Technical Analysis of BTC/USD for June 5, 2020


Crypto Industry News:

The latest Bloomberg report reveals that the company expects Bitcoin to re-test its 2017 record results, and that it could even reach $ 28,000.

The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength among declining stocks. In addition, it indicates the ever-growing appetite of institutional investors, in particular Grayscale or GBTC, which consumes about 25% of new supply. The constantly falling premium in GBTC despite strong influences indicates that supply is removed from the market and maturing. Based on an average 30-day premium of 20% on the holding fund relative to the underlying net asset value, it is comparable to a historical average of 39%.

The report says that “something must go really bad” so that Bitcoin does not grow. He then states that he will reach the highest level of $ 20,000 in 2017, and that he may even reach the new highest level of $ 28,000.

According to the report, another important reason is the rapid growth of Tether. In May, its market capitalization amounted to USD 4 billion. A year later it increased to 10 billion dollars. The increase in the circulation of stablecoins indicates a greater acceptance of cryptographic assets.

After halving and almost half of 2020, we should not wait long to see if the forecasts will come true.

Technical Market Outlook:

The BTC/USD pair has been consolidating the recent gains around the level of $9,700 after the bounce form the trend line dynamic support. The momentum is now neutral, so any clear violation of the level of $9,249 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

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 –

Source:: Technical Analysis of BTC/USD for June 5, 2020:

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