Bitcoin Analysis Saturday, July 6, 2024
Updated
1. Current Situation
Bitcoin is experiencing a significant downturn, reaching levels not seen since February. The primary concern is how much further it can drop, with potential for a short-term bounce.
4. Current Price Action and Short-term Projections
- Bitcoin has already seen a 25% move to the downside from its recent high.
- Short-term projections suggest Bitcoin could drop further, with the downside target between $45,000 and $47,000.
6. Potential Scenarios
- **Best-case Scenario**: Bitcoin finds support around $45,000 to $47,000.
- **Worst-case Scenario**: Bitcoin drops below $40,000, potentially to $39,000.
7. Time Frame Analysis
- Average time to find the next major low based on historical data is 36 days from the last high.
- Currently, Bitcoin is around day 30 of this cycle, suggesting more downside movement is likely.
8. Short-term Bounce Potential
- Bitcoin is resting on the 55 exponential moving average on the five-day timeframe, hinting at a possible short-term relief rally.
- Short-term bounce targets could be around $55,000 to $56,000, but likely short-lived.
10. Conclusion and Recommendations
- The overall trend is still to the downside.
- Short-term bounces are possible but should not be mistaken for a trend reversal.
- Long-term investors should be cautious and consider potential further drops.
12. Market Sentiment
- Generally bearish, with technical indicators pointing to further downside.
19. Support and Resistance Levels
- **Support**: Around $45,000 to $47,000.
- **Resistance**: Around $56,000.
Final Thoughts
The Analysis emphasizes caution for Bitcoin holders, highlighting the potential for further downside despite short-term bounce possibilities. Long-term support levels around $45,000 to $47,000 are crucial, with a worst-case scenario possibly seeing Bitcoin below $40,000. Investors are advised to stay vigilant and consider the broader bearish sentiment.
Bitcoin is experiencing a significant downturn, reaching levels not seen since February. The primary concern is how much further it can drop, with potential for a short-term bounce.
4. Current Price Action and Short-term Projections
- Bitcoin has already seen a 25% move to the downside from its recent high.
- Short-term projections suggest Bitcoin could drop further, with the downside target between $45,000 and $47,000.
6. Potential Scenarios
- **Best-case Scenario**: Bitcoin finds support around $45,000 to $47,000.
- **Worst-case Scenario**: Bitcoin drops below $40,000, potentially to $39,000.
7. Time Frame Analysis
- Average time to find the next major low based on historical data is 36 days from the last high.
- Currently, Bitcoin is around day 30 of this cycle, suggesting more downside movement is likely.
8. Short-term Bounce Potential
- Bitcoin is resting on the 55 exponential moving average on the five-day timeframe, hinting at a possible short-term relief rally.
- Short-term bounce targets could be around $55,000 to $56,000, but likely short-lived.
10. Conclusion and Recommendations
- The overall trend is still to the downside.
- Short-term bounces are possible but should not be mistaken for a trend reversal.
- Long-term investors should be cautious and consider potential further drops.
12. Market Sentiment
- Generally bearish, with technical indicators pointing to further downside.
19. Support and Resistance Levels
- **Support**: Around $45,000 to $47,000.
- **Resistance**: Around $56,000.
Final Thoughts
The Analysis emphasizes caution for Bitcoin holders, highlighting the potential for further downside despite short-term bounce possibilities. Long-term support levels around $45,000 to $47,000 are crucial, with a worst-case scenario possibly seeing Bitcoin below $40,000. Investors are advised to stay vigilant and consider the broader bearish sentiment.
Note
Broke above resistanceNext range 70k
Note
60k Is support at this rangeHL must print
Note
Welp lol back towards 56kNote
Hit 
49K, 
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