Yesterday, Bitcoin finally broke below $25,800 and established a new low at $25,389. This move came amid our recent speculation about Bitcoin potentially reversing the short-term/medium-term trend (from bullish to bearish). This fact is being reflected by Bitcoin making lower troughs and lower peaks after hitting $31,000 in April 2023. Due to that, we do not have any reason to change our bearish bias beyond the short term. Accordingly, we maintain our price targets of $15,000 and $13,000.
At the moment, we are paying close attention to the support at $25,270. If the price takes out this level, it will further bolster a bearish case in the short-term/medium-term. In addition to that, we are also watching RSI, MACD, and Stochastic on the daily chart; all of them are currently pointing to the downside, which is bearish. In fact, if RSI breaks below 30 points, it will likely be accompanied by significant selling pressure. Therefore, we are raising a voice of concern over the impending selloff in the cryptocurrency market.
Technical analysis gauge Daily time frame = Bearish Weekly time frame = Slightly bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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Bitcoin retraced toward its 20-day SMA after deviating too far from it.
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Binance.US notified its customers that it is pausing withdrawals amid the SEC probe. The message states:
"The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.
Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.
While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC."
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Another exchange, Crypto.com, also announced that it is winding down U.S. business operations (effective from 21st June 2023).
Hi. I like your analysis. But as you know, this downfall caused by market FUD (SEC sued Binance). Can we consider it as a real sentiment of market?
Tradersweekly
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@hoomypto, Hello. In my opinion, it is just noise (like most of the news). Today, Coinbase was also sued, and despite that, Bitcoin rose back above $27,000. I focus on price action and the fact that Bitcoin continues to make lower lows and lower highs. In addition to that, I also pay attention to multiple indicators like MACD, Stochastic, RSI, etc. That is more important than the news (at least for me). Furthermore, the SEC already sued Binance a while ago for money laundering and some other illicit activities.
snorren
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@hoomypto The market reaction to good/bad news mirrors the overall sentiment, not the news themselves.
the more concerning fact is, if BTC has a weekly candle closes solidly under 25,300 this is a monthly bear flag and 15,400 bottom could be broken, we need a push to 36,000 at the minimum to negate this
Tradersweekly
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@louistran_016, We will see what happens. Thanks for the comment.