BTC/USDT weekly analysis on 22nd/Jun/2024
Hi, crypto traders.
#Last week's results and review
Although I couldn't update the article last week, the price continued to decline as expected. 5MA has fallen below 20MA, 60MA, and 100MA, and the candlestick is below 5MA. I believe the price will continue to decline, but the focus will be on where it will rebound. In that case, the following target points may be helpful.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) > 60MA (green) = 100MA (black) > 20MA (blue)
#Technical Positive Points
- If the candlestick rebounds and moves above all MAs, there is a possibility that an uptrend may resume.
#Technical Negative Points
- 5MA has fallen below all MAs and seems likely to continue declining.
- The slopes of 20MA, 60MA, and 100MA are all turning negative.
- 20MA is crossing 60MA and 100MA, forming a downtrend with 100MA > 60MA > 20MA > 5MA.
- Since the price is gradually declining rather than dropping sharply, there is a possibility of a sudden drop at some point.
#Trend forecast of this week : Short 70%
From a technical perspective, there are many very negative factors, so I expect the price to continue to decline. As noted below, the initial rebound target is 60,000 USD. However, if there is a sudden drop triggered by some event, it could fall below 60,000 USD and reach 56,500 USD. If you are aiming for the next upward timing, I recommend not entering during the first sudden drop but waiting for MAs to form a double bottom before entering a long position. I will continue to write articles and will mention the timing separately.
#Target points
If the price of Bitcoin increases
1st target: 65,900USD - 67,500USD (Cross-point with 60MA & 100MA & 20MA)
2nd target: 72,000USD (The highest price on 7th/Jun/2024)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 60,000USD (A nice round price, the lowest price on 10th/May/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
Although I couldn't update the article last week, the price continued to decline as expected. 5MA has fallen below 20MA, 60MA, and 100MA, and the candlestick is below 5MA. I believe the price will continue to decline, but the focus will be on where it will rebound. In that case, the following target points may be helpful.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) > 60MA (green) = 100MA (black) > 20MA (blue)
#Technical Positive Points
- If the candlestick rebounds and moves above all MAs, there is a possibility that an uptrend may resume.
#Technical Negative Points
- 5MA has fallen below all MAs and seems likely to continue declining.
- The slopes of 20MA, 60MA, and 100MA are all turning negative.
- 20MA is crossing 60MA and 100MA, forming a downtrend with 100MA > 60MA > 20MA > 5MA.
- Since the price is gradually declining rather than dropping sharply, there is a possibility of a sudden drop at some point.
#Trend forecast of this week : Short 70%
From a technical perspective, there are many very negative factors, so I expect the price to continue to decline. As noted below, the initial rebound target is 60,000 USD. However, if there is a sudden drop triggered by some event, it could fall below 60,000 USD and reach 56,500 USD. If you are aiming for the next upward timing, I recommend not entering during the first sudden drop but waiting for MAs to form a double bottom before entering a long position. I will continue to write articles and will mention the timing separately.
#Target points
If the price of Bitcoin increases
1st target: 65,900USD - 67,500USD (Cross-point with 60MA & 100MA & 20MA)
2nd target: 72,000USD (The highest price on 7th/Jun/2024)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 60,000USD (A nice round price, the lowest price on 10th/May/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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