Crypto Industry News:
On June 13, the company monitoring the cryptocurrency market - Glassnode, published data that indicate that the number of portfolios on which 0.1 BTC or more is stored has reached a new record. There are currently 3 054 282 such portfolios, which is 212 more than the previous record on May 21.
The number of investors with more than 0.1 BTC since the bull market in 2017 is constantly growing. On the other hand, from April 2019, new records above 2.75 million are systematically set. From August 2017 to January 2018, the number of such portfolios increased by 45% from 1.8 million to over 2.6 million. The number of wallets storing a minimum of 0.1 Bitcoin began to increase rapidly since February 2020, most likely due to the impending halving. The number of Ethereum addresses (ETH) on which 0.1 ETH or more is stored has also reached new ATH in recent days. Currently at least 0.1 ETH is on 2 984 080 wallets. Unlike Bitcoin, the number of Ethereum wallets storing more than 0.1 ETH was not able to improve its previous record until April this year. From March 2018, their numbers fluctuated between 2.4 and 2.7 million.
The last big bull market that took place in 2017 caused a huge increase in the number of ETH investors holding more than 0.1 Ethereum. It increased by approximately 400%, from 500,000 in August 2017, to 2.4 million in February 2018.
Technical Market Outlook:
The last local low on BTC/USD was made at the level of $8,860, but there is still a room for another wave down. Nevertheless, the bulls have managed to push the price back up after the low was made and currently the price is trading around the level of $9,400. In a case of a reversal from here, 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.
