Technical Analysis of BTC/USD for June 4, 2020
Crypto Industry News:
Coinbase went offline four times in the last three months during the main Bitcoin price movements, and furious users who can’t access their wallets demand a response.
On June 1, when Bitcoin rose from $ 9,600 to $ 10,380 in less than an hour, Coinbase users trying to access their portfolio received a message that the site was “temporarily unavailable”.
On May 9, two days before predicted halving, Bitcoin’s price dropped sharply by nearly $ 2,000 in 24 hours, probably due to the huge sale of whales and other investors. On April 29, Bitcoin rose by almost 12% to $ 8,600. In both cases, many Coinbase users have once again been unable to trade any digital assets. It is worrying that this problem was not solved even after the mid-March event, when some stock market users were unable to sell Bitcoins while the price dropped to $ 3,000.
Many users of the largest cryptocurrency exchange in the United States have reported that they cannot trade during times of peak Bitcoin volatility. Unfortunately, huge declines or rapid price increases are events when investors want to buy and sell the most. When users do not have access to their accounts to sell their crypto, and the potential profits can simply disappear, when nothing can be bought, losses can accumulate,
The Coinbase status page provides updates on current crashes, but only cites “connection issues” on June 1, May 9, and April 29, and “network congestion” on March 12.
Technical Market Outlook:
The BTC/USD pair has bounced from the trend line support (blue and brown trend line color on the chart) and is currently hovering around the level of $9,500 after the bounce. The momentum is now weak and negative, so any clear violation below the level of $9,000 will accelerate the drop towards the next technical support located at the level of $8,565. The daily time frame trend remains up.
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
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