06.07.202007:46 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 6, 2020:

Crypto Industry News:

A recent Blockchain Tencent accelerator competition took place in Shenzhen, China. The topic concerned "Blockchain industry and ecological construction".

According to local news, Professor Zhu Jiaming, a former United Nations Industrial Development Economist and President of Chinese Digital Assets Research, believes that "2020 is an important year for Blockchain integration in various industries and this is a key period in the history of Blockchain development and applications."

Zhu says that there is an unprecedented consensus on Blockchain status in macroeconomic and social governance, and that he has reached a national strategic level. He admits that Blockchain application scenarios have been extended in recent years. He also states that the combination of Blockchain with various industries has become more developed, and that the ecology of Blockchain industrialization has begun to appear. In this context, Zhu Jiaming believes that "Strategy, interaction, ecology and acceleration" have become the key words for Blockchain integration.

Apparently 60 companies participated in the Tench Blockchain accelerator competition. They were divided into three groups: "industrial Blockchain solutions", "industrial Blockchain infrastructure" and "industrial blockchain peripheral services". They cover finance, government affairs, logistics, legal affairs, education, industry and other industries, with a total value of over 10 billion yuan, or about $ 1.40 billion.

Technical Market Outlook:

The BTC/USD pair has been trading inside of a narrow zone during the weekend after the bulls had managed to made a Pin Bar candlestick formation during the tests of the level of $8,858. The price keeps trading below the key short-term trend line resistance as well and the bears are making lower highs during a bounces. The momentum is hovering around the fifty level, which is a neutral level for both market participants, but in a case of any breakout higher above the trend line, the next target for bulls is seen at the level of $9,150 and $9,240. Only a sustained breakout above the $9,240 would put the bulls back in control over the market again.

Weekly Pivot Points:

WR3 - $9,487

WR2 - $9,346

WR1 - $9,113

Weekly Pivot - $8,999

WS1 - $8,779

WS2 - $8,645

WS3 - $8,425

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.