BTC/USDT weekly analysis on 3rd/Jun/2024
Hi, crypto traders.
Last week, there was not as much movement as expected, with prices gradually declining and briefly falling slightly below 20MA. 5MA and 20MA crossed, as well as 60MA and 100MA. However, the current price has recovered slightly and is fluctuating around 69,000 USD.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) = 20MA (blue) > 100MA (black) = 60MA (green)
#Technical Positive Points
- The candlestick recently broke above 5MA and 20MA, making it just the right timing to BUY.
- If the price continues to rise, 5MA seems likely to bounce off 20MA.
- If the price continues to rise, 60MA seems likely to bounce off 100MA.
- 60MA is flat, and 100MA continues to slope upward, indicating a long-term uptrend.
- If the candlestick breaks above, a bullish uptrend with 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- Since the moving averages are still clustered closely together, if the candlestick breaks down due to any catalyst, the trend could easily reverse.
- If the price does not attempt to reach the recent high of 73,800 USD soon, there is a possibility that it will hit a ceiling and start declining again.
- If the candlestick lacks upward momentum, 5MA and 20MA might cross, leading to a short-term price decline.
- With 60MA and 100MA having crossed, if there is no upward momentum, there is a possibility of a long-term trend reversal.
#Trend forecast of this week : Long 30%
Technically, there are still many positive elements, but if the price does not break above 73,800 USD soon, there is a possibility that the trend could reverse into a downtrend. While it is currently a good time to BUY, if the candlestick falls below 5MA again, it might be better to close the position temporarily and wait to see how things develop.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 21st/May/2024)
2nd target: 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round price)
If the price of Bitcoin decreases
1st target: 65,500-66,000USD (Cross-point with 60MA & 100MA)
2nd target: 60,000USD (A nice round price, the lowest price on 10th/May/2024)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
Last week, there was not as much movement as expected, with prices gradually declining and briefly falling slightly below 20MA. 5MA and 20MA crossed, as well as 60MA and 100MA. However, the current price has recovered slightly and is fluctuating around 69,000 USD.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) = 20MA (blue) > 100MA (black) = 60MA (green)
#Technical Positive Points
- The candlestick recently broke above 5MA and 20MA, making it just the right timing to BUY.
- If the price continues to rise, 5MA seems likely to bounce off 20MA.
- If the price continues to rise, 60MA seems likely to bounce off 100MA.
- 60MA is flat, and 100MA continues to slope upward, indicating a long-term uptrend.
- If the candlestick breaks above, a bullish uptrend with 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- Since the moving averages are still clustered closely together, if the candlestick breaks down due to any catalyst, the trend could easily reverse.
- If the price does not attempt to reach the recent high of 73,800 USD soon, there is a possibility that it will hit a ceiling and start declining again.
- If the candlestick lacks upward momentum, 5MA and 20MA might cross, leading to a short-term price decline.
- With 60MA and 100MA having crossed, if there is no upward momentum, there is a possibility of a long-term trend reversal.
#Trend forecast of this week : Long 30%
Technically, there are still many positive elements, but if the price does not break above 73,800 USD soon, there is a possibility that the trend could reverse into a downtrend. While it is currently a good time to BUY, if the candlestick falls below 5MA again, it might be better to close the position temporarily and wait to see how things develop.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 21st/May/2024)
2nd target: 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round price)
If the price of Bitcoin decreases
1st target: 65,500-66,000USD (Cross-point with 60MA & 100MA)
2nd target: 60,000USD (A nice round price, the lowest price on 10th/May/2024)
3rd target: 56,500USD (The lowest price on 1st/May/2024)
Let's enjoy trading this week too!
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