Coin Tech Analytics. 3 June 2022.
Mark Sorokin, 8848 Invest analyst
After updating the local minimum, the market began to form the new accumulation boundaries. Generally, it should be considered the market is at the lower flat limits now for many tools.
The probability of growth from these levels is quite high. But in order to see the market participants' reaction to these movements, you need to monitor the actual situation development. The altcoins’ position is quite identical to the BTC situation. Their changes completely depend on the benchmark’s price movements.
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📰 Latest news
The New York State Senate has approved a 2-year moratorium on cryptocurrency mining using carbon sources generated by electricity. The bill provides freezing of the current carbon emission levels resulting from mining. Earlier, the document was adopted by the New York State Assembly.
Existing companies and ones who are in the process of obtaining digital assets mining permission will be able to continue operating. During the 2 years, the authorities plan to study the potential impact of Proof-of-Work mining on the environment.
The FTX cryptocurrency exchange has announced the launch of FTX Japan, a division for customer service in Japan. Sam Bankman-Fried's company rebranded the Liquid exchange to FTX Japan K.K. The trading platform has a license from the cryptocurrency exchange service provider, as well as an FSA’s business permit in the field of financial tools.
At the same time, the Singapore company Crypto.com got a conditional license as a virtual asset provider from the Dubai regulator VARA. The approval will allow it to offer a full range of services to customers in Dubai.
📈 Tech analysis
BTC demonstrates a pullback movement from the support area, but to form a reversal pattern another local minimum update is needed. After that, we should expect a small volume increase.
ETH is close to the local support level. We’re waiting for the seller’s locked volume formation at current levels and the growth resumption.
LTC also accumulates volume close to the support level. We’re waiting for the reversal pattern formation and the growth resumption to the resistance level.
XRP also makes a pullback from the support level. We’re waiting for a new impulse to determine the movement potential. It’s likely the coin will update the local minimum once again.
BNB is also in the support area. To resume growth, we’re waiting for the buyers’ reaction. Another local minimum update is don’t exuded also.
BCH also showed a reaction to the support. For more confident growth, the market needs to update the local minimum to withdraw liquidity for purchase.
