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Technical Analysis of BTC/USD for June 25, 2020
Crypto Industry News:
The Bitcoin.com forum, one of the most popular cryptographic forums, has suddenly announced the closure.
The bitcoin.com forum, a place of lively debates and thoughtful discussions related to cryptocurrencies, will end services on July 23, 2020. The message was reported by the forum administrator in a thread published on June 24.
In the post, the forum administrator gave some details about the upcoming closure. No reasons were given.
The Bitcoin.com forum is linked to the Bitcoin.com website – one of the oldest and largest cryptocurrency websites in the world. The site, supported by Bitcoin’s early supporter and investor, Roger Vera, offers a number of Bitcoin and Bitcoin Cash services, including cryptocurrency exchanges.
Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and after a short period of trading inside of a narrow local zone located between the levels of $9,530 – $9,650 the price turned sharply down towards the level of $9,249 (broken already). This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 – $10,274
WR2 – $9,895
WR1 – $9,583
Weekly Pivot – $9,212
WS1 – $8,912
WS2 – $8,511
WS3 – $8,252
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
