FX.co ★ Technical Analysis of BTC/USD for June 9, 2021

Crypto Industry News:

According to a published personal wealth disclosure, technical adviser to US President Joe Biden Tim Wu is a BTC millionaire.

According to the report, Wu holds $ 1 million to $ 5 million in BTC as well as $ 100,001 to $ 250,000 in FIL, a cryptocurrency platform that offers decentralized crypto storage services. Official information also shows that Wu's investment in Bitcoin is the largest holding company in his portfolio.

Currently, Wu serves as assistant to the president of the National Economic Council for Technology and Competition. In March, he took a leave of absence from a professorship of law at Columbia University and joined the White House. He is considered a strong critic of the growing power of big technology corporations.

The professor was not always bitcoin oriented. Questioning its value, Tim Wu called it a "bubble" in 2017:

"Bitcoin is not backed by any sovereign (...)," wrote Wu, while claiming that this "illusory quality" describes most other forms of money. He recognized Bitcoin's potential as a store of value, although he doubted its suitability for daily payments.

Technical Market Outlook:

The BTC/USD market still trades under the supply zone located between the levels of $43,1459 - $41,794, so bears are still in full control of the market and only a strong breakout above the level of $41,096 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish.The recent bounce from the level of $31,017 (almost 127% Fibonacci extension level) is heading towards the short-term technical resistance located at the level of $34,834. The next target for bears is May 19th low seen at the level of $29,701 and the first attempt to test this level had been made as the bears had pushed the price below the $33,000 towards the technical support at $32,156 (May 23rd low).

Weekly Pivot Points:

WR3 - $43,458

WR2 - $41,521

WR1 - $38,273

Weekly Pivot - $36,222

WS1 - $33,131

WS2 - $30,800

WS3 - $27,577

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).