BTC analysis, Jun 1
Hey there!
What's on the markets? It's all bleeding red. Worked as we did in our last analysis review.
What do we have at the moment?
Market cap is at 1129bn, BTC dominance index at 47.68%. Fear & Greed Index - 52 (Still neutral market sentiment). The news background is uncertain, so it's a good time to do technical analysis.
So, BTC is still in a downward channel. Namely, near the very middle of the downtrend channel. Statistically, this level is strong in terms of support and resistance.
In addition, we have two strong liquidity pools. 27350-27500 from above and 26400-26550 from below (marked with grey rectangles on the chart). A breakout and fixing of one of them will determine further movement.
Recall the 233 moving average (blue line). If the price is lower - priorities are for the short positions, if the price goes higher - then long.
At the moment the price is being squeezed into a triangle (as shown on the chart). Exit and consolidation in either direction will be a signal for further action.
Movement options are displayed on the chart. Priority at the moment is given to the downward movement with small corrections.
Good luck and patience to all!
Always in touch,
Relictum Analytics
What's on the markets? It's all bleeding red. Worked as we did in our last analysis review.
What do we have at the moment?
Market cap is at 1129bn, BTC dominance index at 47.68%. Fear & Greed Index - 52 (Still neutral market sentiment). The news background is uncertain, so it's a good time to do technical analysis.
So, BTC is still in a downward channel. Namely, near the very middle of the downtrend channel. Statistically, this level is strong in terms of support and resistance.
In addition, we have two strong liquidity pools. 27350-27500 from above and 26400-26550 from below (marked with grey rectangles on the chart). A breakout and fixing of one of them will determine further movement.
Recall the 233 moving average (blue line). If the price is lower - priorities are for the short positions, if the price goes higher - then long.
At the moment the price is being squeezed into a triangle (as shown on the chart). Exit and consolidation in either direction will be a signal for further action.
Movement options are displayed on the chart. Priority at the moment is given to the downward movement with small corrections.
Good luck and patience to all!
Always in touch,
Relictum Analytics
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