FX.co ★ Technical Analysis of BTC/USD for October 6, 2022

Crypto Industry News:

MicroStrategy is known in the cryptocurrency community for its bullish attitude towards bitcoin. The company is a corporate leader in terms of the amount of bitcoins it holds, and its director - Michael Saylor - regularly speaks of superlatives about the first cryptocurrency. Now, a mobile software company that deals with cloud-based services and business intelligence (BI) has announced a full-time recruitment for the Lightning Network software engineer vacancy.

MicroStrategy has published a job offer for a Lightning Network software developer. After the electronics giant purchased another 301 bitcoins (BTC) last week, it has now posted a job offer. It concerns full-time employment of a person for the position of Bitcoin Lightning software engineer.

The new developer will be tasked with creating a software-as-a-service (SaaS) platform for MicroStrategy based on the Lightning Network. This is to use it for use cases in e-commerce and to establish cooperation with companies looking for payment solutions.

Technical Market Outlook:

The BTC/USD pair has been seen testing the supply zone again. Only a sustained breakout above the levels of $20,221 - $20,580 would change the outlook to more bullish, so please keep an eye on this zone for a possible breakout towards the next target seen at $22,410. The market conditions on the H4 time frame are extremely overbought, so a local pull-back towards the level of $19,891 is possible. The nearest technical support is seen at $19,096 and $19,256. The swing low is seen at the level of $18,150.

Weekly Pivot Points:

WR3 - $19,869

WR2 - $19,490

WR1 - $19,335

Weekly Pivot - $19,190

WS1 - $18,955

WS2 - $18,731

WS3 - $18,351

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.