Good morning everyone and welcome to my daily analysis of Bitcoin and the new month of June. I am taking a look at the 4hr today and I can say that we are really getting comfortable at this 9100 support. The bears just cant seem to take us below 9k and keep us there. I do see some obstacles on the horizon that could make it a bit more difficult to maintain this 9100 level. I will discuss that further in this analysis. I will also go over the monthly close that happened yesterday. So buckle up for the most exciting analysis you will ever read. Ever.
First of all I am seeing the 4hr 50 MA is providing the same resistance it has for the past few weeks. Since June the 16th we have spent 2 days above this resistance in a break out but we fell back below relatively quickly. We spent the other 14 days below the 50 MA. We are still being rejected in our attempts to break up above the resistance. Breaking the 4hr 50 MA wont be easy either as the 4hr cloud is very close to the 50 MA which means the resistance is stacking up. Im not saying the bulls absolutely cannot turn this around but you should be prepared for anything.
We are also still in the middle of the daily cloud. The cloud can be confining and that could help explain why we havent seen much movement up or down. The cloud is notorious for this. That daily 50 MA is directly above us as well so it will likely provide some sort of resistance if we do decide we want to break free from the confines of the daily cloud. This is very unlikely though as resistance is stacked near the top border of the cloud. The daily 50 MA and the daily cloud (top border) are pretty formidable foes and I doubt we will have enough fuel to pump through them anytime soon. Perhaps when the resistance isnt so stacked.
Now a look at the monthly close yesterday evening. It looks a bit bearish to me. It reminds me a bit of February's candle. We had a pretty significant drop after that candle showed on the chart. The pandemic can be blamed for a lot of that drop. But looking at the high wick above us which could be considered bearish we may see some downside after that monthly close yesterday. Only time will tell of course but you should be prepared for anything if you are trading.
Right now the 2.5 year old descending resistance that starts at the ATH of 20k is pretty much limiting us from rising above 10k - 10100. If we do break above that level it will cause that fomo buying the traders love to see. Everyone loves a pump. Its just fun. I guess shorters hate the pumps but when you play with fire you get burned sometimes. The community is just easier to get along with for obvious reasons when the charts are bullish. Sentiment is growing more bearish by the day. All my TA friends are becoming more bearish as time passes. I just see the writing on the wall. We were rejected from the 2.5 year resistance last month (10400) and after that we closed the month at 9100 - 9200. It shows me that the descending resistance is still very alive and well. If we cannot reverse this consolidation soon I fear a drop will materialize and we will see the 8k range soon. We do still have some key areas of support below us so it should not be a straight drop to the bottom but I am bearish at this time. No way around it. But then again WTFDIK right?
TLDR: someone needs to wake the bulls up. Lazy lazy bulls!
First of all I am seeing the 4hr 50 MA is providing the same resistance it has for the past few weeks. Since June the 16th we have spent 2 days above this resistance in a break out but we fell back below relatively quickly. We spent the other 14 days below the 50 MA. We are still being rejected in our attempts to break up above the resistance. Breaking the 4hr 50 MA wont be easy either as the 4hr cloud is very close to the 50 MA which means the resistance is stacking up. Im not saying the bulls absolutely cannot turn this around but you should be prepared for anything.
We are also still in the middle of the daily cloud. The cloud can be confining and that could help explain why we havent seen much movement up or down. The cloud is notorious for this. That daily 50 MA is directly above us as well so it will likely provide some sort of resistance if we do decide we want to break free from the confines of the daily cloud. This is very unlikely though as resistance is stacked near the top border of the cloud. The daily 50 MA and the daily cloud (top border) are pretty formidable foes and I doubt we will have enough fuel to pump through them anytime soon. Perhaps when the resistance isnt so stacked.
Now a look at the monthly close yesterday evening. It looks a bit bearish to me. It reminds me a bit of February's candle. We had a pretty significant drop after that candle showed on the chart. The pandemic can be blamed for a lot of that drop. But looking at the high wick above us which could be considered bearish we may see some downside after that monthly close yesterday. Only time will tell of course but you should be prepared for anything if you are trading.
Right now the 2.5 year old descending resistance that starts at the ATH of 20k is pretty much limiting us from rising above 10k - 10100. If we do break above that level it will cause that fomo buying the traders love to see. Everyone loves a pump. Its just fun. I guess shorters hate the pumps but when you play with fire you get burned sometimes. The community is just easier to get along with for obvious reasons when the charts are bullish. Sentiment is growing more bearish by the day. All my TA friends are becoming more bearish as time passes. I just see the writing on the wall. We were rejected from the 2.5 year resistance last month (10400) and after that we closed the month at 9100 - 9200. It shows me that the descending resistance is still very alive and well. If we cannot reverse this consolidation soon I fear a drop will materialize and we will see the 8k range soon. We do still have some key areas of support below us so it should not be a straight drop to the bottom but I am bearish at this time. No way around it. But then again WTFDIK right?
TLDR: someone needs to wake the bulls up. Lazy lazy bulls!
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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.
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.