Daily Report – Bitcoin and Market Update (June 22 2020)
Weekly closed as somewhat of a neutral-bearish candle spinning top. Still hovering above MA50, which is bullish long-term. Long-term bulls hence are still safe and as long as we keep closing above MA50 it’s new highs – oriented continuation expected. Momentum is slightly and slowly declining in a corrective manner, yet signal is not 100% reliable for momentum confirmed more of sideways nature still by how the weekly candle closed. To switch back to the unquestionable bullishness on the weekly chart, BTC/USD needs to start closing the weeks above 9760 level, which would add up to the momentum. MA50 8700s retest still on the table, but tiny bit less probable at this very moment of analysis.
Daily closed as a neutral candle but the currently trading one is trading above MA50, which short term means back to the bullish side. If bitcoin closes back above MA50, it’s more likely to reach and retest range highs of 10400s with higher chances to break out above and establish new highs 10.5k+. Bullish momentum crosses on Stochastic and TK histogram turning onto the positive bullish mode. If we close daily above 9580 (prior pre-breakdown support turned resistance), it’s going to bring higher chances of soon retest of 10k. Also broke out above the short-term falling wedge resistance, analyzed within lower timeframes below.
Middaily trading 9580 at this very moment with attempt to sustain short-term trading above MA50 resistance 9560. If BTC/USD closes the day above 9560 it may be considered reclaimed on INTRADAY basis and high chances of 9750s retest. Proper reclaim of MA50 on middaily timeframe would require the push towards 10020 and successful retest of 9600s. In such context this is going to make it a perfect and confirmed short-term long opportunity with new highs anticipated. Until this setup arrives, any trades should be considered scalps/intraday swings that are short-lived and should be closed soon after becoming profitable. Big volatility should be brought within next 2-3 days from now. Local bullish setup invalidated when closed middaily below 9260
MTF picture shows bitcoin breaking out of the falling wedge. Breakout target on the upside is located around 10700s. Momentum is bullish and already trading inside overbought area. Early bullish confirmation arrives with 4h candle close above 9600 resistance. Local throwback to 9300-9480 can be expected after tapping into 9740 resistance. This might be the most optimal zone to scale in with longs. Local breakout target above the 8.9-9.5k range of 600$ base size, is located at 10100 that should serve as a strong resistance locally. Safest to wait for the breakout retest of the wedge to open any heavier longs. Wedge concept invalidated ONLY if btc two 4h candles close back inside the formation.
Hourly momentum proven bullish by closing strong hourly candle above the diagonal resistance of the falling wedge pattern AND MA50 double bullish cross over MA100 and MA200. Momentum trading inside the overbought area which is suggesting longing breakout retest rather than breakout so as not to get trapped in longing the resistance. Trading at 9600 at the moment of writing this piece of market report and to remain bullish and sustain the bullish momentum towards 10k range highs bitcoin must hold the retest of 50% retracement level at 9455. If this condition is met, this is going to be best confirmed short-term long opportunity for LTF swing traders. (MTF traders should still wait for the 8.1-10.4k range breakout or breakout retest to scale in bitcoin if previously scaled out). Watch exclusive #video-report channel for more complementary analysis of CME BTC/USD futures to learn if we are in arbitrage equilibrium or contango/backwardation that would bring the volatility. Also, don’t forget to check #announcements channel as there’s 400$ giveaway free to win. Enjoy!
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