Bitcoin - When the bears and the bulls fight!

It has been impressive over the last week how the price of BTC has struggled to break the 30-day VWMA (Pink line). On the 4th June, BTC ripped through the 30-day VWMA on a downward slide and buyers made their stand at $7600. Great news but more bad news came to follow. 7th June we tested the 30-day VWMA and have not closed above the line for the last three days. This is a clear indication that buyers are not confident enough to push the bitcoin price back into the $8000 territory. Price is now at a stalemate (consolidation), and with no new technology hype around bitcoin at the moment, there is no reason why buyers will stay united to support $7600. If we were to break lower, then $7200 would be the price for buyers to support bitcoin again.

Conclusion: With a price below the VWAPs (blue and yellow lines) and VWMA (pink line), there is no reason to buy bitcoin. We need to see the price of bitcoin move above the monthly VWAP (yellow line) and close above the 30-day VWMA ($8000). If the price of bitcoin drops below $7600, be happy that you can purchase BTC at $7200 and maybe even $6800 (if you are lucky).

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"Patience is the key to any market" - Nathaniel.

Thank you for your love and support.

Regards

Nathaniel - "The value Trader"
Little Big Movement / IONIC Capital