BTCUSD | Decisive moment - break resistance or further fall?
Market players expected Bitcoin's price rise to the June's local high of $10 425 until yesterdays dump. From the early morning sellers increased pressure and from $9 800 the price went down until Fibonacci 23.6% retracement level where 4H EMA 55 was broken down which resulted in a sharp decrease to 38.2% Fibonacci retracement level of $9 016.
If prior price action was not pumped this level usually acts as a reversal point. The scenario of local support withstand was confirmed and BTCUSD bounced upward. Currently it consolidates to try breaking the resistance which should happen today. However there is no pressure and momentum power. Current price action seems like a "Dead cat bounce pattern", thus the decline may continue.
In the case resistance of $9 554 hold we risk to have another sharp decrease which could be stopped only when Bitcoin hits strong support level of $8 600. Which is drawn with a yellow line at the chart. As it can be seen this level was confirmed 5 times and should withstand again
Be safe and good luck in trades!
Best regards,
SkyRock Signals
If prior price action was not pumped this level usually acts as a reversal point. The scenario of local support withstand was confirmed and BTCUSD bounced upward. Currently it consolidates to try breaking the resistance which should happen today. However there is no pressure and momentum power. Current price action seems like a "Dead cat bounce pattern", thus the decline may continue.
In the case resistance of $9 554 hold we risk to have another sharp decrease which could be stopped only when Bitcoin hits strong support level of $8 600. Which is drawn with a yellow line at the chart. As it can be seen this level was confirmed 5 times and should withstand again
Be safe and good luck in trades!
Best regards,
SkyRock Signals
Trade active:
The price action tested mentioned in the today’s analysis resistance level and got rejection from it.
Bitcoin went up to $9 547 and retraced to $9 380 where it trades now.
In case there will be second attempt to broke the resistance and it will be rejected we will have double top. Such scenario will be a strong confirmation of decrease to $8 600 level within next days
Bitcoin went up to $9 547 and retraced to $9 380 where it trades now.
In case there will be second attempt to broke the resistance and it will be rejected we will have double top. Such scenario will be a strong confirmation of decrease to $8 600 level within next days
Trade active:
Welcome back to the after-halving Bitcoin's price action analysis, dear Subscribers!
Bitcoin's price followed the core analysis and forecast from the previous update. It tried to break the resistance of $9 554 but market players rejected this level and Bitcoin price action received a double top pattern which was a strong bearish sign to the rest players. Thus we had a sideways trend for about 3 days with decreasing momentum and RSI strength. The price was about to fall right to the forecasted level of $8 635 during these days.
Finally BTCUSD rate sharply felt down to $8 895 level today. It confirmed a lower downtrend support (lower red line at the chart) for an impulse drawdowns (red circles at the chart). Right from the support level the price bounced back to $9 000 zone and currently it goes right to the base support level (cyan line at the chart) which acts like a strong resistance now
Price action should touch it within this day and this moment will be a decisive for the further BTC price action:
- In case it manages to break and consolidate there should be Fib 0.236 resistance test which most likely will be broken and we will see $10 000
- In case it is rejected the price action surely will go to the mentioned level of $8 600 which most likely will bring Bitcoin to the lower edges of $8 000 zone
The most important is to carefully track Bitcoin now because the denouement of after-halving price action is near
Best regards,
SkyRock Signals
Bitcoin's price followed the core analysis and forecast from the previous update. It tried to break the resistance of $9 554 but market players rejected this level and Bitcoin price action received a double top pattern which was a strong bearish sign to the rest players. Thus we had a sideways trend for about 3 days with decreasing momentum and RSI strength. The price was about to fall right to the forecasted level of $8 635 during these days.
