FX.co ★ Technical Analysis of BTC/USD for May 17, 2022

Crypto Industry News:

Global market regulators are likely to appoint a joint body over the next year to better coordinate cryptocurrency laws, said the chief executive of the International Organization of Securities Commissions (IOSCO).

The top management of the International Organization of Securities Commissions (IOSCO) discussed cryptocurrency regulation this week. Members of the global organization regulate over 95% of the world's securities markets in more than 130 jurisdictions.

Emphasizing the need for a global group to adjust cryptocurrency rules, IOSCO CEO Ashley Alder said that over the next year, global market regulators are likely to appoint a joint body to better coordinate cryptocurrency laws, Reuters reports.

Noting that similar configurations are already used for climate finance, Alder said:

"There is no such thing for cryptocurrencies right now ... But I think it is now seen as one of the three Cs (Covid, climate and crypto), so it's very, very important," we read.

Citing the boom in digital currencies, including Bitcoin, the chairman of IOSCO said that cryptocurrencies "rose to the agenda" and has become one of the three key areas that authorities focus on.

She noted that there are many cryptocurrency risks that need to be addressed, adding that regulators are lagging behind in some key risk areas, including cybersecurity, operational resilience, and a lack of transparency in the crypto ecosystem

Technical Market Outlook:

The BTC/USD pair has bounced from the swing low made at the level of $25,367 after the Pin Bar candlestick was made at the end of the down move. The bulls keep trying to bounce higher and are currently trading back above the level of $30,000.. The local high was made at the level of $31,190 so far. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.

Weekly Pivot Points:

WR3 - $44,348

WR2 - $39,422

WR1 - $35,469

Weekly Pivot - $30,396

WS1 - $26,266

WS2 - $21,367

WS3 - $17,368

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. 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 is seen at the round psychological level of $20,000.