WHAT HAPPENED?
Despite the prevailing bullish trend, bitcoin failed to gain a foothold at the lower end of the sideways range. Instead, there was a breakdown downwards, which led to a shift of the accumulated volume in the short direction.
After that, the support zone of $104,200 – $102,300 (accumulated volumes) was tested, which was followed by the first positive reaction from buyers.
WHAT WILL HAPPEN: OR NOT?
It’s too early to talk about a full-fledged reversal and a resumption of the bullish trend. The resumption looks weak, both in terms of volume and momentum.
In the near future, we should expect a repeat test of the formed minimum. In the absence of a buyer's reaction, a rollback to the next area of interest is possible. An alternative scenario is the formation of a new sidewall between key levels:
– $104,200 – $102,300 (current accumulation zone),
– $107,000 – $109,800 (potential upper limit).
Sell zone:
$107,000–$109,800 (accumulated volume)
Buy zones:
$104,200–$102,300 (accumulated volume)
~$100,000 (initiating volume)
$98,000–$97,200 (local support)
Level at $93,000
$91,500–$90,000 (strong buying imbalance)
IMPORTANT DATES
The following macroeconomic events are expected this week:
• Monday, June 2, 13:45 (UTC) — the publication of the index of business activity in the US manufacturing sector for May;
• Monday, June 2, 14:00 (UTC) — publication of the ISM index of business activity in the US manufacturing sector for May;
• Monday, June 2, 17:00 (UTC) — speech by Fed Chairman Jerome Powell;
• Tuesday, June 3, 09:00 (UTC) — publication of the consumer price index for May and in comparison with May 2024 in the Eurozone;
• Tuesday, June 3, 14:00 (UTC) — publication of the number of open vacancies in the labor market (JOLTS) USA for April;
• Wednesday, June 4, 12:15 (UTC) — publication of changes in the number of people employed in the US non—agricultural sector for May from ADP;
• Wednesday, June 4, 13:45 (UTC) - publication of the index of business activity in the service sector (PMI) USA for May, as well as Canada's interest rate decisions;
• Wednesday, June 4, 14:00 (UTC) — publication of the US non—manufacturing purchasing managers' index for May from ISM;
• Thursday, June 5, 12:15 (UTC) - publication of the deposit rate, as well as interest rate decisions in the Eurozone;
• Thursday, June 5, 12:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Thursday, June 5, 12:45 (UTC) — press conference of the European Central Bank;
• Friday, June 6, 12:30 (UTC) — publication of the average hourly wage, changes in the number of people employed in the non-agricultural sector and the unemployment rate in the United States in May.
*This post is not a financial recommendation. Make decisions based on your own experience.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.