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16.06.202109:22 Forex Analysis & Reviews: Technical Analysis of BTC/USD for June 16, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

British farmers are becoming more and more creative with the way they source the power to mine BTC ... One of them runs a Bitcoin mining farm there, powered by cow manure energy.

Analyzing Bitcoin's energy footprint, British entrepreneur Josh Riddett figured out a way for farmers to convert methane from cow manure into electricity to extract BTC.

Riddett opened his Easy Crypto Hunter company in Manchester, England in 2017. The company connects computers to renewable energy generators, including farmers who use gases from cow dung to generate energy.

"This is a new way to generate money from these energy areas that is not supported by the government. It's much more independent... In fact, farmers are turning their barn or shed into a mini-data center and making money by renting computing power".

These are 40 mining machines that operate 24 hours a day, 7 days a week. The farm is powered by anaerobic digestion (AD) machines that convert animal animals into energy.

Josh - who was among the delegates at the EU's cryptocurrency summit last year - says, since farmers have been using renewable energy, his company has seen a massive increase in sales to the UK farming community.

Technical Market Outlook:

The BTC/USD pair has hit the 38% Fibonacci retracement located at the level of $41,096 again. The rally had ended with a Pin Bar candlestick formation so far, but in a case of an extension to the upside, the next target for bulls is $41,798 - $43,159 zone. The momentum is strong and positive, so the overall outlook starts to look bullish. The confirmation will come after the $41,798 - $43,159 zone is clearly violated.

Weekly Pivot Points:

WR3 - $51,501

WR2 - $45,102

WR1 - $42,774

Weekly Pivot - $36,903

WS1 - $34, 523

WS2 - $28,705

WS3 - $26,848

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).

Exchange Rates 16.06.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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