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Bitcoin (BTC) technical and fundamental analysisBitcoin's price began to decline at the end of June due to news that the collapsed cryptocurrency exchange Mt. Gox is ready to repay its creditors. Additionally, the crypto market faced pressure from ETF outflows and miner capitulation. As a result, the BTC price formed a technical analysis pattern known as a Double Top. It has reached the first target of our previous overview - the 1H Imbalance zone. Currently, it is retesting the ascending trendline, which will determine the future direction of the price movement. If sellers push through and the price consolidates below the support level, we expect it to drop to the next targets - the 4H and 1D Imbalance zones. There are significant gaps in horizontal trading volume levels that need to be filled with trading activity. In the same range, the 0.61 - 0.78 Fibonacci retracement levels are located, where we anticipate the correction to end if it becomes deeper. For the resumption of growth, the price needs to consolidate above the EMA 50 4H dynamic resistance line and return above the Point of Control (POC) level. In this case, we expect a retest of the descending trendline resistance. 📉 Bitcoin market global analysis On the daily logarithmic chart, Bitcoin's price continues to move within the Expanding Wedge pattern and has also formed a Double Top pattern. If BTC's price breaks below the lower boundary of the Expanding Wedge during the retest, we expect the Double Top pattern to be confirmed with a movement corresponding to its height. The targets of this movement could be the 1D and 1W Imbalance zones, where we will anticipate a trend reversal and the resumption of growth. What could the next growth phase look like? Above the current ATH, there are no resistance levels based on historical data. Therefore, to determine growth targets, we will use trendlines, Fibonacci extension levels, and the analysis of large order block clusters in order books. We have a local ascending trendline that has been relevant since November 2023. Its test could occur at the 75,000 - 76,000 level, which is confirmed by a large block of pending orders. Higher, in the 80,000 - 90,000 range, lies the global trendline built on the peaks of the previous two Bitcoin cycles. Additionally, the 1.38 Fibonacci extension level is located in that area. The highest trendline is in the 1.61 - 1.78 Fibonacci extension range, and its test could start at the 100,000 level. 💠 Analysis of liquidity zones and levels The index of fear and greed is in the fear zone - 44. The total capitalization of the cryptocurrency market fell to $2089 billion, and the Bitcoin dominance index increased to 54.8. According to the analysis of the accumulation of large blocks of orders in the order books, the supply and demand zones are located at the following levels: 🟢 Demand zone: 50,000 - 56,000 🔴 Supply zone: 70,000 - 80,000 Levels for long positions: 55,000 - 57,000 - retest of the trend line and large support block 52,000 - 53,000 - large support block 50,000 - psychological level of support Levels for short positions: 70,000 - psychological resistance level 72,000 - large resistance block 75,000 - large resistance block 90,000 - global trend line 📊 Fundamental analysis Bitcoin's price started to decline in late June on news that the collapsed cryptocurrency exchange Mt. Gox, which failed in 2014, is ready to repay its creditors. If the creditors decide to sell the received bitcoins, their activity could put significant pressure on the cryptocurrency's price. Therefore, many market participants have decided to reduce the share of BTC in their portfolios in anticipation of the upcoming payouts. Outflows from bitcoin funds, which account for over 5% of the cryptocurrency's issuance, are putting pressure on Bitcoin. After the halving, the reward for mining each BTC was halved from 6.25 to 3.125 BTC. With declining income and depreciating savings, many miners are forced to sell accumulated coins, further creating pressure on Bitcoin's price. However, there are also positive expectations: In the next two weeks, a spot ETF on Ethereum may appear. Industry experts are confident that the launch of an Ethereum ETF will have a significant impact on the cryptocurrency market. SEC Chairman Gary Gensler recently stated that Ethereum ETFs are likely to emerge this summer. Due to the growth of the crypto industry in the US, candidates in the 2024 US presidential election are being forced to vie for the votes of the crypto community. Additionally, market participants are anticipating the Federal Reserve's long-awaited move to lower the key interest rate. According to Fed Chairman Jerome Powell, inflation in the US is slowing down. 