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BTCUSD - Market Update 26.06

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders and investors. Here’s a quick market update on BTC: USD.Since the halving event BTC had bounced between 10000-9000 range for basically two months now. Logically, where we see long periods of consolidation in a range like this, it usually means that a breakout in either direction is coming.We had a similar scenario like this in 2016, after the halving event BTC consolidated in a range between 700-600 for a few weeks before a dump to the 500 took place, this was due to miners selling their holdings in order to maintain their operation. So, does history repeat itself?
Well, there’s some data indicating that this might not be the case this time, we can see this from BTC mining data from ByteTree. They have a measure called MRI (Miners Rolling Inventory), which measures the change of BTC inventory levels held by the miners, looking at the value over the past 5-12 weeks MRI is just above 101.23% which means there's a very slight dump from the miner.Besides the fundamental mining data there is a rumor going around from multiple sources that PayPal and Venmo would be offering BTC buying and selling to their customers, and this might be the reason behind todays sharp reversal from the 9000 level back above 9300.

On a weekly time-frame nothing has changed in terms of key levels, we still haven’t broken through the 9500/10000 resistance.
The weekly trend-line is still holding, even though we had many attempts to break above, we did not manage to do it.
Apart from the key levels, trend-line and chart structure that I’ve covered in the past, I’ve implemented the volume profile on this chart. The areas with more traded volumes are the places where traders will interact again, or they might have open trades in those areas. The point of control ( POC ) is the red horizontal line which indicates where most of the volume is for the current chart.
Now, if we go back to the weekly time-frame you can see that the POC in this chart is exactly at the 9500 level, this further validates the importance that the 9500/10000 resistance level has.
This is why I’ve been saying that my bias will continue to be bearish long term unless we break above this level, and as of right now given the multiple rejections we had from this area it indicates that the majority of this volume is bearish .

The areas with big volume represent a support and resistance , so by looking at the chart you can tell that the next level that has a significant amount of volume is the sub 7000 region, I’ve highlighted this level with the green rectangle as a potential long term target if we continue rejecting the 10000 resistance
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Comments

And again an analysis when we have been waiting weeks for a simple statement about the update. We do not care about your analysis, we care about the state of the platform and how unreliable it is.
+6 Reply
Once again...reading your postings is not just reading about a prediction but more about being educated about something in the crypto verse...thank you once again....awesome
+6 Reply
How can you know all that stuff? It takes so much time to analyse the market.
+4 Reply
You should process withrawals first. All investors are waiting for you to return back their money.
+3 Reply
looking good. upvoted.
+3 Reply
Saw the update arrived today on the first step towards account re-verification. Anybody that has gone through the process have any input on the process and if withdrawals are available after completing it?
+1 Reply
@jpi2457, im still awaiting reply/confirmation after sending the requested input (about 8 hours ago). I really hope the process is swift and quick, but no indication on that part.
+1 Reply
XbtShark ShallowWaters
@ShallowWaters, I don't think it would be that quick because so many people have to be verified and he has to check if there are more than one person asking for a single address, which in my opinion would take time.. Lets just hope we get back our btc and this is not just an elaborate scam. Him not replying to us is what worries me honestly, because before this he used to give us swift replies but now even the chat is too censored.
Reply
jpi2457 ShallowWaters
@ShallowWaters, Yeah, me too. Just waiting and checking Telegram occasionally for a sign of response on the other end. Customer Service chat responded that with 5000 clients it is going to take a bit to sort through, but is in process. To try to be patient and positive, doing my best to do that. Looking for a post to verify the confirmation process went through.
Reply
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