Technical Analysis

BTC/USD Analysis – June 03, 2021

By LonghornFX Technical Analysis
Jun 3, 20213 min

Symmetrical Triangle Breakout

The BTC/USD was closed at $37590.0 after placing a high of $38053.0 and a low of $36192.3. Bitcoin saw a surge in prices with minor gains on Wednesday amid a combination of mentioned factors. The CEO of a Nasdaq-listed and China-based firm, Canaan Inc., specializing in bitcoin mining equipment, argued that the Bitcoin mining ban imposed by China should make allowances for green-energy users.

The giant British multinational banking and financial service organization Standard Chartered has shown interest in releasing a cryptocurrency trading platform in Europe and Britain later this year. On Wednesday, the institution revealed plans o launch a digital asset brokerage and exchange platform in Europe and Britain. The project will serve the clients of the bank and will be jointly operated by few entities. The new initiative will allow European institutional customers of the bank to trade bitcoin, ether, and other digital assets.

Meanwhile, the Las Vegas-based payment app Banq has started investing in Bitcoin from various accounts under one platform. Traders can generate as many sub-accounts as they want for a company or private use. This solution enables users to keep crypto investments separate for different goals, different people, and different entities. Moreover, Hungary will erect a life-sized bronze bust honouring Bitcoin's creator, Satoshi Nakamoto, in Budapest. A hooded figure with a mirror surface will be erected in Hungary as the project's initiator, Andras Gyorfi, said that Nakamoto's invention had opened a new chapter in the history of the internet.

Additionally, Philips will allow buyers to pay with the two largest cryptocurrencies (BTC and ETH) for Banksy's artwork called Laugh Now Panel A. the executive of Philips, Jonathan Crockett, has highlighted that the seller insisted on the move as it would grant him more potential buyers and a higher price as an outcome.

BTC/USD Intraday Technical Levels

Support Resistance

35858.8 37555.6

35045.0 38438.6

34161.9 39252.4

Pivot Point: 36741.8

BTC/USD - Technical Outlook 

The BTC/USD is trading at a sharp bullish bias at 38,722 level, violating the trading range of 40,100 – 33,500. The RSI and MACD indicators have crossed over into the bullish zone, supporting odds of a bullish trend in Bitcoin. Recently, the pair has formed bullish engulfing candles that suggest bullish sentiment among investors. The BTC/USD pair's immediate resistance continues to hold around 40,100 and 42,222 levels. Technical indicators have now moved to the buy zone on the hourly timeframe. The RSI is holding at 59, and MACD is closing histograms over 0. The BTC/USD pair may find support at 36,835. Below these levels, the BTC's next support holds around 33,521. Conversely, the violation of 37,850 resistance exposes Bitcoin towards resistance areas of 40,100 and 42,221. All the best!


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