Technical Analysis of BTC/USD for June 8, 2020

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Crypto Industry News:

On June 4, a new study by a number of Russian cryptographic exchanges revealed a significant increase in Bitcoin trade throughout Russia since March in connection with COVID-19.

According to RBC, representatives of Russian stock exchange offices, such as Binance, Garantex and EXMO, highlighted the increase in the number of users in Russia. This number is associated with an increase in trading volumes between March and June. Gleb Kostarev, head of the Binance representative office in Russia, explained that the number of registrations on their platform in April 2020 was twice as high as in December 2019.

“It is worth noting that the popularity of trading in futures contracts is growing among Russians. In April and May the volume of trading in these instruments was twice as high as in March and five times compared to January” – he added.

On the other hand, Sergei Mendelev, the founder of Garantex, explained that the increase in activity on cryptocurrency exchanges “is not associated with people who withdraw money from deposits or receive payments from the budget.” That is why United Traders analyst Fedor Anaschenkov believes that isolation from the pandemic coronavirus was one of the factors leading to an increase in trade volume.

The EXMO crypto exchange has released some data explaining the sharp increase in Bitcoin trading volume. Their CEO, Sergey Zhdanov, said that activity on their site increased by about 15-20%, noting a 12% increase in Russian users. These figures were compared with the same period from March to May 2019.

Technical Market Outlook:

The BTC/USD pair did not move much during the weekend as the price has been seen trading between the levels of $9,381- $9,822. The market is still 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 ( th elow is located at the level of $9,158) would indicate the start of the corrective cycyle 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

Source:: Technical Analysis of BTC/USD for June 8, 2020:

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