Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 24 June 2020

Crypto Industry News:
The logo and name and Bitcoin were registered in Spain by the Spanish Patent and Trademark Office. The process was completed by Ignacio Rubio Menendez, a compliance expert and lawyer specializing in business law. Financial media spoke directly to Menendez's client, who for the time being decides to remain anonymous.

"I have registered the logo and the word" Bitcoin "at the national level in the Spanish Patent and Trademark Office. Everyone can access the registers because they are published daily and for all recipients" - explains the person.

When asked why he took the initiative to protect this intellectual property, he replied: "I am a Bitcoin seller, I have a buy and sell office, and the idea is to protect Bitcoins, at least in Spain. That is why I am in favor of the brand and take responsibility for the fact that every new user can feel 100% safe working with me and away from the scams that use the word "Bitcoin".

It should be noted that the application relates to a logo containing the white letter 'B' in an orange circle that would be the official Bitcoin logo. "In the text, uppercase B refers to code, and lowercase b refers to crypto," he explained.


Technical Market Outlook:
The BTC/USD pair has made a Pin Bar candlestick patter after the rally has hit the key technical resistance seen at the level of $9,704 and since then had been trading inside of a narrow local zone located between the levels of $9,530 - $9,650. This might be an early indication that the rally is over and bears are trying to regain the control over the market. Please keep an eye on the key short-term technical support located at the level of $9,530 as any violation of this level might accelerate the drop towards the level of $9,381. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:
WR3 - $10,274
WR2 - $9,895
WR1 - $9,583

Weekly Pivot - $9,212
WS1 - $8,912
WS2 - $8,511
WS3 - $8,252


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.






Performed by Sebastian Seliga
Analytical expert
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