🌐 Upcoming Events in the Global Economy We expect increased volatility in both stock and cryptocurrency markets on the following dates: ➤ 09.07, 15:30 - Speech by Jerome Powell on the economic situation in the USA. ➤ 11.07, 15:30 - Consumer Inflation Index (CPI) in the USA for June. ➤ July 25, 21:00 - US GDP for the 2nd quarter. ➤ 31.07, 21:00 - New decision on the Fed interest rate. 📈 Statistics of signals from our AI trading indicator: In June 2024, a correction began in the cryptocurrency market after prolonged growth. Our trading indicator, as always, warned about this in advance! And even during the flat period it gave good entry points. Thanks to the latest updates, all 5 signals have become profitable, and the built-in Anti-Flat System prevented losses from manipulative market movements. Total price movement by all signals: +27.03% Maximum price movement: +13.53% Average price movement: +5.4% In addition, I would like to share the forecast of the latest Bitcoin price action by our AI, which not only indicates the direction, but also builds the trajectory of further price movement:
by TradeINEX
1
#Bitcoin Update on 04.07.2024#Bitcoin Update on 04.07.2024 A.O.A And Good Morning to All Brother and Sisters! #Bitcoin Continue the Rally Down Side. As I Mentioned Yesterday if Bitcoin Break The Yellow Line Then We Can Drop More. And Price Continue Dropping. Now Price Sit On Very Important Point 57677 is Second Yellow Line (Arrow#1) Daily Reversal Point, Daily Important Support Zone(black Area). And Price Can Reverse From Here or At Least Can Retrace a Bit From here. But if Price Drop Without Any Stop, Then It Will Be Hard Bearish Signal. Another Chance of Reversing is Blue Line KJN.W(56221). And If Price Continue Dropping again after That Point then 54k (Arrow#3) and 50k(Arrow#4) Is Secure.. Now I Will Send In Next Chart The Support and Resistance on 4H. And We Wait For Reversal. If Confirm We Can Open Buy Trades On #Alts. But If Break then We Can Try Some Sell Trades. I Wish You All Vey Nice Day.
Long
by MoonTradingForecast
#Bitcoin Update on 04.07.2024#Bitcoin Update on 04.07.2024 A.O.A And Good Morning to All Brother and Sisters! #Bitcoin Continue the Rally Down Side. As I Mentioned Yesterday if Bitcoin Break The Yellow Line Then We Can Drop More. And Price Continue Dropping. Now Price Sit On Very Important Point 57677 is Second Yellow Line (Arrow#1) Daily Reversal Point, Daily Important Support Zone(black Area). And Price Can Reverse From Here or At Least Can Retrace a Bit From here. But if Price Drop Without Any Stop, Then It Will Be Hard Bearish Signal. Another Chance of Reversing is Blue Line KJN.W(56221). And If Price Continue Dropping again after That Point then 54k (Arrow#3) and 50k(Arrow#4) Is Secure.. Now I Will Send In Next Chart The Support and Resistance on 4H. And We Wait For Reversal. If Confirm We Can Open Buy Trades On #Alts. But If Break then We Can Try Some Sell Trades. I Wish You All Vey Nice Day.
Long
by MoonTradingForecast
#Bitcoin Update on 03.07.2024#Bitcoin Update on 03.07.2024 A.O.A And Good Morning to all Brothers and Sisters! #Bitcoin Touched Our Arrow#3 just Now. According To Yesterday Analysis #Bitcoin Reached both Targets. Now Is Very Crucial Point. If #Bitcoin bounce Back From Here then We Are Still Bullish. But Agian If Price Drop From These Two Yellow Lines Then We Can See 50k. My Suggestion?? Again The Same Like Yesterday. Wait Till Daily Candle Close. Then We Can Have a Confirmation of Direction and We Can Open Buy Or Sell Trades On #Altcoins. Wish You All Very Nice Day
Long
by MoonTradingForecast
1
#Bitcoin Update on 02.07.2024#Bitcoin Update on 02.07.2024 A.O.A and Good Morning to All Brothers and Sisters! According to My Last Analysis Yesterday Bitcoin was Not Successful to Break Our Blue Black Area and Rejected from Our Second Resistance(Arrow#1). Now Price is Going Down To Our First Resistance that is Now Support(ARROW#2). If Bounce Back From there Then We Can See Another Jump Upper Side. But if Break the Support then THE next Support will be the Yellow Line . We Still Dont Have Any Confirmation on Direction. So IMO no Trades On #ALTS. MARKET IS a Bit Boring. I Prefer to Stay Away Even Losing Money In Stoplosses. I Wish You All Very Nice Day
by MoonTradingForecast
1
#Bitcoin Update on 01.07.2024#Bitcoin Update on 01.07.2024 A.O.A And Good Morning To All Brother and Sisters #Bitcoin looks Like In Good Power. But Just Now We Are On Important Resistance. Here We Have Resistance of Last Wave, Daily and 4H Resistance. If #Bitcoin Break This Point then We can See A Good Rally. Next Resistance after This Is 64600(Yellow Area). #ALTCOINS? for Me Its Too Early for Opening Buy Trades. As I Mentioned in My Last Analysis. I Wait Today's Candle Close, Then Look For New Buy Trades. I Wish you All very Nice Day.
