FX.co ★ Technical Analysis of BTC/USD for November 10, 2023

Crypto Industry News:

SBI Holdings, a large financial conglomerate in Japan, announced its plan to launch an investment fund focusing on startups by the end of 2023. This applies to sectors such as Web3, artificial intelligence and the metaverse. As Nikkei reported yesterday, the fund aims to strengthen Japan's growing startup ecosystem.

The fund is expected to reach up to 100 million yen, with individual investments ranging from several hundred million to several billion. He intends to invest in 150 to 200 companies. SBI draws investments from major and regional banks in Japan to support the development of domestic start-ups.

Japan currently faces challenges in developing startups. In November 2022, under Prime Minister Kishida's administration, the "5-Year Startup Development Plan" was established, which addresses the lower rate of opening new businesses and unicorn companies (private startups valued at over 100 billion yen) compared to the US and Europe.

The administration seeks to implement a "new capitalism," viewing startups as essential in transforming social challenges into engines of sustainable economic growth. The five-year plan sets a goal to increase startup investment from 800 billion yen (as of 2022) to over 10 trillion yen by 2027. The plan also aims to make Japan a leading Asian startup hub by creating 100 unicorns and 100,000 new startups.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $38,027 as the bulls are in control of the market. The price is again coming off the extremely overbought conditions on the H4 time frame chart and now there is a clear Bearish Divergence between the price and the momentum on the H4 time-frame chart, so a pull-back is due soon. The intraday technical support is seen at $36,002. The next target for bulls is seen at the level of $40,000. The momentum remains strong and positive, so after the pull-back for the last swing high is done, the up trend shall continue.

Weekly Pivot Points:

WR3 - $38,618

WR2 - $36,746

WR1 - $35,766

Weekly Pivot - $34,911

WS1 - $33,913

WS2 - $33,059

WS3 - $31,206

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.