Technical Analysis of BTC/USD for June 1, 2020

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Crypto Industry News:

Telegram’s founder and CEO, Pavel Durov, donated Bitcoins worth about $ 90,000 to help reduce the financial burden on the COVID-19 pandemic in Russia.

Egor Zhukov, a student political activist who organized a crowdfunding campaign to help people deal with the pandemic crisis, announced a donation from Durov.

Zhukov wrote on his Instagram on Wednesday evening that the donation would help volunteers buy more food and provide it to people who could not afford it. The initiative received the name Vzaimipomosch, which means “mutual help” in Russian.

“Pavel reached out to us and offered help,” said Zhukov. He added that part of the donation had already been issued. The donation is large for Russia: from the perspective of this amount, you can buy an apartment in Moscow. The Vzaimipomosch Bitcoin Wallet has received around 14 Bitcoin donations since March.

The movement is not the only one that accepts donations in cryptocurrencies: some Russian NGOs also accept Bitcoins, Ether and others. These include the Internet Freedom Movement Roskomsvoboda and Russia Behind Bars, a fund to help Russian prisoners. A popular opposition politician, Alexei Navalny, also raises funds in a crypto for his activist network.

Telegram itself does not currently use cryptocurrencies directly. The company’s project, TON, was completed earlier this month after a protracted legal struggle with the US Securities and Exchange Commission, which claimed that the pre-sale of Telegram tokens was an offer of unregistered securities.

Technical Market Outlook:

The BTC/USD pair has been hovering around the level of $9,500 for all the weekend. There is no sign of an increasing bearish pressure on the market, instead of that the bulls are still not throwing the towel yet. The technical support at the level of $9,381 is still being used as a bounce level towards the technical resistance seen at $9,704. All eyes on $10k this week as any violation of this level will be a very bullish signal.

Weekly Pivot Points:

WR3 – $11,128

WR2 – $10,392

WR1 – $9,960

Weekly Pivot – $9,277

WS1 – $8,866

WS2 – $8,158

WS3 – $7,756

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of BTC/USD for June 1, 2020:

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