09.06.2023 09:02 AM
Technical Analysis of BTC/USD for June 9, 2023

Crypto Industry News:

The European Consumer Organization (BEUC) filed a complaint with the European Commission on June 8 against a number of social media platforms for facilitating misleading promotion of crypto assets.

BEUC claimed that cryptocurrency sellers on popular social media platforms such as Instagram, YouTube, TikTok, Twitter are using misleading promotion of crypto assets, putting consumers at serious risk.

The group says that because crypto assets have not yet been regulated under the new MiCA (Micro-Asset Market) rules, consumers are not protected by any specific rules.

BEUC is a group of 46 independent consumer organizations from 32 countries, making it the largest consumer rights group in Europe. It also published a report titled "Hype or harm? The Great Social Media Crypto Con", which alleges that consumers are not fully aware of the risks associated with cryptocurrencies, thus being exposed to them.

The report calls Instagram, YouTube, Twitter and TikTok "key players" in crypto advertising. It also shows how such activities take place on Facebook and Twitter.

On Facebook, crypto ads bypass rules that prohibit the promotion of unlicensed financial platforms. Twitter founder Elon Musk himself used Doge, Dogecoin's mascot, on the platform, even though it prohibits crypto ads.

Technical Market Outlook:

The BTC/USD pair has made a V-shape reversal from the lows seen at the level of $25,442, nevertheless, the rally has failed and the bearish pressure increased. In the result, the market is back under 50 and 100 MA again and continues the whipsaw trading cycle. The key short them technical resistance is the swing high located at the level of $28,446 and only a sustained breakout above this level would be considered more bullish. The intraday technical support is seen at $25,892. The next target for bulls is seen at the level of $27,452 and $27,570, however the current momentum is barely neutral.

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Weekly Pivot Points:

WR3 - $28,056

WR2 - $27,490

WR1 - $27,126

Weekly Pivot - $26,917

WS1 - $26,553

WS2 - $26,343

WS3 - $25,770

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

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