Finally BTCUSD rate sharply felt down to $8 895 level today. It confirmed a lower downtrend support (lower red line at the chart) for an impulse drawdowns (red circles at the chart). Right from the support level the price bounced back to $9 000 zone and currently it goes right to the base support level (cyan line at the chart) which acts like a strong resistance now
Price action should touch it within this day and this moment will be a decisive for the further BTC price action:
- In case it manages to break and consolidate there should be Fib 0.236 resistance test which most likely will be broken and we will see $10 000
- In case it is rejected the price action surely will go to the mentioned level of $8 600 which most likely will bring Bitcoin to the lower edges of $8 000 zone
The most important is to carefully track Bitcoin now because the denouement of after-halving price action is near
Best regards,
SkyRock Signals
Trade active:
Bitcoin's price action has just penetrated the mentioned resistance. Successful consolidation above will bring BTCUSD into upward trend again. This means that in the short-term there will be another attempt to break Fib 0.236 resistance which is around $9 554 level.
In case Bitcoin will manage to complete current run we will have $10 000 level during the week
In case Bitcoin will manage to complete current run we will have $10 000 level during the week
Comment:
Bitcoin's price action reached $9 591 and retraced back to the blue supportive trend line. This movement formed strong resistance and double top pattern, however the price bouncing from the support line
Bitcoin moves according to the latest update and should continue fluctuating in the broadening wedge until break upward or downward happens
Bitcoin moves according to the latest update and should continue fluctuating in the broadening wedge until break upward or downward happens
Comment:
Bitcoin price action is attracted to the lower band of broadening wedge (lower blue line at the chart). There is a high probability of breakdown because decreasing momentum power and upcoming shift in -DI & +DI lines at directional movement indicator
In case breakout happens the price action will return into the downtrend and $10 000 retest will be rejected while target area will be $8 600 level. We recommend to carefully track BTCUSD now
In case breakout happens the price action will return into the downtrend and $10 000 retest will be rejected while target area will be $8 600 level. We recommend to carefully track BTCUSD now
Comment:
Previously we wrote that the fact of breaking down the wedge support (lower blue line) means starting of a downtrend. It was also mentioned the break down scenario is very probable. However none could expect sharp decreased will be covered by a strong uptrend
Bitcoin price broke down the wedge support line right where it was drawn in the previous update. Further, price sharply declined to $9 290 level and then happened the most unexpected thing: it managed to recover the next candle. Bearish trend was engulfed by bulls and BTCUSD market players started to buy making the price approach the wedge pattern. Former support of $9 422 level is now resistance and further development of BTC price action depends on whether it manages to break it or not.
In case the resistance is rejected we will have a very high probability of going down to $8 600 level. In case price breaks the resistance we will see a sideways trend in the edges of the wedge with further attempt of breaking through
Be ready to open short positions, something is coming
Bitcoin price broke down the wedge support line right where it was drawn in the previous update. Further, price sharply declined to $9 290 level and then happened the most unexpected thing: it managed to recover the next candle. Bearish trend was engulfed by bulls and BTCUSD market players started to buy making the price approach the wedge pattern. Former support of $9 422 level is now resistance and further development of BTC price action depends on whether it manages to break it or not.
In case the resistance is rejected we will have a very high probability of going down to $8 600 level. In case price breaks the resistance we will see a sideways trend in the edges of the wedge with further attempt of breaking through
Be ready to open short positions, something is coming
Trade active:
Bitcoin price action broke down the broadening wedge (blue lines at the chart) down which is usual scenario for this pattern. In previous updates we warned that there is a high probability breaking down
Currently BTC is attracted to the last support line (cyan line) which is drawn at the chart. It repeatedly penetrates it down but bounces back. Unfortunately we see a decreasing bulls power according to the trend analysis and DMI, RSI strength indicators values. This is the last support which holds Bitcoin at $9 000- $9 300 range. Once it is broken down we will see a decrease to $8 600 - $8 800 interval.
Be ready to take actions once the support is broken. We will publish new updates once it happens
Currently BTC is attracted to the last support line (cyan line) which is drawn at the chart. It repeatedly penetrates it down but bounces back. Unfortunately we see a decreasing bulls power according to the trend analysis and DMI, RSI strength indicators values. This is the last support which holds Bitcoin at $9 000- $9 300 range. Once it is broken down we will see a decrease to $8 600 - $8 800 interval.
