FX.co ★ Technical Analysis of BTC/USD for June 3, 2020:

Crypto Industry News:

The world's leading mining equipment manufacturer Bitmain has launched a new ASIC Antminer T19 chip for Bitcoin mining.

According to the announcement of June 1, the new Antminer T19 has a SHA256 hash rate of 84 terahash / second with a 3% error margin and energy efficiency of 37.5 joules / terahash with a 5% error margin.

The new ASIC will be sold on the manufacturer's official website from today, and shipments will start between June 21-30.

The chips used in the new device are the same as in Antminers S19 and S19 Pro, but also uses the new APW12 power supply and updated software. These changes reportedly allow faster startup to optimize work.

The T19 announcement follows recent community reports that Bitmain's recently launched ASIC Antminer S17 + mining systems were flawed.

Technical Market Outlook:

The BTC/USD pair has dropped to the level of $9,158 after a failed breakout above $10k. The sell-off was sudden, dynamic and aggressive, so many traders were caught off-guard. The price has bounced from the trend line support (blue and brown trend line color on the chart) and is currently hovering around the level of $9,462 after the bounce. The momentum is now weak and negative, so any clear violation below the level of $9,000 will accelerate the drop towards the next technical support located at the level of $8,565.

Weekly Pivot Points:

WR3 - $11,128

WR2 - $10,392

WR1 - $9,960

Weekly Pivot - $9,277

WS1 - $8,866

WS2 - $8,158

WS3 - $7,756

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.