02.06.202309:15 Forex Analysis & Reviews: Technical Analysis of BTC/USD for June 2, 2023

Crypto Industry News:

Qatar has taken little action against crypto companies violating the ban announced in 2019. This opinion was expressed in a Wednesday report by the global anti-money laundering authority.

The Financial Action Task Force called on the Central Bank of Qatar to be more proactive in identifying and sanctioning virtual asset service providers. Thus, it reminds about companies that have violated the ban, and the report itself accuses the country of being too lenient towards financing terrorism.

"Qatar has failed to demonstrate that competent authorities proactively identify and take enforcement action for potential violations of this ban" in the Financial Center Regulatory Authority's 2019 ban case. No formal sanctions have so far been imposed on an individual or legal entity for violating the ban ( even where an unlicensed cryptocurrency provider operating in the country was allegedly founded. There are serious inconsistencies between Qatar's risk profile and the type and extent of the person/company being prosecuted and convicted for terrorism financing activities" - said the FATF, a Paris-based global watchdog that seeks to monitor and curtail dirty money flows.

Qatar, although less crypto-friendly than its neighbors, e.g. The United Arab Emirates, it was the governor of the country's central bank that pointed to the potential benefits of faster payments. He added that QBC is investigating the digital Rial.

In a statement posted on its website, the central bank said the assessment, which found the country met or largely met each of the forty technical requirements, "shows the state's commitment to combating illicit financing."

Technical Market Outlook:

The BTC/USD pair is down more than 6.5% since the local high was made at the level of $28,446. The bears moved below 61% Fibonacci retracement as well and the local low was made at the level of $26,505. All the pull-backs were rather shallow and did not break any of the key technical levels. The down move is being backed up by momentum, which is back below the level fifty (negative sentiment prevails). The next target for bears is seen at the swing low located at $25,850. The intraday technical support is seen at $26,712 and the intraday technical resistance is seen at $27,192.

Weekly Pivot Points:

WR3 - $29,254

WR2 - $28,640

WR1 - $28,255

Weekly Pivot - $28,028

WS1 - $27,645

WS2 - $27,415

WS3 - $26,803

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.