28.06.202208:37 Forex Analysis & Reviews: Technical Analysis of BTC/USD for June 28, 2022

Crypto Industry News:

Police in the Russian region of Irkutsk have launched an investigation into mining hotel operators suspected of cheating customers and stealing their expensive cryptocurrency mining equipment, Tass news agency reported, citing the main management of the region's interior ministry.

Counting on quick earnings, the miners handed over their devices to people who ran the mining hotel - explained law enforcement officers. At one point, all payments to customers were put on hold and their expensive equipment was not returned.

"Based on these facts, a criminal case was opened under Part 4 of Article 159 of the Criminal Code of the Russian Federation (large-scale fraud). Various material evidence, including computer hardware and documentation, was confiscated from their office."

Investigators found that between November 2021 and May 2022, the suspects lured people who wanted to install their cryptocurrency mining equipment in a mining hotel. They were offered rental and electricity prices that were well below the real market rates.

At the same time, they encouraged the miners to hand over the equipment as soon as possible, referring to the limited lease area. The owners of the excavators were not told where their devices would be, and only the representatives of the facility had access to the mined coins.

Russian police are now looking for fraudsters. As a result of their actions, about 100 people suffered losses. They provided the organizers of the mining hotel with equipment valued at 100 million rubles, or nearly $1.9 million.

Technical Market Outlook:

The BTC/USD pair has found the temporary support on the trend line after the technical resistance had capped the bounce once again around the level of $21,737 (pin Bar candlestick at the top of the move up). Any failure to hit and/or break above this level will likely result in another wave down towards the recent lows. The nearest technical support is seen at the level of $19,789. 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 technical levels.

Weekly Pivot Points:

WR3 - $24,726

WR2 - $23,231

WR1 - $22,437

Weekly Pivot - $20,850

WS1 - $20,126

WS2 - $18,771

WS3 - $17,937

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.