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Technical Analysis of BTC/USD for July 13, 2022

Relevance up to 03:00 2022-07-14 UTC–4

Crypto Industry News:

The President of Kazakhstan, Kassym-Jomart Tokayev, signed an act amending the tax code. He did so in order to impose higher tax rates on cryptocurrency miners. The new fee will depend on the amount and average price of electricity used to mine digital currencies such as bitcoin.

The President of Kazakhstan has signed a new legal act introducing changes to the national law (the document entitled “On Taxes and Other Compulsory Contributions to the Budget”) and a supplementary law that streamlines the implementation of the Tax Code. The changes introduce different tax rates on cryptocurrency mining.

The exact charges will be based on the average price of electricity used to mine coins during the tax period specified. They start at 1 Kazakhstani tenge (approx. $ 0.002 at the time of this writing) per kilowatt hour (kWh). The charge may reach 10 tenge if the electricity tariff is in the range 5-10 tenge (0.011-0.021 USD).

Cryptocurrency mines using electricity generated from renewable sources will pay the lowest tax rate – only 1 tenge per kWh.

Technical Market Outlook:

The BTC/USD pair has fallen out of the ascending channel and made a new local low at the level of $19,229. In a case of a deeper pull-back, the technical levels are located at $19,616, $19,765 and $19,817. The level of $20,817 will now act as a technical resistance for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.

Weekly Pivot Points:

WR3 – $27,913

WR2 – $24,489

WR1 – $23,135

Weekly Pivot – $21,065

WS1 – $19,711

WS2 – $17,641

WS3 – $14,217

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. 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 $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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