Daily Report – Bitcoin and Market Update (June 24 2020)
Middaily trading after closing very ugly bearish candle below MA50/100. Recent bullish moves got annihilated. As long as we trade below MA50/100 bulls are in danger, just like analyzed previously in my Monday’s weekly report. Momentum crossed bearish with a sharp decline. We are trading again at the very arbitrary level of 0.5 Fib retracement. Short-term bearishness may intensify and lead to the retest of 8100 range lows only if we close middaily/daily candle below prior lows of 8900. For the next hours and days shorts seem to be more encouraging than longs. Altcoins also seem to be absorbing some of the bitcoin capital so far and based on current market cap dominance structure, altcoins may have a bullish window while btc declines. Invalidation of LTF bearishness comes only after reclaiming back MA50 and closing above 9800.
Hourly trading back inside a wedgy structure invalidating the breakout and making it fakeout instead. It’s most often very dangerous structure to long and hourly candles confirm it with breakdowns of MA50, 100, 200 supports one after another easily. Short-term targets seem to oscillate around 9000 level. Hourly momentum is oversold so shorting this exact area is not necessarily of best risk/reward setup. Short-term tops are for selling for the next hours and days unless 9600 is reclaimed as new support after breaking out above MA50.
More details for premium subscribers of our Discord Trading Community in the exclusive #video-report channel.
Free 7 days trial. No commitments.