FX.co ★ Technical Analysis of BTC/USD for July 8, 2022

Crypto Industry News:

A new legal notice released by the U.S. Government's Office of Ethics prohibits any public employee who owns cryptocurrencies from working on federal digital asset laws.

U.S. government officials who own cryptocurrencies are now banned from working on regulations that may affect the value of digital assets. A new notice was issued on Tuesday by the United States Government's Office of Ethics (OGE).

"As a result, an employee who owns any amount of a given cryptocurrency or stablecoin cannot be involved in a particular case if he knows that the case may have a direct and predictable impact on the value of his digital assets," the document reads.

The notice provides an example scenario where an employee who owns just $ 100 of a certain stablecoin is asked to work on regulating stablecoins. The employee in question may not participate in the regulatory work "until he relinquishes his interest in [this] stablecoin".

The notice stated that the ruling would continue to apply even if the cryptocurrency or stablecoin in question "constitute [security] for federal or state purposes".

The new ruling affects all federal government employees, including the White House, the Federal Reserve, and the Treasury Department.

Technical Market Outlook:

The BTC/USD pair has been seen had violated the level of $21,875 and made a new local high at the level of $22,494 (at the time of writing the article). The first technical resistance level then, which was a part of the range zone had been broken, the next target is the technical resistance located at $23,238. In a case of a pull-back, the technical levels located at $19,616, $19,765 and $19,817 will now act as a local support for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.

Weekly Pivot Points:

WR3 - $23,406

WR2 - $22,585

WR1 - $20,840

Weekly Pivot - $19,685

WS1 - $17,927

WS2 - $16,745

WS3 - $15,083

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 at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.