FX.co ★ Technical Analysis of BTC/USD for September 12, 2022

Crypto Industry News:

The Crypto Valley Association, based in Switzerland's Zug, the self-proclaimed "cryptocurrency valley", will lead the partnership with its Dubai counterpart. The aim of the venture is to connect the growing blockchain community in Switzerland and the Middle East.

Both associations were founded by Ralf Glabischnig, who played an important role in establishing Zug as the center of blockchain and cryptocurrency organizations. The new partnership between associations based in Switzerland and the United Arab Emirates aims to establish contacts and exchange information between companies in both countries.

Crypto Oasis co-founder Faisal Zaidi will lead the CVA-led initiative in Dubai, which already has 1,100 organizations based in the United Arab Emirates. All actors are involved in its growing ecosystem. Zaidi highlighted Dubai's efforts to adopt and promote Zug's blockchain-based companies, products and services:

"This alliance will connect the scattered world of blockchain, linking Switzerland, which is a leader in disruptive technologies, with the Middle East, which is set to become the new cryptocurrency and blockchain hub."

The CVA has already carried out a similar initiative in July. A branch in Latin America was then established to take advantage of the burgeoning crypto sector in South America.

As announced, the CVA has sent out an invitation from Dubai International Financial Center to visit Zug. This is to identify blockchain organizations that have the potential to migrate to the United Arab Emirates to strengthen their growing ecosystem.

Technical Market Outlook:

The BTC/USD pair had bounced form a new swing low located at the level of $18,553 and is testing the lower channel line. The last local high was made at $22,342, so the next target for bulls is seen at $22,410. Nevertheless, on the H4 time frame chart the Pin Bar candlestick pattern was made at the top of the move, so the bears are more active around the lower channel line. The market conditions are extremely overbought on the H4 time frame chart so a pull back towards the technical support located at $20,580 is welcome. The main trend remains down and the next target for bears is located at $17,600.

Weekly Pivot Points:

WR3 - $23,418

WR2 - $22,624

WR1 - $22,146

Weekly Pivot - $21,821

WS1 - $21,352

WS2 - $21,035

WS3 - $20,241

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible 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.