Technical Analysis of BTC/USD for June 9, 2020


Crypto Industry News:

Grayscale, a digital asset management company, has recently attracted a lot of community interest because of its huge Bitcoin purchases. However, it turns out that this cryptocurrency fund collects not only BTC, but also Ethereum.

Grayscale’s Investor Relations Director, Ray Sharif-Askary, revealed that in 2020, the company has acquired ETH worth $ 110 million in 2020. This represents 22% of all Grayscale cryptocurrency investments. This year’s Grayscale purchases account for 0.4% of Ethereum’s market capitalization in the last five months. Sharif-Askary has reported that more than 38% of Grayscale’s current customers have more than one digital asset, a significant increase compared to only 9% a year ago.

This year, Grayscale has already purchased Bitcoins worth USD 390 million, which corresponds to 0.2% of total market capitalization. Apparently, the company buys 1.5 times more Bitcoins than it is mined.

The purchase of Ethereum by Grayscale coincided with the amazing results of the Grayscale Ethereum Trust investment fund. The shares of this fund increased by almost 800% this year, and at the last market close their price was $ 210.

Technical Market Outlook:

The BTC/USD pair did not move much overnight as the price has been seen trading between the levels of $9,381- $9,822 for the last 24h. 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 ( 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 –

Source:: Technical Analysis of BTC/USD for June 9, 2020:

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