03.02.202208:14 Forex Analysis & Reviews: Technical Analysis of BTC/USD for February 3, 2022

Crypto Industry News:

The company is investigating the integration of blockchain technology into its flagship products and services, according to Tuesday's statement by Alphabet CEO Sundar Pichai.

When asked how the company views Web3, Pichai said Alphabet had several "areas of interest" pointing to augmented reality and exploring how blockchain technology could be used for services like YouTube and Google Maps:

"Every time there is an innovation, I find it exciting and I think it's something we want to support as best we can [...]"

Pichai also noted that the Google cloud team is researching how to meet customer demands using blockchain-based platforms.

It is worth noting that these are only the first ideas that Alphabet has put forward in relation to the new decentralized network. Other organizations, including Silicon Valley, are much more active in implementing Web3 than Google.

Blok, Twitter, Microsoft and Meta have revealed their plans for Web3 and cryptocurrency-based services. Polygon (MATIC) has teamed up with co-founder Reddit to launch a $ 200 million Web3 gaming project. Google, however, has so far remained aloof.

Technical Market Outlook

The BTC/USD pair bounce had been capped just below the 61% Fibonacci retracement level at $39,417 as the local high was made at $39,239. The up move had ended with a Pin Bar candlestick,so the bears started the down move and broke below the short-term trend line support around the level of $38,000. The local low was made at the level of $36,537, but the key short-term technical support is seen at $35,912. The market conditions are still extremely oversold at daily time-frame chart, but the momentum is still weak and negative. This is not a good situation for bulls as the bears are still in control and might push the price way lower soon. The next technical support is seen at $35,912 and $34,632.

Weekly Pivot Points:

WR3 - $46,518

WR2 - $42,733

WR1 - $40,610

Weekly Pivot - $36,641

WS1 - $34,413

WS2 - $30,618

WS3 - $28,634

Trading Outlook:

The market is controlled by bears that pushed the price way below the level of $40k, so a breakout above this level is a must for bulls for a trend reversal. The market retrace more than 50% since the ATH at the level of $69,654 and the next long-term technical support is located at $29,254. The corrective cycle is still in progress and is much more complex and time-consuming than anticipated.