FX.co ★ BTC analysis for June 02,.2020 - Massive buying climax at the $10.000 level. Watch for potential selling opportunities...

News :

Key Takeaways

• The announcement of Celo Network earlier this year marked the first true rival for Facebook's Libra.
• a16z believes more competitors could emerge, putting stress on Libra, forcing regulators to take action.
• Libra's failure thus far stems from Facebook's scandalous past and its initial plan of introducing a new currency.
• The winner of this race will likely be the one that operates without threatening the state's monopoly over the monetary system.

Technical analysis:

BTC has been trading aggressively to the upside. The price tested the level of $10,400 but it did that on the ultra high volume and very wide spread of the candle, which represents climatic action and potential for the downside rotation.

Trading recommendation: