empty
17.10.2023 08:25 AM
Technical Analysis of BTC/USD for October 17, 2023

Crypto Industry News:

Yesterday, fake news appeared on the Internet claiming that the application for the BlackRock group's Bitcoin ETF had been approved by the US Securities and Exchange Commission (SEC), which caused a real shockwave in the crypto sector. In just a few minutes, the disinformation triggered a cascade of events that led to the liquidation of over $65 million worth of BTC short positions across multiple exchanges, and the Bitcoin price itself exploded only to return to starting levels shortly thereafter. There are accusations of deliberate market manipulation.

The fabricated news initially appeared on the social profile of the crypto news website CoinTelegraph, from where it then spread to other social media, in particular to the X website (formerly Twitter), gaining notoriety among speculators hungry for good news at the speed of light. Bitcoin, the oldest cryptocurrency in the world, experienced an equally rapid price increase: the new stimulus instantly took it from $27,900 per token to nearly $30,000. However, the celebration was short-lived.

It quickly turned out that there was no base for new messages. Fox News journalists Eleanor Terrett, Bloomberg analyst James Seyffart and CoinDesk unanimously stated that, in their opinion, BlackRock's application for a spot Bitcoin ETF has not been approved and is still under review by the commission's staff.

The CoinTelegraph platform first quickly changed the problematic tweet by adding the "reportedly" fragment to it, and then deleted it completely. The source, according to crypto detective ZachaXBT, was an anonymous post on Telegram, which was quickly deleted.

Technical Market Outlook:

The BTC/USD pair has spiked up to the level of $30, 540 after the fake news related to the approval of Bitcon ETF hit the newswires. The spike up was faded quickly and BTC trades back around the level of $28,000 again. The intraday technical support is seen at $28,079 and the intraday technical resistance is seen at $28,829. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $28,998

WR2 - $28,237

WR1 - $27,961

Weekly Pivot - $27,478

WS1 - $27,202

WS2 - $26,719

WS3 - $25,960

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin. May 23rd. Smart Money System Analysis

Bitcoin continues to form a bullish trend structure. One could argue whether there are real reasons for a new bullish trend at the moment, but the chart suggests only that—unambiguously

Samir Klishi 20:04 2025-05-23 UTC+2

TRUMP official: crypto community, protests, and politics

On the evening of May 22, 2025, a unique event took place at the Trump National Golf Club in Virginia — a dinner hosted by Donald Trump with the largest

Jurij Tolin 16:49 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday May 23, 2025.

It appears that the price movement of the Doge Cryptocurrency on the 4-hour chart is moving above the WMA (21) which has a slope that is going upwards

Arief Makmur 09:04 2025-05-23 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday May 23, 2025.

If we look at the 4-hour chart of the Ripple cryptocurrency, it appears to be moving above the WMA (21) which has a steep slope and has successfully broken

Arief Makmur 09:04 2025-05-23 UTC+2

Bitcoin Forecast for May 23, 2025

On Thursday, Bitcoin's price reached the target level of 111,770. The Marlin oscillator appears to be lagging behind the price, giving the impression of a potential divergence — though unconventional

Laurie Bailey 04:45 2025-05-23 UTC+2

Bitcoin aims to hit $120,000? What lies behind its rally and when to expect retracement

On May 22, Bitcoin confidently broke through the $111,888 level, setting a new all-time high of $111,867. Unlike previous rallies marked by retail investor euphoria, this time the market's behavior

Ekaterina Kiseleva 16:12 2025-05-22 UTC+2

Bitcoin extending confident rally

Bitcoin demand appears to be surging, judging by its recent performance. At the time of publication, the BTC/USD pair was trading near 111,200.00, slightly down from today's and the all-time

Jurij Tolin 16:02 2025-05-22 UTC+2

Bitcoin: $115,000 — Next Stop or Bull Trap?

Bitcoin is steadily approaching its all-time high and, according to several analysts, is poised to set a new record. Current levels near $105,000 are more than just numbers — they

Ekaterina Kiseleva 00:58 2025-05-21 UTC+2

BTC/USD Analysis on May 20, 2025

The wave pattern on the 4-hour chart for BTC/USD has been becoming more complex in recent months. We observed a corrective downward structure, which completed its formation around the 75,000

Chin Zhao 11:11 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement of Ethereum Cryptocurrency, Friday May 16, 2025.

If we look at the 4-hour chart, the Ethereum cryptocurrency appears to be moving above the WMA (21) which is a dynamic support where the WMA has a slope that

Arief Makmur 06:09 2025-05-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.