Technical Analysis of BTC/USD for June 30, 2020:

Crypto Industry News:

Blockchain-based Russian voting system is reportedly attacked by an election observer node.

As reported by the state news agency TASS, the attack took place on June 27 at around 20:00 CET. A representative of the Moscow government told TASS that the attack did not cause a system crash, which means that all e-voices will be successfully registered in the chain.

According to the official, cyber security experts were working to restore access to the victim node. It is unclear whether it has been repaired.

Electronic voting, which takes place from June 25-30 for residents of Moscow and Nizhny Novgorod, is based on the Blockchain Exonum platform developed by Bitfury.

The constitutional amendments initiated earlier this year, if approved, will theoretically allow Vladimir Putin for a further two six-year terms, which means that he could remain president until 2036.

According to previous reports, the electronic voting website was unavailable for the first few hours after launch.

Furthermore, blockchain-based online voting has resulted in some incorrect results in some regions. For example, nearly 7,300 people assigned to polling stations in the Trojick County have been registered to vote online, even though the station has only 2,358 residents entitled to vote. The local electoral commission claimed it was a "technical failure".

In addition, some people reported that they were able to vote several times because of the apparently poor system compatibility with some offline voting.

Technical Market Outlook:

The BTC/USD pair has made a new local high at the level of $9,129, but it looks like the bulls had lost the battle of the trend line resistance. There is a Doji candlestick pattern made at the top of this move, so if the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $8,565.

Weekly Pivot Points:

WR3 - $10,465

WR2 - $10,072

WR1 - $9,509

Weekly Pivot - $9,126

WS1 - $8,593

WS2 - $8,191

WS3 - 7,623

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.

analytics5efaccd930985.jpg

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