02.06.202008:14 Forex Analysis & Reviews: Technical Analysis of BTC/USD for June 2, 2020:

Crypto Industry News:

The Russian police initiated criminal proceedings against the former head of the local branch of the Russian Post Office, who managed to extract cryptocurrencies through the network of the office in the town of Mineralnye Vody in the southern part of the country.

According to a report published by the local news site, the Russian Investigative Committee of the SU for the Stavropol region, said the former head of the branch is suspected of illegal installation and extraction of cryptocurrencies using "professional equipment" using the company's power grid for almost six months. The suspect's activity continued until September 2019.

According to the local authorities responsible for the investigation, the Federal Postal Service in Stavropol's territory suffered more than 30,000 Russian rubles, or about $ 427. Suspects will be charged with "abuse of power" in accordance with the criminal code of the Russian Federation. The committee of inquiry is still in the phase of collecting evidence. Furthermore, the identity of the person detained by the police has not been disclosed to the media because the investigation is still pending and no criminal prosecution has yet been brought.

A similar case occurred in March in St. Petersburg, when information appeared about an operation carried out by the Russian police to capture Bitcoin miners who stole $ 200,000 of electricity every month to extract cryptocurrency. Criminals managed to establish eight locations with a sophisticated infrastructure that connected their mining equipment directly to a public source of electricity.

Technical Market Outlook:

The BTC/USD pair has reclaimed the level of $10,000 as anticipated and violation of this level will be a very bullish signal. Now the bulls are testing the level of $10,000 from below and if the market starts to bounce, the next target is the last local high seen at $10,343 and then at $10,430. Please notice, that there is developing bearish divergence between the price and momentum seen on the H4 time frame chart.

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.