Daily Bitcoin Analysis - Long-Term Perspective
When examining the daily timeframe, it becomes evident that a bearish structure has been in place since the rejection at 31.1k on April 14th. We can observe a consistent pattern of lower highs and lower lows, with another rejection occurring around the local resistance level of 29.1k - 28.2k on May 30th.
The resistance from the previous timeframe at 27.1k - 27.7k will likely keep the price suppressed, as breaking above the 29k mark is necessary to establish a clean daily break of the bearish structure.
Even if there is a rejection around 28.8k, which might initially seem bullish, it would still fall within the current bearish structure as a lower high. This would likely be followed by a lower low, dipping below the main support and resistance level at 25.2k - 24.4k.
Should the price movement go below 24.4k, the aforementioned support and resistance level would revert to becoming the main resistance. This would potentially make the CME Gap from March at 21.1k - 20.3k an enticing target for filling.
In summary, breaking above the local resistance at 29.1k is necessary to establish a bullish structure. Any levels below this mark are still considered part of the bearish structure. A retracement towards 24.4k is likely, which will be the primary level to hold. A breakdown below this level would create a new trading range between 25.2k - 20.3k.
Please note that cryptocurrency markets are highly volatile and subject to rapid changes. It's important to monitor the market closely and consider multiple factors before making any trading decisions
The resistance from the previous timeframe at 27.1k - 27.7k will likely keep the price suppressed, as breaking above the 29k mark is necessary to establish a clean daily break of the bearish structure.
Even if there is a rejection around 28.8k, which might initially seem bullish, it would still fall within the current bearish structure as a lower high. This would likely be followed by a lower low, dipping below the main support and resistance level at 25.2k - 24.4k.
Should the price movement go below 24.4k, the aforementioned support and resistance level would revert to becoming the main resistance. This would potentially make the CME Gap from March at 21.1k - 20.3k an enticing target for filling.
In summary, breaking above the local resistance at 29.1k is necessary to establish a bullish structure. Any levels below this mark are still considered part of the bearish structure. A retracement towards 24.4k is likely, which will be the primary level to hold. A breakdown below this level would create a new trading range between 25.2k - 20.3k.
Please note that cryptocurrency markets are highly volatile and subject to rapid changes. It's important to monitor the market closely and consider multiple factors before making any trading decisions