FX.co ★ Technical Analysis of BTC/USD for June 17, 2021

Crypto Industry News:

Beijing continues to issue orders to shut down Bitcoin's mining centers. Many miners are now looking for a friendlier climate abroad.

Yunnan, the fourth largest bitcoin mining region, has been the target of recent government repression. As part of what cryptocurrency observers refer to as the "Great Mining Migration", many of these companies are looking to North America, and specifically Texas, to locate their mining centers there.

Texas has one of the lowest energy prices in the world and its share of the renewable energy sector is growing all the time. The state is currently the leader in wind-powered electricity generation, generating nearly 30% of total US production.

The state of Texas allows customers to choose between energy suppliers. Additionally, power company leaders, politicians and even bankers are rather pro-bitcoin in Texas. This makes it a perfect place for all BTC miners who are looking for a good place to locate their mining activities.

Technical Market Outlook:

The BTC/USD pair has pulled-back from the 38% Fibonacci retracement located at the level of $41,096. The rally had ended with a Pin Bar candlestick formation so far, but in a case of an extension to the upside, the next target for bulls is $41,798 - $43,159 zone. The momentum is strong and positive, so the overall outlook starts to look bullish. The confirmation will come after the $41,798 - $43,159 zone is clearly violated.

Weekly Pivot Points:

WR3 - $51,501

WR2 - $45,102

WR1 - $42,774

Weekly Pivot - $36,903

WS1 - $34, 523

WS2 - $28,705

WS3 - $26,848

Trading Recommendations:

Even despite the recent correction the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).