FX.co ★ Technical Analysis of BTC/USD for November 14, 2022

Crypto Industry News:

Rich Dad Poor Dad author Robert Kiyosaki says he is not worried about the price of Bitcoin when BTC fell below $17,000 in the implosion of the FTX cryptocurrency exchange.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times bestseller list for over six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.

"Bitcoin? Worried? No. I'm a Bitcoin investor just like I am an investor in physical gold, silver and real estate. I'm not a trader or flipper. When will Bitcoin hit a new low, $10K to $12K? I'll be excited, not worried" - Kiyosaki wrote.

He added that by betting on gold, silver and Bitcoin, he was betting against the Federal Reserve, the Treasury and President Joe Biden.

The famous author has been recommending Bitcoin for a long time. Last month, he explained why he was buying BTC. In September, he urged investors to get into cryptocurrencies before the biggest economic meltdown ever happened.

He also recently warned that the stock, bond and real estate markets will collapse as the Federal Reserve continues to raise interest rates. He has also repeatedly warned that Fed rate hikes will destroy the US economy.

Technical Market Outlook:

The BTC/USD pair has bounced from the swing lows located at the level of $15,555 and tested the technical support seen at $17,600. Moreover, the bulls retraced 38% of the whole sell-off and hit the level of $18,135 before the pull-back towards the sell-off lows was made. During the weekend the local low was made at the level of $15,800, only $250 above the swing low. The market conditions on the H4 time frame chart are still oversold, however, no significant breakout has been made yet. The nearest technical resistance zone is seen at $17,600 $18,150 and $18,220. There is no indication of the down trend to terminate or reverse just yet.

Weekly Pivot Points:

WR3 - $18,079

WR2 - $17,175

WR1 - $16,785

Weekly Pivot - $16,272

WS1 - $15,888

WS2 - $15,369

WS3 - $14,456

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 $15,555 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 in the long term.