I divide this analysis in 2 parts:
I.Technical
Bullish scenario
Bearish scenario
Please read it carefully.
II. Fundamentals
I. Technicals
Scenrio 1 Bullish : SO HOPELESS THE MARKET LOOKS; btc HAS ENOUGH ROOM UPSIDE AND IMPORTANT SUPPORTS TO DEFEND:
dISCRIPTION OF THE SYMBOLS:
fOR BETTER VISUALISATION i HAVE MARKED THE ARROWS AND USED SOME MOJIS. GREEN IS bULLISH RED IS BEARISH
In Scenario 1 currently the market is bullish.
12 and 10 weekly trend is bullish,
Daily TF is bullish
4 H is bullish
2H is bearish
The current price is at Low volume area of the monthly profile which means that soon more buyers try to push the price. BTC is not finding much sellers at this area.
The importance of FED meetings and the news of the last days have led some to take profit takings, and also some sellers took loses, that increased the volume of Selling orders.
BTC must break the trendline successfully and with big volume.At 26613 I am expecting a bounce,that shall lead the BTC back to 25924.( 51% Fib).
A pullback at this price must lead the price up, and from 26408 I will Buy BTC again.Target will be 28732 and above.
So that way I make sure that I have 3 confirmations:
First BTC braks trendline
2nd BTC bounces of the resistance
3 rd the pull bakc ha low bearish volume and the bullish bars have increased bullish volumes.
All conditions have to met. Otherwise waiting for an new oppurtunity.
Vice versa if short trend begins.
Scenario 2 Bear Trap Bullish
If Bitcoin breaking 25117 The Sellers are still short and have been in losing positions will try to accumulate. At 23733 POC 3Months The Bulls will instead distribute .This Zone will be very agrresive and volatile, coppy on the same time.
As the Weekly and 10W trend is still bullish I will try to find the optimal buy oppurtunities, meaning I will go long only.
Key levels will be 24285 and 23733.
This is definitely a bear trap zone, as we have low volume and very unusual technical correction of the market, which is significant that Big speculators take profits or try to scalp down /See the Troyan Horse Shill)!
TH Sellers will increase their power if the bulls lose this zone.
From there the price will drop to 22825 22075 20754.
At 20007(The lat bullish defended zone the Buyers wil try to agressively Push up the market.(Green Buyers Green Arrows)
Any drop in 19000 area, and specially below 19333 will maintain the bearish trend, and from there the bears will agressively sell and short the market. Sell the Key levels.
II.Fundamentlas
1. Bitcoin price has been a topic of great interest and speculation in the financial world, with investors eagerly watching its price movements for potential opportunities. Recently, an interesting development has caught the attention of both seasoned traders and crypto enthusiasts alike.
According to Mikybull Crypto, there is a long-term chart feature that, if it continues to hold, could potentially lead to a significant upside for Bitcoin (BTC). In his latest analysis, the popular trader highlighted encouraging signs on the BTC/USD weekly chart, suggesting the possibility of a remarkable 60% surge in value. This potential surge would catapult bitcoin price to an impressive point of approximately $40,000.
2-Long-Term Chart Signals Potential Upside For Bitcoin Price
With Bitcoin still confined within a narrow trading range it entered nearly three months ago, traders and investors find themselves in a quandary when it comes to predicting short-term price targets. The day-to-day performance of the cryptocurrency has failed to establish a clear trend, leaving $30,000 as a formidable resistance level hanging overhead.
3.n contrast to the standard head-and-shoulders pattern, which typically indicates a solidified resistance followed by a downward trend, the inverse head-and-shoulders pattern is a bullish counterpart. This suggests that Bitcoin may be on the verge of a positive breakout.
Bitcoin (BTC) investors witnessed a lucrative month in May, as the world’s most renowned cryptocurrency showcased its resilience and delivered robust returns. However, in the face of the changing market sentiment, a looming legal battle threatens to cast a shadow over these gains.
The ongoing Binance lawsuit has sparked concerns among crypto enthusiasts, raising questions about the potential impact it may have on their investments and the overall crypto market.
