Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for June 4, 2021

Crypto Industry News:
Tinkoff, a large private bank in Russia, is struggling to offer cryptocurrency trading to its clients due to the central bank's tough stance on digital assets.

Tinkoff CEO Oliver Hughes said the digital bank is ready to offer crypto trading services, but is constrained by Bank of Russia policies, CNBC said. The director said on Thursday at the Saint Petersburg International Economic Forum:

At the moment, there is no mechanism that would allow this product to be offered in Russia, as the central bank is in a very difficult position.

Hughes said the bank has noticed increasing demand from its clients for investing in cryptocurrencies, noting that there are "skilled investors who know what they are doing." The CEO noted that there were still some concerns about the use of cryptocurrencies in money laundering and the high risk of volatility.

"Hopefully this will change over time and we will be able to achieve central bank goals knowing there are no money laundering issues and making sure we are protecting investors and offering products responsibly," said Hughes.

Tinkoff is one of the most popular banks in Russia, ranked third in terms of demand, after state-backed Sberbank and VTB, according to a Deloitte survey. The bank is known for its "Tinkoff Investments" website, which allows you to invest in products such as stocks, bonds and currencies.


Technical Market Outlook:
The BTC/USD pair is testing the lower short-term channel line around the level of $30,750. The momentum is still hovering around the neutral level of 50, but is not dropping lower yet. The market still trades under the supply zone located between the levels of $43,1459 - $41,794, so bears are still in full control of the market and only a strong breakout above the level of $41,096 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish. The next target for bears is May 19th low seen at the level of $29,701.

Weekly Pivot Points:
WR3 - $58,682
WR2 - $52,643
WR1 - $41,961

Weekly Pivot - $35,513
WS1 - $25,163
WS2 - $18,359
WS3 - $7,655


Trading Recommendations:
Even despite the recent correction the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).







Sebastian Seliga
Analytical expert
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