FX.co ★ Technical Analysis of BTC/USD for June 20, 2022

Crypto Industry News:

One of the largest airlines in Spain - Vueling - has announced cooperation with a cryptocurrency payment service provider. The aim of the newly established cooperation is to enable customers to pay for tickets in several digital assets. The start of this service has been announced at the beginning of 2023. Vueling has announced that it will be accepting 13 different cryptocurrencies as a form of payment.

According to the airline's press release, the Barcelona-based company will use Universal Air Travel Plan (UATP) technology (the sector's global clearing network) to best integrate the new payment offering.

The Spanish aviation giant will initially include 13 cryptocurrency payment options in its service. Among them are some of the leaders in terms of market capitalization, such as bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH), litecoin (LTC), dogecoin (DOGE) and shiba inu (SHIB).

If all goes as planned and the joint project is launched early next year, the Spanish company will become the first low cost airline in Europe to introduce cryptocurrencies as a payment method for customers.

Technical Market Outlook:

The BTC/USD pair is starting the new trading week on the positive note, because after the weekend drop to the level of $17,600 the market bounced back above $20,000 to test this level again. The bulls are bouncing from the extremely oversold market conditions, so the next target for bulls is seen at the level of $23,287. Any failure to hit or/and break above this level will likely result in another wave down towards the recent lows. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key levels this trading week.

Weekly Pivot Points:

WR3 - $35,385

WR2 - $31,310

WR1 - $25,552

Weekly Pivot - $21,486

WS1 - $15,559

WS2 - $11,561

WS3 - $5,781

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the round psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.