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Bitcoin Market Analysis – 22.06.2021

As a continuation to its nightmare’s week, Bitcoin dropped another 10% from $35,600 opening price and recorded a current low of $31,700. The flagship cryptocurrency continued its downtrend (into the new weekly session) since reaching a weekly high of above $41.3K on Tuesday, and so far had seen a drop of 24% in just six days. The price action is very bearish. Lack of significant drive, no buying support or large adoption from institutional investors.

After another Death Cross that took place on Saturday, where the 50-day MA crossed below the 200-day MA, the bulls are now attempting to defend a critical support line around $32K. Failing to close today’s candle above it, could rapidly result in retesting of the lowest BTC price recorded since January – $30K (on May-19).

Bitcoin and altcoins are reaching the critical support levels, but instead of buying the dip, traders are waiting to see if any bullish signals emerge. As long as Dollar keeps getting more strength, it’s putting more pressure on BTC and Altcoins.

Stay safe out there, limit your trades in this type of environment.  We are seeing a very weak action across the board here and our hope is that we continue to find support and begin to build a base on re-accumulation.

Looking at the BTC daily chart report shows, today’s current low of $31.7K is an ascending supporting trend-line that was tested on three occasions – May 19, June 8’s low of $31K, and today. Bitcoin flashes a classic bearish technical pattern that could crash BTC prices to below $20,000.

Day 23 high pulled down to high cycle low. The hedge possibility of pulling down below 30k level is high which could result to a big capitulation move down to 20k. Any downward trend below 59-day cycle low spells doom for the bull market.

We should be expecting the next build up from this cycle low if BTC can grind sideways in couple of days and maintain the support into the next cycle in July time frame. Let’s hope that, the next build-up to a higher high could emerge from this.

Pic.1: The chart shows a Day-23 high pulled down to high cycle low with a bearish trend structure.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The BTC weekly chart report is a bit clearer, the 10-week MA has crossed below the 20-week MA. A clear indication of downward trend but bound to re-build. If BTC can hold that 30k level and form a 60-day cycle in July; that will begin the process of Re-accumulation and re-building up.
Let’s hope that, we continue to find support and begin to build a base on re-accumulation in targeting the All-Time high of $60k range.

Pic.2: the 10-week MA has crossed below the 20-week MA. Source: bitcoin.live

🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service


🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service