BTC/USDT weekly analysis on 9th/Jun/2024
Hi, crypto traders.
#Last week's results and review
Last week, the price rose as predicted, and it seemed like it might break upwards following the employment statistics. However, instead, it peaked at 72,000 USD and gradually declined. Currently, the candlestick has fallen below 5MA.
# Current order of the candlesticks and MA lines
5MA (red) > the candle = 20MA (blue) > 100MA (black) > 60MA (green)
#Technical Positive Points
- If the candlestick crosses above 5MA again, there is a possibility of breaking 72,000 USD level.
- 60MA is flat, and 100MA continues to slope upward, indicating a long-term upward trend.
- If the candlestick continues to rise, a bullish upward trend with 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- The recent candlestick failed to break 72,000 USD level, indicating a potential short-term price decline.
- If it doesn't attempt to reach the all-time high of 73,800 USD soon, the price may have peaked and could start to fall.
- With the slopes of 5MA and 20MA turning negative, the likelihood of a short-term price decline increases.
- 60MA and 100MA were crossed, and both seem to be turning negative.
- As the candlesticks are densely packed, there is a possibility of a sudden price movement.
#Trend forecast of this week : Short 50%
From a technical perspective, negative factors are increasingly apparent. If there is no attempt to reach 72,000 USD in the near future, the price is likely to continue declining. However, if the candlestick crosses above 5MA again, it might be worth trying a BUY position.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 7th/Jun/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: 65,500-66,500USD (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's results and review
Last week, the price rose as predicted, and it seemed like it might break upwards following the employment statistics. However, instead, it peaked at 72,000 USD and gradually declined. Currently, the candlestick has fallen below 5MA.
# Current order of the candlesticks and MA lines
5MA (red) > the candle = 20MA (blue) > 100MA (black) > 60MA (green)
#Technical Positive Points
- If the candlestick crosses above 5MA again, there is a possibility of breaking 72,000 USD level.
- 60MA is flat, and 100MA continues to slope upward, indicating a long-term upward trend.
- If the candlestick continues to rise, a bullish upward trend with 5MA > 20MA > 60MA > 100MA is likely to form.
#Technical Negative Points
- The recent candlestick failed to break 72,000 USD level, indicating a potential short-term price decline.
- If it doesn't attempt to reach the all-time high of 73,800 USD soon, the price may have peaked and could start to fall.
- With the slopes of 5MA and 20MA turning negative, the likelihood of a short-term price decline increases.
- 60MA and 100MA were crossed, and both seem to be turning negative.
- As the candlesticks are densely packed, there is a possibility of a sudden price movement.
#Trend forecast of this week : Short 50%
From a technical perspective, negative factors are increasingly apparent. If there is no attempt to reach 72,000 USD in the near future, the price is likely to continue declining. However, if the candlestick crosses above 5MA again, it might be worth trying a BUY position.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 7th/Jun/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: 65,500-66,500USD (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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