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

Crypto Industry News:

Bitcoin enthusiasts renewed their annual petition to award the Nobel Prize in Economic Sciences to Satoshi Nakamoto.

On October 10, the Royal Swedish Academy of Sciences announced three economic award winners - former Federal Reserve chairman Ben Bernanke and US economists Douglas Diamond and Philip Dybvig - for "research into banking and financial crises." Many cryptocurrency enthusiasts have argued over the years that Nakamoto, the anonymous creator of Bitcoin, was the most deserving candidate for an economic prize, first established in 1968, "following the same principles as the Nobel Prize awarded since 1901."

Some crypto enthusiasts have said earlier that Satoshi deserves more than just an economic reward. There are opinions on the internet that the creator of BTC deserved the Nobel Peace Prize for establishing "a currency that can assume the status of a global reserve without engaging in violence."

It is unclear if Nakamoto would have been eligible for the award given that his identity has never been revealed to the public. It may make more sense to honor other famous early contributors to the ecosystem such as former BTC lead developer Gavin Andresen or developer and recipient of Bitcoin's first transaction, Hal Finney. However, Finney died in 2014, and according to the Nobel Foundation's statute, the Nobel Prize "cannot be awarded posthumously."

Technical Market Outlook:

The BTC/USD pair bounce had been rejected from the level of $19,950 after a Bearish Engulfing pattern was made at the H4 time frame. The supply zone located between the levels of $20,221 - $20,580 (marked as a red rectangle) is very important for bulls from a technical point of view, because only a sustained breakout above it 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 momentum remains positive, which supports the short-term bullish outlook for BTC. The nearest technical support is seen at $18,944 and $18,856. The swing low and range low is seen at the level of $18,150.

Weekly Pivot Points:

WR3 - $19,510

WR2 - $19,356

WR1 - $19,287

Weekly Pivot - $19,202

WS1 - $19,133

WS2 - $19,048

WS3 - $18,894

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.