2022-06-20 11:57:27
Market analysis: BTC/USDT:1. Bitcoin closed its last weeky candle under 200MA, which is the most bearish signal it can give. 200MA on the weekly chart usually works as the last support in dumping markets (mini bearmarkets). If it is broken, the the asset goes lower and does not perform well for long periods. As we all know, BTC is a little bit special and this could be a bear trap because the whales like to close under important EMAs and then bounce back and deny all the setups traders had. We also see around that level the support from the previous high (19k). The fact that we managed to bounce back above 19k could help us get a mini rally in late June, July.
2. The RSI on BTC/USDT pair is at it's lowest level ever, this has a double signification. First, it is bullish because soon an rally shoud occur because it cannot go too much any lower. Second, it is bearish because it just broke the historycal support at
30 on weekly RSI and we do not know how low it can go.
ETH/USDTETH closed below 200MA as well and is heading lower. The only things that can stop ETH from dumping more right now are 38.20% on FIB and some buying volume on VPVR, but for me these buying signals are not strong enough to hold the pannic and sell power the crypto market experiences right now. The real floor in the market seems to be at 400$ - 650$ for Ethereum. There we see the strongest buying levels on FIB (50.0% - 61.8%), some horizontal candlestick support and more buying volume than at 900$.
Conclusion: The markets look very bearish despite some bullish signals. We will experience a trully crypto winter for the next 3 to 12 months, which is a great opportunity to invest for
longterm. We could get a mini rally in shortterm (July).
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