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June 16, 2022

A Daily Outlook: BTC/USD; June 16, 2022

Top Headlines on Digital Currency:

Yesterday Bitcoin crossed its 200-week moving average (200W MA), which is one of the most important areas in its history.
Arthur Hayes, co-founder and former CEO of BitMEX, warned that the worst of Bitcoin’s crash was yet to come as there was still a lot of open interest (OI) in the $20k and $1k areas for BTC and ETH respectively in the OTC market.
According to the latest CoinShares digital asset fund flows weekly report, institutional investors have poured over $108 million into Solana investment products this year. This investment interest in Solana surpasses every other altcoin by far, including Ethereum.
The SEC has reportedly begun an investigation as to whether crypto exchanges are adequately preventing insider trading.
Coinbase has reduced the size of its workforce by about 18% representing 890 team members.
Alejandro Zelaya, the Minister of finance of El Salvador, reacted to the recent media attacks on the nation’s strategy of investing in Bitcoin (BTC). Despite the price of BTC collapsing by 56% since El Salvador made it legal tender, the minister insisted that the country has incurred no loss.

Source: ambcrypto

Technical View:

The BTC enjoys roller coaster movement and stabilizes back below $23,000 mark.
The pair made intraday high at $22,957 and low at $21,700 mark.
Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $22,900 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $21,400 on H1 chart requires for the downside rally.

Supports	Resistances
$21,400	$22,900
$20,800	$23,300
$20,220	$24,100
$20,000	$24,680
$19,550	$25,100

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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