Long
by MoonTradingForecast
2
#Bitcoin Update on 30.06.2024#Bitcoin Update on 30.06.2024 A.O.A And Good Evening To All Brothers and Sisters. #Bitcoin is again to to Attack our Last Resistence. and Thats again a Confirmation that we are in mid Term in Range. There is Not a lot of Volume to Confirm This Move. and Real Move we can See tommorow Evening. i Suggest to Wait With your Buy Trades and tight Stoplosses on all your buy Trades. I see most Probelties that price can Drop. But As We Know Bitcoin can surprise. Another Important Thing is Today Will Close the Monthly and Weekly Candle Both. And From Tommorow we can see more volatilty. I Wish you all Very Nice Evening.
by MoonTradingForecast
Bitcoin On A Rollercoaster Ride, Will It Safely Land?Bitcoin has a market cap of $1.2 trillion and is currently ranked 1st in the crypto-verse. BTC is currently trading near the value of $61602 with a slight gain in the intraday session. Bitcoin is forming consolidated candles on the daily chart. It is trading below the 50 and 100 EMA and has given a negative crossover. The upside trend of BTC can observe a halt near the value of $65k. Meanwhile, the support of the asset price can be seen near $58k The RSI of Bitcoin price is currently near 36 with a small positive slope. The overall sentiment of the BTC is bullish. Bitcoin consolidation has been continuing despite the bullish sentiment and positive outlook of the ETF. If BTC price has to touch $150k in the near future then a strong surge of active addresses and inflow is required in the ecosystem.
by Ritika_TCR
1
Bitcoin Update on 28.06.2024Bitcoin Update on 28.06.2024 A.O.A And Good Morning to All Brothers and Sisters! Bitcoin Continue Play With Our Supports And Resistance. But There Is a Compression Setup At The Moment. With Lower High And Higher Lowes. And This Setup Can Break Bullish. We Have just To Have More Patience. If It Break Bullish then On Weekend We Can Have a Good Rally For #Altcoins. According to This No Main Charging. We have Just To Wait. I Wish you All Very Nice Day
Long
by MoonTradingForecast
Bitcoin Update on 25.06.2024Bitcoin Update on 25.06.2024 A.O.A And Good Morning to All Brothers and Sisters! Yesterday Bitcoin Dumped Again After i Sent New Supports and Resistance. Here we Have New Support and Resistance. And Last 4 Candles tried To Break The Resistance but without Success. We Are Still Upper Then Second Yellow Line and that means Is Not Confirmed the Downtrend. Actuel Candle Now Try To Break the upper Yellow Line. And If We Close Upper Then That line Daily candle. Then We Can Start Agin With Buy Trades. I suggest to wait till Price break Second Blue Line. Then I Start Giving Buy Signals In Gruop Insha Allah I wish You all Very Nice Day
Long
by MoonTradingForecast
Bitcoin (BTC) technical and fundamental analysis📈 Technical analysis BTC/USDT The price of Bitcoin is returning to growth amid positive macroeconomic data from the US and a new wave of institutional investor interest in spot Bitcoin ETFs. Currently, the BTC price is moving within a narrow range (65,000 - 72,000), and a breakout from this range will determine the direction of its future movement. At the moment, there is a fourth retest of the descending trendline resistance. To continue the upward movement, the price needs to secure itself above the trendline resistance and overcome the major resistance block at 72,000 - 73,000. This would open the path to a new all-time high in the range of 75,000 - 80,000. Such a positive scenario could unfold between June 7 and June 12, provided that positive inflation data from the US continues to be released. However, the RSI indicator is showing a bearish divergence. If buyers fail to push the BTC price above the trendline and it falls below the dynamic support line at EMA 50 4H, we can expect a local correction. The nearest target for this correction could be the major support block at 65,000 - 68,000, which also contains the point of control (POC) for the value area. If this level does not hold against selling pressure, the BTC price may drop into the Imbalance 1H zone to fill the gaps at the horizontal volume levels. 