FX.co ★ Technical Analysis of BTC/USD for February 18, 2022

Crypto Industry News:

Canadian truck drivers have blocked borders and bridges in the country. All in protest against the policy of compulsory vaccination. Prime Minister Justin Trudeau announced that he would eventually reach for the so-called Emergencies Act, i.e. regulations on emergency situations. He threatened that protesters could be cut off from bank accounts. There is a cryptocurrency thread in the case.

The Ontario Provincial Police and the Royal Canadian Mounted Police want to make it difficult for protesters to use not only bank accounts, but also cryptocurrencies.

Federal police agencies, working with the Center for Financial Analysis and Reporting of Canada (FINTRAC), are investigating the topic of cryptocurrency donations to support the ongoing protest against Canada's immunization order. The protests are now illegal because of the Emergencies Act.

The truck drivers started a protest in late January. It is about their opposition to travel restrictions introduced by the country's government. Authorities require that anyone entering Canada must be vaccinated against COVID-19. Truckers blocked bridges and border crossings in several Canadian provinces in response.

Technical Market Outlook

The BTC/USD pair has retraced 38% of the last wave up and made a new local low at the level of $40,425. Moreover, the market is trading at the lower ascending channel line, so any breakout lower will eventually result in a fall out from the channel and the deepens the correction. The next Fibonacci clusters used as the target for bears are seen between the levels of $39,554 - $39,267 and $37,817 - $37,720. Any violation of the last support level located at $36,190 will result in sell of towards the swing low seen at $32,870.

Weekly Pivot Points:

WR3 - $48,470

WR2 - $47,163

WR1 - $44,156

Weekly Pivot - $42,937

WS1 - $40,001

WS2 - $38,380

WS3 - $35,654

Trading Outlook:

The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.