FX.co ★ Technical Analysis of BTC/USD for December 15, 2022

Crypto Industry News:

The prospect of Latin America as the future of cryptocurrency mining has been dampened by the news that Paraguay will not cap electricity prices for industry.

At the World Digital Mining Summit in Cancun, Mexico last month, Bitmain, the world's largest maker of bitcoin mining platforms and host of the conference, touted Latin America, especially Paraguay and Argentina, as promising countries for mining. About a quarter of the conference was devoted to the topic "Latin America: the Unlimited Potential of Blockchain Land".

BitPatagonia from Argentina and Penguin Digital from Paraguay were invited to give presentations while Bitmain's business development director spoke about the region's potential. However, he stipulated that it was important to find a suitable partner for cooperation in Latin America.

Bitmain itself is looking for opportunities in the region, as are many other big companies.

Technical Market Outlook:

The Bitcoin bulls had made a new local high at the level of $18,360 and then corrective cycle has started. The next target for bulls is located at $18,660, but first the correction must be completed. The level of $17,428 will now act as the key short-term technical support. Please notice the market coming off the extremely overbought conditions on the H4 time frame chart.

Weekly Pivot Points:

WR3 - $17,347

WR2 - $17,136

WR1 - $17,014

Weekly Pivot - $16,995

WS1 - $16,803

WS2 - $16,718

WS3 - $16,502

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.