📉 Bitcoin market global analysis On the daily logarithmic chart, Bitcoin's price has formed a descending wedge pattern. Currently, a retest of its upper boundary is taking place. If buyers manage to secure the price above this boundary, combined with fundamental factors such as a rate cut by the Federal Reserve, it could lead to a new bullish rally, as seen in previous cycles post-halving. Conversely, if the BTC price fails to break out of the wedge pattern, we expect a decline to retest its lower boundary around the 55,000 - 60,000 Imbalance 4H zone. Above the current ATH, there are no resistance levels based on historical data. Therefore, to determine growth targets, we will use trendlines, Fibonacci extension levels, and analysis of large order clusters in exchange order books. There is a local ascending trendline that has been relevant since November 2023. Its test may occur at the 75,000 - 76,000 level, confirmed by a large block of pending orders. Above this, in the 80,000 - 90,000 range, there is a global trendline built on the peaks of the previous two Bitcoin cycles. There is also the 1.38 Fibonacci extension level. The highest trendline is located in the 1.61 - 1.78 Fibonacci extension range, with its test potentially starting at the 100,000 level. 💠 Analysis of liquidity zones and levels Fear and Greed Index is currently in the extreme greed zone - 78. The total cryptocurrency market capitalization has risen to $2.576 trillion, and Bitcoin's dominance index has risen to 54.58%. According to the analysis of accumulation of large order blocks in exchange order books, the demand and supply zones are located at the following levels: 🟢 Demand Zone: 60,000 - 68,000 🔴 Supply Zone: 72,000 - 80,000 Levels for long positions: 68,000 - Point of Control (POC) of the value area 65,000 - Major support block 60,000 - Psychological support level Levels for short positions: 72,000 - Retest of the trendline resistance 75,000 - Major resistance block 80,000 - Major resistance block 90,000 - Global trendline 📊 Fundamental analysis Institutional interest in spot BTC ETFs has surged again, with an influx of +$1.374 billion into these instruments over the past two days. The crypto community is anticipating a Bitcoin bull rally, which could be sparked by a change in the US Federal Reserve's monetary policy. On June 4, labor market data began to be released, indicating a slowing US economy. When the economy slows, inflation decreases, and lower inflation is a key factor for the resumption of money printing and the growth of high-risk markets, including the cryptocurrency market. The stock market has already reached new all-time highs in anticipation of positive inflation data on June 12 and in light of recent macroeconomic data from the US. However, there are still 4 days left to resolve the issue of the US Treasury redeeming over $10 trillion in government bonds by June 9. 🌐 Upcoming Events in the Global Economy We expect increased volatility in both stock and cryptocurrency markets on the following dates: ➤ June 6th, 3:30 PM - US Initial Jobless Claims. ➤ June 12th, 3:30 PM - US Consumer Price Index (CPI). ➤ June 12th, 9:00 PM - New Decision on Federal Reserve Interest Rates. ➤ July 31st, 9:00 PM - New Decision on Federal Reserve Interest Rates. 📈 Statistics of signals from our AI trading indicator: In May 2024, the cryptocurrency market began to recover after correction. Our trading indicator, as always, warned about this in advance! And even during the flat period it gave good entry points. Thanks to the latest updates, all 6 signals have become profitable, and the built-in Anti-Flat System prevented losses from manipulative market movements. Total price movement by all signals: + 31.16% Maximum price movement: + 14.86% Average price movement: + 5.19%
by TradeINEX
1