BTC Analytics Jun 8
Good afternoon!
Crypto market cap is 1100bn, BTC dominance index - 48.05%. Fear & Greed Index is 50 (Market has returned to neutral sentiment).
After the previous review, the BTC price went in an upward scenario. The rise slowed down within the resistance area of 25990 - 25843 that is marked on the chart. This rise was extremely abnormal considering the negative news.
At the moment, the BTC price is squeezed in a narrow channel between the levels of ~25800-26900.
Currently he price is under the center of the local downtrend channel. Historically, this trendline has been a strong support and resistance level (marked on the chart).
It is not recommended to take a position right away, as the price is in the zone of uncertainty. The oscillators are also in a neutral zone. Further price movement should be monitored and also keep in mind that there may be a lot of volatility next week, as the following events are scheduled:
June 13 - Congressional hearing on cryptocurrency regulation.
June 13 - CPI release in the US.
June 14 - Fed rate decision.
Actual levels and possible price movement options remain largely unchanged since last review. Priorities are to wait for key levels to be reached.
1. Downside movement (marked in gold)
A breakdown of the level of 25800 could bring the price down to 25200-25000. In this case the price will approach the lower boundary of the descending channel.
1.1 Prolonged downside movement (marked in red)
In case the price approaches the level of 25000, it is necessary to monitor its further behavior and news background. With negative news further declines may lead to a zone of interest (POI).
2. Upside movement (marked in blue)
Only upon a breakdown and consolidation above the resistance level of 25990 - 25843, a further rise to 28100 (upper boundary of the local downward channel) with a continuation to 28800 and higher is possible.
Reminder: You may not catch the whole price movement, but you may catch a portion of it, the main thing is to have a clear plan for each case.
Good luck and patience to everybody.
Always in touch,
Relictum Analytics
Crypto market cap is 1100bn, BTC dominance index - 48.05%. Fear & Greed Index is 50 (Market has returned to neutral sentiment).
After the previous review, the BTC price went in an upward scenario. The rise slowed down within the resistance area of 25990 - 25843 that is marked on the chart. This rise was extremely abnormal considering the negative news.
At the moment, the BTC price is squeezed in a narrow channel between the levels of ~25800-26900.
Currently he price is under the center of the local downtrend channel. Historically, this trendline has been a strong support and resistance level (marked on the chart).
It is not recommended to take a position right away, as the price is in the zone of uncertainty. The oscillators are also in a neutral zone. Further price movement should be monitored and also keep in mind that there may be a lot of volatility next week, as the following events are scheduled:
June 13 - Congressional hearing on cryptocurrency regulation.
June 13 - CPI release in the US.
June 14 - Fed rate decision.
Actual levels and possible price movement options remain largely unchanged since last review. Priorities are to wait for key levels to be reached.
1. Downside movement (marked in gold)
A breakdown of the level of 25800 could bring the price down to 25200-25000. In this case the price will approach the lower boundary of the descending channel.
1.1 Prolonged downside movement (marked in red)
In case the price approaches the level of 25000, it is necessary to monitor its further behavior and news background. With negative news further declines may lead to a zone of interest (POI).
2. Upside movement (marked in blue)
Only upon a breakdown and consolidation above the resistance level of 25990 - 25843, a further rise to 28100 (upper boundary of the local downward channel) with a continuation to 28800 and higher is possible.
Reminder: You may not catch the whole price movement, but you may catch a portion of it, the main thing is to have a clear plan for each case.
Good luck and patience to everybody.
Always in touch,
Relictum Analytics
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