Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for June 22, 2021

Crypto Industry News:
According to a tweet published today by CEO Michael Saylor, business intelligence software developer MicroStrategy has just bought another batch of bitcoin, increasing its ownership to just over 105,000 BTC.

This time, the company bought another 13,005 BTC for $ 489 million in cash, at an average price of $ 37,617 per coin:

"MicroStrategy has purchased an additional 13.005 bitcoins for ~ $ 489 million in cash at an average price of ~ $ 37,617 per bitcoin. As of 6/21/21 we #hodl ~ 105.085 bitcoins acquired for ~ $ 2.741 billion at an average price of ~ $ 26.080 per bitcoin ".

The company recently offered investors the opportunity to purchase $ 400 million worth of backed securities, planning to invest their debt in bitcoin. The move received mixed feelings among many industry commentators. A day later, MicroStrategy increased the size of its offering to half a billion dollars.


Technical Market Outlook:
The BTC/USD pair keeps going lower towards the technical support seen at the level of $31,007. So far the lower low was made at the level of $31,240 (at the moment of writing the article). The next obvious target for bears is $31,007 and the round level of $30,000. There is still a room for another wave down as the market conditions are not oversold yet. The weak and negative momentum supports the short-term bearish outlook for BTC.

Weekly Pivot Points:
WR3 - $47,340
WR2 - $44,234
WR1 - $39,697

Weekly Pivot - $36,451
WS1 - $31,670
WS2 - $28,714
WS3 - $24,054


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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