Regular daily update on BTC ta analysts opinions.
**My summary - short-term (next 24h) sentiment: bearish ** (last: bearish)
- We fell below 6'000 again. Came to an hold at 5'820.
- Still bearish scenario is in full play for now and further significant downside is expected.
Bearish scenario (preferred):
- Price falls towards 5'500.
- Short term recovery staying under 6'000.
- After breaking 5'500 again a significant drop towards new lows in the range of 4'975 and 3'100.
Bull scenario (unlikely):
- We bounce from this level - having a double bottom.
- We go up to 7'500 and higher.
Monthly performance overview:
- Lets see how June plays out -usually also a bullish month. This year it looks like one of the worse month. Will update chart next month.
News about the blog
- I reordered the analysts based on the frequency they are updating.
- @haejin: It seems like we don't get his updates anymore soon. Might change in the future.
Analysts key statements:
Mid-term outlook: -> unchanged
He expects us to put in a swing low at around 5'000 in first two weeks of June. From there we probably bounce strong towards 7'500 and more.
Still he is expecting that we put in a final low only at around October.
- Weekly: He expects a close below 6'000. Target remains - south of 5'000.
- Daily: Gave you a short signal falling below 6'000.
- 12h: Chart arrows updated - next target 5'500.
- 1h: 9 upcoming - we are oversold. So no short term short on the table.
Bitcoin price resumes trading Below 6'039 as expected, paving the way to the next station located at 5'500.
TA give mixed signals. RSI indicate that sellers are exhausted, Stochastic show that sellers might let buyers take over, while the Gab between 100SMA & 200SMA signal that Further Losses are in the cards.
No Change to our bearish scenario, conditioned by the price stability Below 6'450. So we still wait for more losses towards 5'500 followed by 4'300 Area / Butterfly "Buy" the final destination and the potential bullish reversal location.
At press time, bitcoin price is around 5'870 and our Bearish Journey continues as the bearish trend will remain dominant on the intraday and short term unless breaching 6'450 and settling above it.
Todays trend is bearish. Trading between 5'500 and 6'250.
Bulls are expected to show up now. Yellow wave 2 hit the .618 correction target perfectly.
If they fail, get ready for the next drop.
We are moving in a channel. We have a bullish divergence on the RSI. The established swing low (bear market low) of 5'780 is holding. 5'920 seems to give good support as well.
Price action will tell if the established low will prevail.
A bounce at the 7'000 level was much expected due to hitting a major trend line support established since Nov 11, 2017.
Bullish View, if we break the 7'650 range, there's a chance to hit 7'850 to 8'000 range (0.5 to 0.618 fib retracement)
Bearish View, if we break 7'161 range, we'll most likely test 7'040, which I see as failing to hold and then testing 6'500.
@haejin is moving his analysis to bitcoin live. Those of you who want to follow him directly should look into subscription. I will try to get in contact to see if I can use an abstract to post here also in the future.
Bitcoin (BTC) Short Term Update: The blue circle shows a potential pricepathway of BTC. The purple waves have been updated and it shows a scenario where purple 1,2,3 could be complete and 4 is getting its final touches. Purple 5 is still targeting the 6'300 zone or so.
Summary of targets/support/resistance
|analyst||latest content date||link to content for details|
|Tone Vays||29. June||here|
- light blue highlighted = all content that changed since last update.
- sentiment = how in general the analysts see the current situation (bearish = lower prices more likely / bullish = higher prices more likely). The sentiment is based on 4hr, daily, weekly, monthly candle charts.
- target = the next (short term) price target an analysts mentions. This might be next day or in a few days. It might be that an analyst is bullish but sees a short term pull-back so giving nevertheless a lower (short term) target.
- support/res(istance) = Most significant support or resistances mentioned by the analysts. If those are breached a significant move to the upside or downside is expected.
Further links for educational purposes:
- From @ToneVays: Learning trading
- From @philakonecrypto: Like in every post you find links to his amazing educational videos. For example here
- From @lordoftruth: Fibonacci Retracement
- From @haejin: Elliott Wave Counting Tutorial
*If you like me to add other analysts or add information please let me know in the comments.