Technical Analysis of BTC/USD for November 6, 2023
November 6, 2023 9:24 am
Crypto Industry News:
Former FTX CEO Sam Bankman-Fried was found guilty of all seven counts by a jury at his criminal trial in New York after about four hours of deliberations.
Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodity fraud conspiracy and one count of money laundering conspiracy.
The court will sentence him on March 28, 2024, and the final sentence will be up to New York Judge Lewis Kaplan, although government prosecutors will make a recommendation on the length of the sentence.
Bankman-Fried’s crimes carry a maximum sentence of five to twenty years in prison, with telecommunications fraud, telecommunications fraud conspiracies and money laundering conspiracies carrying a maximum sentence of twenty years.
During a press conference outside the courthouse, Damian Williams, U.S. Attorney for the Southern District of New York, called Bankman-Fried’s crimes “a multi-billion-dollar conspiracy to make him the king of cryptocurrencies” and one of the largest financial frauds in U.S. history.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $36,002 as the bulls are in control of the market as the price is coming off the extremely overbought conditions on the H4 time frame chart. The market has been continuing the pull-back lower and is trading already in the middle of the last consolidation zone and inside the ascending corrective channel. The intraday technical support is seen at $34,446 and the intraday technical resistance is located at $35,417. In a case of a breakout, he next target for bulls is seen at the level of $37,142. 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.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Former FTX CEO Sam Bankman-Fried was found guilty of all seven counts by a jury at his criminal trial in New York after about four hours of deliberations.
Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodity fraud conspiracy and one count of money laundering conspiracy.
The court will sentence him on March 28, 2024, and the final sentence will be up to New York Judge Lewis Kaplan, although government prosecutors will make a recommendation on the length of the sentence.
Bankman-Fried’s crimes carry a maximum sentence of five to twenty years in prison, with telecommunications fraud, telecommunications fraud conspiracies and money laundering conspiracies carrying a maximum sentence of twenty years.
During a press conference outside the courthouse, Damian Williams, U.S. Attorney for the Southern District of New York, called Bankman-Fried’s crimes “a multi-billion-dollar conspiracy to make him the king of cryptocurrencies” and one of the largest financial frauds in U.S. history.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $36,002 as the bulls are in control of the market as the price is coming off the extremely overbought conditions on the H4 time frame chart. The market has been continuing the pull-back lower and is trading already in the middle of the last consolidation zone and inside the ascending corrective channel. The intraday technical support is seen at $34,446 and the intraday technical resistance is located at $35,417. In a case of a breakout, he next target for bulls is seen at the level of $37,142. 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.
The material has been provided by InstaForex Company – www.instaforex.com
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