confidential and inconvenient information on many issues, a good number of vendors blocked payments to the organization. These include Visa, MasterCard, AmEx and so on.

Therefore, they have turned to the only form of currency that cannot be censored - cryptocurrency.

According to the organization's official website, the options currently available for donating cryptocurrencies to WikiLeaks include Bitcoin, Bitcoin Cash, Litecoin, ZCash, Monero, and Ethereum. As for BTC, the organization received a total of 30.45 BTC, currently worth around $ 1.51 million. At the time of writing this text, the closing balance is slightly below 9 BTC. In addition, the organization received a total of 145.45 ETH, currently worth approximately $ 587,800.

In 2017, founder Julian Assange claimed that WikiLeaks achieved a 50,000% return on Bitcoin after investing in a cryptocurrency in 2010.

Technical Market Outlook

The BTC/USD pair has been seen trading below the key short-term technical resistance located at the level of $53,333 and the market been seen consolidating all weekend long between the levels of $51,545 - $47,205. The nearest technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. The momentum is picking up from the oversold conditions, currently hovering around the level of fifty on the RSI (14) indicator. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $56,908

WR2 - $54,309

WR1 - $52,119

Weekly Pivot - $49,669

WS1 - $47,511

WS2 - $44,768

WS3 - $42,652

Trading Outlook:

The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. 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).