Market Overview

WHAT HAPPENED?

Last week, after fluctuating in a sideways range, bitcoin began to decline. Only $300 wasn’t enough to reach the level of $100,000 — there was a strong absorption of market sales, and a rebound occurred.

WHAT WILL HAPPEN: OR NOT?

We tested the $104,500–$105,800 zone (accumulated volumes). There is no abnormal activity or strong sales within it, which increases the likelihood of continued upward movement to the next sell zone. After that, the current volumes may go long, forming a new support zone in the range of $105,800–$104,500.

This week, we can consider a long retest of the support of $104,500–$105,800 with confirmation of the buyers' reaction. However, low volumes in the upward wave keep the risk of a sharp resumption of sales. In this case, the key entry level will shift to the psychological mark of $ 100,000.

Supply Zone:

$107,000–$109,800 (accumulated volumes)

Demand Zones:

$101,600–$100,000 (previous push-volume zone + current buyer defense)

$98,000–$97,200 (local support)

$93,000 level

$91,500–$90,000 (strong buy-side imbalance)

IMPORTANT DATES

Macroeconomic developments this week:

• Wednesday, June 11, 12:30 (UTC) — publication of the basic US consumer price index for May, as well as in comparison with May 2024;
• Thursday, June 12, 06:00 (UTC) — UK GDP for April is published;
• Thursday, June 12, 12:30 (UTC) — publication of the number of initial applications for unemployment benefits and the US producer price index for May;
• Friday, June 13, 06:00 (UTC) — German consumer price index for May is published.

*This post is not a financial recommendation. Make decisions based on your own experience.

#analytics

Crypto_robotics

Unlock your potential in trading

Also on:

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.

Crypto_robotics

Unlock your potential in trading

Also on: