Bitcoin (BTC), the largest cryptocurrency by market value, is trading at $ 9,375, which represents a 0.2% loss in value over the past 24 hours, and the same for today’s growth.

The broader cryptocurrency market usually follows bitcoin: Ethereum esters (ETH) fell by 0.27%, and XRP is worse, but still relatively stable – from 1% to $ 0.19 XRP. Meanwhile, the dominance of bitcoin remains unchanged – 65% several weeks after the altar.

One week schedule
Bitcoin’s week-long chart shows a seven-week consolidation under the $ 10,000 handle. – Affordable price point for support since September 2019.

Trading remains above all major weekly moving averages (MAs), with 50 and 20 week moving averages playing a significant role recently in supporting prices. While the price remains above 20.50,100 and the 200-week moving average, it is reasonable to describe the market going up, consolidating below the resistance. Bitcoin has not yet printed a higher move and provided support for 10K, which would indicate that BTC / USD is in the bull market.

Overall, the volume decreased, as expected, during the upward consolidation. The volume indicator (OBV), which may indicate differences between volume and price movement, indicates that there are no higher indicators. This is largely due to the large volume of ongoing weekly failures, as prices were below $ 8,000.

The collapse of OBV while maintaining prices may indicate weakness, but this has not yet been noticed, and consistency of lower volumes still supports bulls.

Bitcoin’s main support around the annual axis and the 50 and 20 week moving averages, supplemented by oversize indicators can be expected at this level of around $ 8,150-8,650.

A breakdown of Bitcoin will likely regard this level as the main battlefield, and the 100-week moving average of $ 7,250 is the next level to look out for, as the main resistance level during the ascent was up to $ 4K.

One day planner
Looking at the daily chart, it becomes easier to see that Bitcoin continues to press $ 10,000, after making four agreed attempts to break it, while the price level, as a rule, is above the threshold.

Thus, this is the longest bitcoin consolidation at $ 10,000, and it has the properties of a bullish consolidation triangle, which – if played – would mean an increase of $ 12,000.

If the triangle is at a disadvantage, 200 and 100 days moving averages will appear, which are also located in the important support area north of 8,000. Dollars. The 50-day moving average is currently supporting the prize, after testing it several times this week.

One-day volume confirms the recent decline in volume, but OBV also shows higher performance on the daily chart, which means that bearish consolidation is allowed through bullish consolidation.

The daily MACD shows an expected speed loss during lateral consolidation, but remains above zero. Coming out of this slump may be useful to uncover the first signs of an upward shift in momentum.

One hour scheme
Hourly chart shows Bitcoin giants with a 50-day moving average trying to restore support with the most important key area above $ 950-9600, the support / resistance level for most of June.

Restoring this level will be of central importance and will likely lead to another test for $ 10,000, which, under appropriate circumstances, could be the last moment when the bulls knock on this door before the break. Thus, this is the main objective of the bulls, as the top of the ascending triangle turns inward.

Fortunately for the bulls, there was a solid buy price at $ 8900-9000 when they were tested on June 15th, as OBV felt better than the price.

Weekend price movement is likely to concentrate between $ 9,300 and $ 9,600.

The increase in the prices mentioned above occurred mainly on Monday at a time when the Federal Reserve announced its aggressive ability to buy corporate bonds worth up to $ 750 billion. The United States of America provides liquidity and some comfort to investors in traditional markets, which have been accompanied by an increase in

Source: CoinTelegraph

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