Range High - $9940
Range Mid - $8760
Range Low - $7560
Price action will be ranging in the zones mentioned.
Resistance - $10630
Bollinger Upper Band, Previous Resistance, Diagonol Resistance and MACD supporting this level.
Make or Break Line - $9350
Monthly Open, Weekly Support and Daily Wicks are holding this area as a Make or Break Level for Resistance.
Price Patterns
Giant Ascending Triangle is in play.
Broadening Wedge will be violated once the MACD Bullish Cross is printed on Weekly Chart.
0.618 is lying between Range High and Resistance.
MACD Bullish Cross
Bullish Cross is violating the Broadening Wedge and any downtrend from $9350
RSI
Possible formation of Broadening Wedge and once again RSI will be Overbought.
Breaking above downward channel taking place.
Volume
Price action is trending with higher highs and higher lows but volume is flat on weekly.
Summary
We are going to $10630. This week close will determine how quickly we will get there.
Closing above Make or Break Line will make it quick.
Closing above Range Mid would delay the testing of $10630
Range Mid - $8760
Range Low - $7560
Price action will be ranging in the zones mentioned.
Resistance - $10630
Bollinger Upper Band, Previous Resistance, Diagonol Resistance and MACD supporting this level.
Make or Break Line - $9350
Monthly Open, Weekly Support and Daily Wicks are holding this area as a Make or Break Level for Resistance.
Price Patterns
Giant Ascending Triangle is in play.
Broadening Wedge will be violated once the MACD Bullish Cross is printed on Weekly Chart.
0.618 is lying between Range High and Resistance.
MACD Bullish Cross
Bullish Cross is violating the Broadening Wedge and any downtrend from $9350
RSI
Possible formation of Broadening Wedge and once again RSI will be Overbought.
Breaking above downward channel taking place.
Volume
Price action is trending with higher highs and higher lows but volume is flat on weekly.
Summary
We are going to $10630. This week close will determine how quickly we will get there.
Closing above Make or Break Line will make it quick.
Closing above Range Mid would delay the testing of $10630
Sticking to my analysis from April 30 - adding minor changes.
Range High - 9940
Range Mid - 9350
Range Low - 8760
I have removed previous low (7540) and changed previous make or break level (9350) to Range Mid.
Trading range is at resistance which means bulls and bear are balanced here. We are having recovery moves in either side of direction.
Trade the range like Buy Low, Sell High (BLSH).
1) For breaking above the giant triangle, I would need to see 11k + (targets are way higher in bull scenario)
2) For bear scenario, Double top formation with a wick or test to 10600 level.
we aren't clear for major trends but I am more leaning to the side bull (10600 atleast)
My ranges would serve you the best case for BTC analysis for June.