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Technical Analysis of BTC/USD for June 11, 2020
Crypto Industry News:
Stampede Ventures – a production company belonging to the former president of Warner Bros. Greg Silverman – collaborates with Cameron and Tyler Winkelvoss in the production of the film depicting the story of the brothers described in the best-selling book Bitcoin Billionaires.
According to a report published in Deadline, Silverman will be working on the film with Jon Berg, known from movies with superheroes such as Wonder Woman and Aquaman.
The Bitcoin Billionaires book was written by American author Ben Mezrich in 2019 after the Winklevoss twins became crypto billionaires. The Winklevoss brothers came out after another of Mezrich’s best-selling book The Accidental BIllionaire, which served as inspiration for the Oscar-winning movie The Social Network. In the book, Mezrich describes the legal battle of the twins with Mark Zuckerberg and Facebook, and asserts their rights against the social media giant, who was originally their idea. The court’s decision later granted the brothers a $ 65 million settlement for their claims.
Bitcoin Billionaires continues the Winklevoss journey from winning the trial in June 2011 to investing $ 11 million in Bitcoin in 2013 and becoming the first crypto billionaires in the world.
Technical Market Outlook:
The BTC/USD pair tried to break out from the range zone, but the rally was short-lived and the price did not break above the level of $10,000. After the local high was made at the level of $9,955, the bears pushed the price back towards the middle of the range zone. The market keeps bouncing from the ascending trend line support (marked in blue on chart) every time the price goes lower. It means, the bulls are still trying to push the price higher despite the overbought market conditions. For them any violation of the local low made after the sell-off ( the low is located at the level of $9,158) would indicate the start of the corrective cycle to the downside with a target seen at the level of $8,565.
Weekly Pivot Points:
WR3 – $11,389
WR2 – $10,828
WR1 – $10,195
Weekly Pivot – $9,652
WS1 – $9,043
WS2 – $8,494
WS3 – $7.815
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
