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

Crypto Industry News:

Oscar winner Anthony Hopkins has teamed up with Orange Comet, Web3's startup creative studio, to create the actor's first NFT series, the Eternal Collection.

"NFT is a blank canvas for creating art in a new format," Hopkins told reporters at an online press conference. "I'm probably the oldest guy in the NFT community and on social media, which proves that anything is possible at any age," he adds.

According to the 84-year-old actor, metaverse "offers an amazing opportunity to connect with audiences in a completely different way."

The Eternal Collection series is based on visuals inspired by 10 different roles that Hopkins has played in his film career - including Hannibal Lecter from The Silence of the Lambs and Odin in three Marvel films.

According to Dave Broome, Orange Comet CEO, the NFTs will appear in mid-September. Part of the proceeds from the sale of tokens will be donated to a charity designated by Hopkins and his wife Stella Arroyave.

Technical Market Outlook:

The BTC/USD pair had broken below the key short-term technical support located at the level of $23,596. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,679 is possible as well. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidated. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.

Weekly Pivot Points:

WR3 - $22,662

WR2 - $25,629

WR1 - $25,067

Weekly Pivot - $24,597

WS1 - $24,035

WS2 - $23,564

WS3 - $22,532

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. 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. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.