FX.co ★ Technical Analysis of BTC/USD for November 17, 2023

Crypto Industry News:

One of France's top football clubs, Paris Saint-Germain, is launching an NFT collection in partnership with Blvck Paris. The token drop will take place on the Crypto.com platform. Interestingly, the NFT collection will be combined with a physical clothing collection that was created as part of the new exclusive collaboration.

Business is increasingly seeing the possibilities of NFT tokens (which are currently undergoing a renaissance). The world of fashion and sports became particularly interested in them. Subsequent NFT collections from fashion brands and fan tokens of sports teams are a perfect example of this. On Wednesday, November 15, a very interesting collaboration was announced that will attract the attention of both French football and fashion fans.

Paris Saint-Germain, one of the most popular football clubs, decided to establish cooperation with the exclusive fashion brand Blvck Paris. The result of this collaboration is not only a collection of physical clothes, but also a collection of NFT tokens related to them. Token drop will initially be available only on the Crypto.com exchange. Owners of NFT tokens will receive a number of benefits, such as the ability to purchase clothes from the collection in advance. The drop includes a total of 1,000 NFT tokens priced at $50 each. It is worth adding that 10% of these tokens are NFTs in a special edition, which enable the tokens to be exchanged for packages of physical items from the PSG and Blvck Paris collaboration. Tokens are minted on the Cronos chain operated by Crypto.com. Physical items from this collection will be available in stores next week.

Technical Market Outlook:

The BTC/USD pair bounce had been capped at the level of $37,897 and the market reversed lower again. The intraday technical support is seen at $35,628 and the intraday technical resistance is seen at $37,531. The next target for bulls is seen at the level of $40,000, but first the last week high located at $37,889 must be violated. The momentum is again strong and positive on the H4 time frame chart, so the Bitcoin is ready to continue the up trend.

Weekly Pivot Points:

WR3 - $38,322

WR2 - $37,676

WR1 - $37,333

Weekly Pivot - $37,030

WS1 - $36,687

WS2 - $36,384

WS3 - $35,738

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 $40,000. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.