BTC analytics, Jun 6
Good afternoon everyone!
Perhaps today's research should have been titled in the style of "Where the Crypto Market Will Fall or SEC vs. Everyone". Let's sort it out.
Let's start with the fundamental data and news background.
Market cap is 1,091bn, dominance index 47.38%. Fear and Greed Index is 44 (that's Fear with a capital letter). Traders liquidated in 24 hours for a total of over $296 million. Stock indices - Nasdaq rose 0.07%, Dow Jones fell 0.59%, S&P 500 fell 0.20%.
The news background is negative. What have we got?
- SEC sues Binance (strong market drop)
- SEC sues Coinbase (not much of a market drop...at the moment)
Who knows, maybe other major players in the crypto industry will be added to the case list in the future?
- It's also possible that liquidity in the system will continue to decline due to upcoming offerings by the US Treasury after the debt ceiling increase. They expect another $1.1 trillion withdrawal from the system, which will be the sharpest liquidity drain on the US system since the 2008 crisis.
Everybody was expecting the appearance of the so-called "Black Swan" as usual in May. It appeared during the first days of June. We can say that it appeared later than it was supposed to.
On the daily chart of BTC, it's important to note the following:
- BTC is still globally in a downward channel. Locally, too, by the way.
- Currently, the price is close to the historically important level of 25000-25200.
- This level almost coincides with the lower boundary of the local downtrend channel
- In addition, the level of 25000 is very close to the uptrend, which previously served as a support during the March "strait
- We can also note the level of 22,000.
Let's keep this in mind and move already to the interactive 1 hour chart.
- The price has taken off liquidity at 25800 - this level is now strong resistance.
- From above we have a wide resistance zone at the levels 26916 - 27472
Let's look at the movement options:
1. Downtrend (priority at the moment, marked by a golden arrow on the chart).
After being in the narrow corridor between 25200-25800, the price may go down to the lower boundary of the channel 24600-24800
1.1 A continuation of the downtrend (marked by a red arrow on the chart):
Pay attention to price behavior in the area marked by the blue circle. On a rebound - further growth is possible, at least to the nearest resistance. In the case of a break-down - downside movement with a stopover at 24100-24300 to the Point of Interest (POI) at 22000-23000.
2. Uptrend.
If the price consolidates above the level of 25800, movement to the nearest resistance level of 26916 - 27472 is possible.
Good luck and patience to all!
Always in touch,
Relictum Analytics
Perhaps today's research should have been titled in the style of "Where the Crypto Market Will Fall or SEC vs. Everyone". Let's sort it out.
Let's start with the fundamental data and news background.
Market cap is 1,091bn, dominance index 47.38%. Fear and Greed Index is 44 (that's Fear with a capital letter). Traders liquidated in 24 hours for a total of over $296 million. Stock indices - Nasdaq rose 0.07%, Dow Jones fell 0.59%, S&P 500 fell 0.20%.
The news background is negative. What have we got?
- SEC sues Binance (strong market drop)
- SEC sues Coinbase (not much of a market drop...at the moment)
Who knows, maybe other major players in the crypto industry will be added to the case list in the future?
- It's also possible that liquidity in the system will continue to decline due to upcoming offerings by the US Treasury after the debt ceiling increase. They expect another $1.1 trillion withdrawal from the system, which will be the sharpest liquidity drain on the US system since the 2008 crisis.
Everybody was expecting the appearance of the so-called "Black Swan" as usual in May. It appeared during the first days of June. We can say that it appeared later than it was supposed to.
On the daily chart of BTC, it's important to note the following:
- BTC is still globally in a downward channel. Locally, too, by the way.
- Currently, the price is close to the historically important level of 25000-25200.
- This level almost coincides with the lower boundary of the local downtrend channel
- In addition, the level of 25000 is very close to the uptrend, which previously served as a support during the March "strait
- We can also note the level of 22,000.
Let's keep this in mind and move already to the interactive 1 hour chart.
- The price has taken off liquidity at 25800 - this level is now strong resistance.
- From above we have a wide resistance zone at the levels 26916 - 27472
Let's look at the movement options:
1. Downtrend (priority at the moment, marked by a golden arrow on the chart).
After being in the narrow corridor between 25200-25800, the price may go down to the lower boundary of the channel 24600-24800
1.1 A continuation of the downtrend (marked by a red arrow on the chart):
Pay attention to price behavior in the area marked by the blue circle. On a rebound - further growth is possible, at least to the nearest resistance. In the case of a break-down - downside movement with a stopover at 24100-24300 to the Point of Interest (POI) at 22000-23000.
2. Uptrend.
If the price consolidates above the level of 25800, movement to the nearest resistance level of 26916 - 27472 is possible.
Good luck and patience to all!
Always in touch,
Relictum Analytics
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