Crypto Industry News:
One of the largest US banks, JPMorgan Chase, has thoroughly analyzed the March market collapse. Quite a lot of space in the report is devoted to Bitcoin. According to analysts, the BTC market is clearly maturing, they also see a strong correlation with global stock markets.
The sudden collapse of markets in March 2020, caused by the global COVID-19 pandemic, has become the object of research for many analysts from around the world. Specialists from JPMorgan confirm that "Bitcoin has emerged relatively unscathed" from the March decline.
Well-known analysts developing the strategy for the bank said that the survival of the crisis in March 2020 confirmed "the longevity of BTC as a class asset."
The bank's narrative compared to the most popular cryptocurrency clearly changes to positive. Not so long ago, the president of the American giant Jamie Dimon called the BTC a "fraud." Although a few days after the unfortunate words, he apologized to the community gathered around the oldest cryptocurrency but the disgust remained.
For several weeks we have been observing a surprising turn in the assessment of Bitcoin by JPMorgan, which according to unofficial sources buys BTC.
Another signal confirming a 180-degree return is the May message about the bank's service of clients, the two largest US cryptocurrency exchanges: Coinbase and Gemini.
The report also did not go without stigmatizing the weaknesses of the Bitcoin market. First of all, attention was paid to large fluctuations of chickens of the vast majority of cryptocurrencies. The opinion about "using [Bitcoin] more as a tool for speculation than as a means of exchanging or storing value," is shared by many professional traders.
Technical Market Outlook:
The BTC/USD pair has failed to rally higher towards $10,000 and after a quite long period of consolidation moved lower towards the level of $9,000. The last local low was made at the level of $8,860, but there is still a room for another wave down. The next technical support is seen at the level of $8,565 and the nearest technical resistance is still seen at the level of $9,249. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - $10,691
WR2 - $10,307
WR1 - $9,752
Weekly Pivot - $9,407
WS1 - $8,828
WS2 - $8,448
WS3 - $7,903
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
