FX.co ★ BTC analysis for June 11,.2020 - Broken bearish flag and potential for the further downside continuation

Quick Take

• Crypto hedge fund Three Arrows Capital has become the first qualified investor to hold more than 5% of Grayscale Bitcoin Trust (GBTC) shares
• Three Arrows Capital co-founder Su Zhu told The Block: "We are bullish on the GBTC demand"
• Zhu's partner Kyle Davies said GBTC is one of the most liquid ways for equity investors to participate in bitcoin's price appreciation

Technical analysis:

Trading recommendation:

Watch forselling opportuntiies due to breakout of the bearish flag pattern in the background and potential for the downside continuation.

Stochastic oscillator is showing fresh bearish cross, which is good sign for the further downside movement.

Resistance levels are set at the price of $10,000