Technical analysis of Bitcoin for 06.06.2019

Crypto Industry News:

According to financial media reports, Hester Peirce, a commissioner in the US securities regulatory body, insisted on a less cautious approach to innovation in the ETF market in the regulatory market.

According to the publication, Peirce from the Securities and Exchange Commission (SEC), called on the other commissioners to allow innovation in the ETF space by reducing their caution. Apparently, she commented on the body's approach to this category of highly regulated financial instruments, stating that the SEC "is still suppressing ETF funds with individual attention as if they were infants".

Peirce also noted that he thinks the regulator was wrong about his decision to reject the bitcoin-based ETF application introduced by the Winklevoss twins who are also founders of the Gemini cryptocurrency exchange. According to Peirce, the ETF will encourage institutional investors to participate in the cryptocurrency market.

Technical Market Overview:

The BTC/USD pair has hit the target level for the wave c correction at $7,484 and now is trading inside of a narrow zone between the levels of $7,484 - $7, 896. The nearest technical resistance is seen at the level of $7,978 and only is this level is clearly violated, then the short-term outlook can change from bearish to bullish. Otherwise, the horizontal movement will continue until the breakout.

Weekly Pivot Points:

WR3 - $10,284

WR2 - $9,622

WR1 - $9,121

Weekly Pivot - $8.545

WS1 - $8,037

WS2 - $7,438

WS3 - $6,960

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal. The level of $7,487 might be the bottom for wave 4.

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The material has been provided by InstaForex Company - www.instaforex.com