[BITCOIN DAILY ANALYTICS] 08 JUN — Bitcoin begins downward run.
[BITCOIN DAILY ANALYTICS] 08 JUN — Bitcoin begins downward run.
In the previous detailed analysis, the upper points and targets were determined: based on TIs = 4H/5H U/BB ~ 7770, and also based on SMA/EMA = 5H EMA100 ~ 7770. So, bitcoin has almost reached the set targets by touching ~ 7750. For the last few hours, bitcoin has been traded near daily SMA20 (M/BB), without forming clear signals for further growth or fall, and without visible movements to test the upper or lower boundaries.
- Let’s analyze the further possible movements based on TIs, as now it is more possible to run new opportunity for downward swing trade.
At the 4H TF, we have a number of potential downward projections: CCI=61 (negative trend, downward cross of 100), ROC=2 (negative trend), MACD=35 (MACD seeks down to the signal line), DMI=17 (+ DI seeks down to -DI), %R=-36. At the 5H TF, there are no significant differences from the 4H TF.
At the daily TF, TIs are giving mixed signals: CCI=6 (positive trend), ROC=-6 (negative trend), MACD=-220 (MACD > signal line), DMI=30 (+DI < -DI), %R=-15.
Generally, TIs indicate a possible end of the upward trend and a transition to a drop to L/BB ~ 7400.
- If we consider the analysis based on SMA/EMA, then we can highlight the following important points:
At the 4H/5H TF: EMA6 seeks down to EMA9; EMA12 > EMA26; SMA10 > SMA20 > SMA50 > SMA100 (except 5H TF). MAs clearly do not indicate a drop, although if we have further drop to M/BB, then SMA/EMA projections may change — and then we can expect testing down to SMA/EMA50 ~ 7530–7580.
At the daily TF, SMA10 seeks up to SMA20. EMA6, EMA9, EMA12 seek to ~ 7600, while EMA: 6 < 9 < 12 < 26 < 50 < 100.
Generally, MAs indicates a possible deep test down to L/BB ~ 6900.
Finally, if bitcoin would fix above 5H SMA100, securely fixing above daily SMA20 (daily M/BB), then we might expect growth to the specified 7800–8200.
Now I’m more inclined to think that we are at the beginning of the formation of an opportunity for a downward swing trade down to L/BB ~ 6900–7400.
Take care of your BTC and USD!
Head Analyst Matador Fund,
David Goldberg
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MATADOR FUND Team
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