BTC/USDT weekly analysis on 30th/Jun/2024
Hi, crypto traders.
#Last week's results and review
Last week, the price dropped as expected, temporarily falling below 60,000 USD to 58,400 USD. After that, the price rebounded, but it is currently stagnant, fluctuating between 60,000 and 62,500 USD. While it is possible for the price to temporarily rebound to 20MA, I believe that, fundamentally, the price will continue to decline.
# Current order of the candlesticks and MA lines
the candle = 5MA (red) > 20MA (blue) > 60MA (green) = 100MA (black)
#Technical Positive Points
- Since 5MA is moving sideways, if it rises and clearly exceeds 20MA, there is a possibility of another upward trend.
#Technical Negative Points
- 20MA has fallen below 60MA, forming a downtrend with 100MA > 60MA > 20MA > 5MA, indicating a high possibility of continued decline.
- Since the slope of 20MA is significantly downward, there is a high possibility of a short-term decline.
- Having once broken the psychological price target of 60,000 USD, it is likely to fall below 60,000 USD again.
- If the price plummets, the slope of 5MA may temporarily turn upward, but as it is still moving sideways, there is a possibility of further decline.
#Trend forecast of this week : Short 70%
From a technical perspective, there are many negative factors, so I expect the price to continue to decline this week. Since it once broke below 60,000 USD, reaching 56,500 USD is now in sight. Although the price is currently struggling to stay above 60,000 USD, I believe it will break below it soon. If it falls below 56,500 USD, the next target will be 50,000 USD. Psychologically, 50,000 USD is a significant target, so I don't expect it to break below this level significantly. However, we need to closely monitor the trend.
#Target points
If the price of Bitcoin increases
1st target: 63,500 - 64,000USD (Cross-point with 20MA)
2nd target : 65,000USD - 66,000USD (Cross-point with 60MA & 100MA)
3rd target: 72,000USD (The highest price on 7th/Jun/2024)
If the price of Bitcoin decreases
1st target: 58,400USD (The lowest price on 24th/Jun/2024)
2nd target: 56,500USD (The lowest price on 1st/May/2024)
3rd target: 50,000USD (A nice round number)
Let's enjoy trading this week too!
#Last week's results and review
Last week, the price dropped as expected, temporarily falling below 60,000 USD to 58,400 USD. After that, the price rebounded, but it is currently stagnant, fluctuating between 60,000 and 62,500 USD. While it is possible for the price to temporarily rebound to 20MA, I believe that, fundamentally, the price will continue to decline.
# Current order of the candlesticks and MA lines
the candle = 5MA (red) > 20MA (blue) > 60MA (green) = 100MA (black)
#Technical Positive Points
- Since 5MA is moving sideways, if it rises and clearly exceeds 20MA, there is a possibility of another upward trend.
#Technical Negative Points
- 20MA has fallen below 60MA, forming a downtrend with 100MA > 60MA > 20MA > 5MA, indicating a high possibility of continued decline.
- Since the slope of 20MA is significantly downward, there is a high possibility of a short-term decline.
- Having once broken the psychological price target of 60,000 USD, it is likely to fall below 60,000 USD again.
- If the price plummets, the slope of 5MA may temporarily turn upward, but as it is still moving sideways, there is a possibility of further decline.
#Trend forecast of this week : Short 70%
From a technical perspective, there are many negative factors, so I expect the price to continue to decline this week. Since it once broke below 60,000 USD, reaching 56,500 USD is now in sight. Although the price is currently struggling to stay above 60,000 USD, I believe it will break below it soon. If it falls below 56,500 USD, the next target will be 50,000 USD. Psychologically, 50,000 USD is a significant target, so I don't expect it to break below this level significantly. However, we need to closely monitor the trend.
#Target points
If the price of Bitcoin increases
1st target: 63,500 - 64,000USD (Cross-point with 20MA)
2nd target : 65,000USD - 66,000USD (Cross-point with 60MA & 100MA)
3rd target: 72,000USD (The highest price on 7th/Jun/2024)
If the price of Bitcoin decreases
1st target: 58,400USD (The lowest price on 24th/Jun/2024)
2nd target: 56,500USD (The lowest price on 1st/May/2024)
3rd target: 50,000USD (A nice round number)
Let's enjoy trading this week too!
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