BTC TA (Technical Analysis) - ANALYSTS DAILY SUMMARY - JUNE, 5th
JD Marshall
Primary argument that BTC is consolodating at these levels and building steam for higher highs in the FUTURE is still his macro perspective. In his opinion we're not seeing BTC reaching all time high any time soon. BTC next big resistance is the top of $9990. The big support is $6950, which would negate any speculation to new all time lows of around $4000 (referring to speculation on the net).
BTC formed a small channel upward, but nothing too bullish. Price might move up a little, but it's by no means a super bullish indicator. James is of opinion that BTC will be flattening out in the near term.
BTC history is one of making lower arches, which James is expecting to continue. Eventhough the uptrend is still bullish, he does not see massive moves to the upside or downside. Patience is the key in the current BTC market.
@chartguys (NO NEW UPDATE)
The bullish weekly reversal candle looks good. However, the chart indicate that BTC is 10% away from a bearish break. Personally and based on fundamentals he's believing for break to the upside, but thus far the chart are showing we're going lower. As of writing he's not 100% sure of the BTC directional pattern and more time is needed to confirm the break that's coming.
On the daily he's expecting a bit of a pull-back to form solid higher low. Resistance to look at is around $7777. The past few days the bulls have kept their ground. Bear breaks are met with bullish buying forming many red candles with long wicks - indicating bullish buying when the bear breaks occur.
The Moon
He's still opinion that BTC is in a triple bottom formation within a pennant formation. This will be confirmed when BTC breaks the pennant formation to the upside. If not, the reinterpretation of the triple bottom would become a descending triangle, which is bearish. If BTC breaks the recent triple low around the $6.6k level, the bullish triple bottom formation is totally off the table, and would be a big bear flag.
So "The Moon" clearly has a bullish bias, but to confirm the trend more time will need to elapse.
Coin Mastery
Still waiting for a clear signal in which direction the market is going. Same as yesterday
(YESTERDAY'S UPDATE)
We've seen a big drop-off in the last 24 hours. The macro chart seems to indicate that BTC will break the pennant formation to the down side. Statistically he does not see BTC making any major moves to the downside or upside. He anticipates a slow grind for a while and some sideways trading.
All the EMA's are converging (see chart below), which is an indicator that big moves won't happen.
@tradedevil
BTC Primary count: BTC finished a second wave with the recent low at $7000. This is still his primary count, with his bullish bias. However, if BTC falls below the $7000 level that leg down cannot be the second wave, and he'll have to re-asses.
Using the Fib. Retracement Tool from swing low to swing high, BTC has some serious support around the golden zone ($7474) and this should lead to a push much higher around the $7893 level. If we do not see a major move up from the $7474 level with higher buying volume the count would have to be revisited.
Elliot Wave aside, from swing low to swing high BTC is a buy at the $7474 level and has a 9 to 1, risk to reward ratio, which is a very safe trade.
Secondary Bearish Count:
Bitcoin is in a ABC pattern, and currently busy finishing the C leg down. For this count his buy zone is around the $6600 level.
chris L $ChartVampire$
The bulls want to see a bounce around the $7330 and $7250 zones. If these supports breaks we will see lower prices, and this will be a bearish sign. If the lower support zone of $7050 breaks we're in for more bearish action.
Peter Brandt
The lack of buying enthusiasm during the recent 6 day rally (composite of multiple exchanges) plus the increased volume on today's decline puts near term outlook into doubt. The big symmetrical triangle remains the dominant chart construction.
Nick Cawley (NO NEW UPDATE)
The largest cryptocurrency ends the week marginally higher and is currently building a base for a potential move higher, while the RSI indicator sees BTC bouncing back from oversold territory. BTC has good support between $5603 and $6438 and is unlikely to threaten support in the short-term – all things being equal. On the upside $8578 looks a likely first target before the coin re-tests the recent the recent high just above $10,000.
Trading Room
Bitcoin is approaching support, if this line holds, another bounce attempt to 7800, if broken next target 7100 area. Expect slower grind & absolutely boring price action until break below 6900 or break above 8993
Crypto Guru (NO NEW UPDATE)
Mini Falling Wedge (teal) within a Massive Wedge (yellow). We faced the same exact situation at the start of Feb & April; except this time he believe we're ready to break through the Massive Yellow Wedge.
Coindesk Markets
BTC's daily chart shows the 23.6% Fibonachi retracement played out perfectly, with BTC reversing around the 0.236 level. So, bulls would want to see a clear break above this level.
On the 15 minutes chart BTC is showing a bear flag breakdown. This could open a door to a drop to $7290
Caution: Things change fast on 15-min chart.
Also, a shout out to @famunger for his daily Analyst Summaries.