Be ready to take actions once the support is broken. We will publish new updates once it happens
Comment:
The last support line (cyan line) which was shown in the previous update withstand 4 times rejecting Bitcoin's price action from fall. The most important is that after 4th rejection market players changed the mood and shifted to long positions. This can be seen at Datamish at the Shorts vs Longs chart: there are 22 236 active long positions and 5 543 active shorts positions now.
Why is it so important?
After the 4th bounce happened the price action did not reach the last support instead it bounced forming an ascending triangle together with support line of previous broadening wedge. There is a high probability of breaking the triangle upward and thus Bitcoin will have one more chance to retest Fib 0.236 which is at $9 554 level
Market becomes bullish, stay tuned!
Best regards,
SkyRock Signals team
Why is it so important?
After the 4th bounce happened the price action did not reach the last support instead it bounced forming an ascending triangle together with support line of previous broadening wedge. There is a high probability of breaking the triangle upward and thus Bitcoin will have one more chance to retest Fib 0.236 which is at $9 554 level
Market becomes bullish, stay tuned!
Best regards,
SkyRock Signals team
Trade active:
The resistance is broken and Bitcoin goes to the Moon trip in a parabolic pattern. In case the price action succeed to consolidate above Fib 0.236 we will see a retest of $10 000 resistance level which opens a way to a major bull run
Trade active:
Hello Dear subscribers!
In the last update we discussed the breaking of wedge resistance. Further the price action consolidated at $9 635 level. Unfortunately Bitcoin had 2 unsuccessful attempts to go higher afterwards and thus double top and strong resistance was formed at $9 693 level. As usual in such cases the price declined and broke down the wedge support.
Currently the fall was stopped by major and the last support. Price action hit it in the 5th time and bounces. We expect further rise to $9 470 level right to the local resistance which is drawn as orange line at the chart
In the last update we discussed the breaking of wedge resistance. Further the price action consolidated at $9 635 level. Unfortunately Bitcoin had 2 unsuccessful attempts to go higher afterwards and thus double top and strong resistance was formed at $9 693 level. As usual in such cases the price declined and broke down the wedge support.
Currently the fall was stopped by major and the last support. Price action hit it in the 5th time and bounces. We expect further rise to $9 470 level right to the local resistance which is drawn as orange line at the chart
Trade closed: target reached:
On June 20th we published an update to the Bitcoin's price action forecast where the last support was found and drawn at the chart. It was mentioned that once it is broken down Bitcoin will reach $8 800 level in a sharp movement while further decrease to $8 600 will be the most probable further price action forecast
Bitcoin managed to fluctuate in a sideways trend and even bounced several times from the support to the local resistance, however a red day has come and Bitcoin broken the support making the whole market fall in a crazy downward rally
All positions were hedged with stop loss, which helped to save deposits from the blood bath Bitcoin caused to the market. Further dump is coming and we recommend to say our of all positions now. Once manipulations finish we will start recovering while currently we fix losses
Bitcoin managed to fluctuate in a sideways trend and even bounced several times from the support to the local resistance, however a red day has come and Bitcoin broken the support making the whole market fall in a crazy downward rally
All positions were hedged with stop loss, which helped to save deposits from the blood bath Bitcoin caused to the market. Further dump is coming and we recommend to say our of all positions now. Once manipulations finish we will start recovering while currently we fix losses
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AI trading bot for Binance, Bybit and OKX:
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Safe. Automatic. Non-custodial. Profit sharing based. Learn more at skyrex.io
Bitcoin consolidated above critical level and formed a new ascending supportive trend line (lower blue line at the chart). This combination completes ascending broadening wedge pattern which usually leads to a sharp break down in case of RSI strength lack. However we see further momentum accumulation which means RSI is on bull's side and the price break the wedge upward which will open the way to retest $10 000 level. In case the supportive line of the wedge is broken down the price should retrace to cyan line at the chart
Keep tracking BTCUSD price action the denouement of after-halving price action is near