BTC analysis for June 03,.2020 – Massive drop on the BTC as I expected. Watch for selling opportunities on the rallies with

Corona virus summary:

Quick Take

  • China’s chip-making giant SMIC, which recently partnered with bitcoin miner maker Canaan, has filed for $2.8 billion IPO
  • SMIC’s IPO filing comes amid rising trade tensions between China and the U.S., which have affected the largest chipmaker TSMC – Bitmain’s major chip supplier
  • Crypto mining expert Kristy-Leigh Minehan expects SMIC’s IPO to “succeed with flying colors” because China needs a next-generation fabrication facility that can serve foreign markets

Technical analysis:

Trading recommendation:

Watch for selling opportunities on the rallies using the intraday frames 5/15 minutes for better entry location.

The downside target is set at $8,685

Source: BTC analysis for June 03,.2020 – Massive drop on the BTC as I expected. Watch for selling opportunities on the rallies with

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