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Technical Analysis of BTC/USD for June 15, 2022

Relevance up to 02:00 2022-06-16 UTC–4

Crypto Industry News:

Edward Snowden was interviewed at yesterday’s Consensus 2022 conference in Austin, Texas. The famous author of books and whistleblower shared his thoughts with the audience about Bitcoin, Zcach, Monero and the future of the entire cryptocurrency market.

Edward Snowden became famous in 2013, right after the disclosure of classified data and the scale of surveillance by the US National Security Agency (NSA). According to Snowden, the biggest drawback of Bitcoin is its public nature and the fact that it is not private.

“Bitcoin does not act as electronic cash because cash should be largely anonymous,” he used these words to refer to the Bitcoin whitepaper in which Satoshi Nakamoto refers to BTC as a “peer-to-peer cash system.” Snowden added, however, that these are only his observations, because he has a lot of respect for cryptocurrencies himself, considers Bitcoin to be a brilliant invention and is a fan of blockchain technology. He also hopes that despite the lack of privacy, it will survive for centuries.

Snowdem also expressed his opinion on most cryptocurrencies.

“I believe that most cryptocurrencies are closer to money than currencies. People usually don’t understand the difference, but money is a thing that holds value, a token that can be exchanged and that is not independently controlled by any authority “

Finally, Snowden expressed the hope that humanity would have access to “free money in a sense of independence.” In his opinion, having many different assets that can act as money is a good thing for the world. “The more competition we have, the better,” he concluded.

Snowden is probably still hiding in the Russian Federation. In September 2020, he hosted the famous Joe Rogan podcast, in which he admitted that he still felt a patriot, believed that he did the right thing and dreams of returning to his homeland. However, he will only do this if the US government guarantees him a fair trial and does not treat him as a spy for Russia.

Technical Market Outlook:

The BTC/USD pair has made a new swing low at the level of $20,759 as it is approaching the round and psychological level of $20k. The key long-term technical support from May 12, 2022 located at $25,371 had been violated as the down trend continues. The market is under the bearish pressure and the next target for bears is seen at the level of $20,000 or below. The nearest technical resistance is located at $23,000, but in order to change the sentiment to more bullish, the market must break through the level of $27,921 again.

Weekly Pivot Points:

WR3 – $34,537

WR2 – $33,170

WR1 – $29,508

Weekly Pivot – $28,238

WS1 – $24,813

WS2 – $23,432

WS3 – $20,071

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 is seen at the round psychological level of $20,000.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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