As investors weigh the significance of this legal battle, the fate of their hard-earned gains hangs in the balance, making it crucial to understand the potential ramifications and devise a strategic approach to navigate the evolving landscape of Bitcoin investment.
Impact Of Binance Lawsuit
This recovery comes at a critical time for Bitcoin holders, who may anticipate a decrease in the profits they would have otherwise accumulated throughout this month. The impact of the lawsuit and subsequent market turbulence is likely to influence the profitability of Bitcoin investments in the short term.
As the month of June unfolds, Bitcoin’s performance will carry heightened significance, particularly as it marks the end of the second quarter of 2023.
The SEC Has Started an All-In Political Battle Over Crypto
The Securities and Exchange Commission’s lawsuits against Binance and Coinbase this week have set up a high-stakes battle that will engage all three branches of the U.S. government in a competition for power, determine whether the crypto industry will decamp the U.S. for good, and define the future of digital money.
The SEC’s aggressive actions against Binance, the world’s biggest crypto exchange, and Coinbase, the biggest in the U.S., are a big flex, one that reveals the agency’s extraordinary discretionary power. In saying “we don’t need more digital currency” in interviews following the announcements, SEC Chairman Gary Gensler suggested he truly does want to destroy the crypto industry.
Comment:
Bitcoin will rise higher lol
Comment:
Fed Chair. Powell reiterated at the ECB Forum on Central Banking that interest rates will rise further and that he wouldn’t take moving in consecutive meetings off the table at all, but noted that a recession in the US is not the most likely case. Nvidia was down by over 2% and Advanced Micro Devices by 1% after the Wall Street Journal reported that the US government is considering new restrictions on exports of artificial intelligence chips to China. The Fed is also due to release the results of its annual stress tests to banks, and more details on Basel III Endgame and changes to bank supervision will be in the spotlight.
The Dow Jones was down over 100 points and the S&P 500 dipped by 0.1% on Wednesday afternoon, on the prospect of further interest rate hikes following the Federal Reserve's chair Powell Speech at the ECB Forum. He said he does not see inflation reaching the Fed's 2% target any time soon. He reiterated that interest rates will rise further and did not rule out a boost in the cost of borrowing at the next policy meeting scheduled for the end of July. Meantime, the Nasdaq was up 0.2% powered by megacap momentum stocks. Among stocks, shares of Nvidia and Advanced Micro Devices were down by 2% and 1%, respectively, after the US government is considering new restrictions on exports of AI chips to China. Intel, Applied Materials and Qualcomm fell more than 2% each. On the other hand, Apple hit an all-time high of $189.8 during the session, while shares of Tesla and Alphabet advanced 1.4% and 2.5%. The Fed is due to release the results of its annual stress tests to banks.
The Dow Jones was down over 100 points and the S&P 500 dipped by 0.1% on Wednesday afternoon, on the prospect of further interest rate hikes following the Federal Reserve's chair Powell Speech at the ECB Forum. He said he does not see inflation reaching the Fed's 2% target any time soon. He reiterated that interest rates will rise further and did not rule out a boost in the cost of borrowing at the next policy meeting scheduled for the end of July. Meantime, the Nasdaq was up 0.2% powered by megacap momentum stocks. Among stocks, shares of Nvidia and Advanced Micro Devices were down by 2% and 1%, respectively, after the US government is considering new restrictions on exports of AI chips to China. Intel, Applied Materials and Qualcomm fell more than 2% each. On the other hand, Apple hit an all-time high of $189.8 during the session, while shares of Tesla and Alphabet advanced 1.4% and 2.5%. The Fed is due to release the results of its annual stress tests to banks.
Hours after Robinhood delisted ADA, MATIC, and SOL, the price action of the tokens was not what participants would have hoped for.
Ethereum continues to dominate the crypto sector, with increased TVL and notable growth on DEXs. NFT sector however, does not witness the same level of progress.
Should Shiba Inu traders be worried as Shibarium launch date remains uncertain
Solana nears an important resistance
Bitcoin’s Implied Volatility declined rapidly indicating the anticipation of low fluctuations of price from the options market.