Crypto Screener Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Price Analysis – June 2018

This topic contains 5 replies, has 1 voice, and was last updated by margincall margincall 11 months ago.

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    Welcome guys and gals, I hope you had a wonderfully volatile weekend with us in the Crypto-Space. Bitcoin bounced quite strongly after dropping below $6000, but only when the support level mentioned in my previous report failed. Personally I think many main stream investors had their confidence shaken with the exchange hacks, EOS trouble and not to forget the Tether printing press.

    While some exited the markets, surely other market participants jumped at the chance to get some discounted Crypto coins this weekend. If this weekend’s action made your stomach turn, maybe you should consider safer investments such as metals, ie silver or gold. For those of you that are having fun hodling and experiencing 1st class volatility, you are a part of history, what goes down ….

    Lets take a look at the 1 Candle Bitcoin vs US Dollar charts.

    btcusd forecast 25 June 2018

    I know there is a lot of fear out there in the market at this point, rightfully so, the market is still in a clear down trend. Any buys here, like I mentioned in previous reports, should be considered HIGH RISK. For the higher risk players, we are looking towards the 6k level acting as support for a third, and possibly a fourth time, as a good sign.

    We can notice that the volume has decreased significantly since December last year, and the MACD is confirming that the price action and momentum are coiling tighter together, getting squeezed as the market nears its decision. Notice that despite the bloody weekend the massive triangle is still in tact. This is another positive signal for the higher risk trader, looking to take the risks to get maximum rewards.

    The good news about this triangle is that we should see some action before or after the 4th of July. Even though no candlestick formation has a 100% success rate, in the past traders have found that descending triangles have quite a high chance of a bullish breakout.

    On the flip side, $6000 is now a critical support zone, should the market consolidate below here, the triangle will be invalidated and we could see Willy Woo’s price prediction of low $5k come true.

    Resistance is around $6800 – $7000 for me personally at this point, and I am expecting some bulls to show up to the party should we consolidate above those levels this week. Safe trades.

    Trading Tip: Be sure to set up your OWN RULES for your OWN TRADES, BEFORE YOU ENTER THEM. This will help you to make the right decisions quite a lot faster, such as, should I take a loss?, should I take profit?.

    Fortune favors the prepared.


    Lets take a quick look at the market action Bitcoin experienced since my last report.

    btcusd price forecast 19 June 2018
    We can see another attempt from the market to form a bullish channel since the previous brutal drop from the 7k zones. Bitcoin is giving many contradicting signals on the shorter term at this point in time. This reflects the sentiment of the traders and the news on the media. Some bullish, some bearish stories out there, I won’t give the fundamentals too much weight here.

    We can see some good price action whenever Bitcoin has touched the bottom support zone and we are, again, getting higher highs and lows on the shorter time frame. We can see a nice little bullish flag/pennant formed after the price action the market experienced yesterday. This is over shadowed by the possibly scary bigger bear flag/pennant forming on the medium term.

    On the longer term it is important to to note there is a BEARISH and BULLISH trend forming a massive triangle. This is normal as markets recover from “bubble” action and volatility gets less over time. Lets have a look.

    btcusd price forecast 20 June 2018

    On the 1 day chart we can clearly see the massive triangle that has formed as we enjoyed the roller coaster down from 20k at the start of this year. This is now a confirmed triangle and I would expect the prices to stay bound in this range untill a break to the top or bottom occurs.

    Like I mentioned in previous reports, most trades taken here should be consider higher risk, as Bitcoin is still trending down from the previous ATH. I am looking to $6800 – $7000 resistance zone to signal the next possible breakout and leg up for the market.

    On the flip side we could see a retest of the lower part of the triangle, but I would imagine it will only happen after the top of the triangle gets tested, around $6900.

    I will look to $7000 as the main psychological resistance level.

    Short term support at the moment is quite strong around $6650 at this point in time, with $6400 being critical for this little bullish run to continue. Safe trades.


    The SEC brought some relief to the markets with the “good news”, some other nice news include Bittrex trading with actual US Dollars. This brings some hope that the Tether situation will not blow up in Cryptoland faces. Lets take a look at what the market has been up to.

    btcusd forecast 15 June 2018
    Taking a step back to the 1 Day candle charts to get a Eagle eye view of the price action this year. We have a beautiful confirmed descending triangle with a lovely divergence, made clear for us by the MACD indicator.

    Many of the serious Bulls gave their thoughts on the markets above $7000, and with the SEC news out this is basically discounted Bitcoin. Of course nobody can predict the markets and I am very interested to see how the price action treats us going into the weekend.

    As you can see on the chart the triangle is getting ready to show us a final outcome as the prices get coiled tighter again with the Bulls and the Bears battling it out, for now. As most of our community know by now I don’t trade the fundamentals, but I do believe it is always good to stay mindful, separating FUD and Fiction from the real news.

    In the past the SEC news has been major turning points in the market, lets be patient and see what the Big BTC will do!


    Longer term speaking I think the market is looking very healthy, for those that bought above $7000 I would relax and try not to over trade. One thing I am curiously looking out for is what the little crypto’s will do when Bitcoin starts flexing its muscles again.

    Support – $6000 – $6500 (We can see good price action in this zone)

    Resistance – $7000 – $7100

    We can expect prices to start moving up quicker should we consolidate above $7200.

    Safe trades, feel free to come visit us on Discord to talk trading!


    As I mentioned in the last report $7600 was the key resistance, and the market is still trading in this zone today, lets take a look at the charts.

    btcusd forecast 6 June 2017
    The market is creating higher lows and higher highs, the key factor traders look for when establishing if the market is in fact in a bullish trend. There is a decent little channel forming on the 4hr candle chart and the price action is finding support above my longer term bullish trend line.

    Needless to say, the market is facing critical support zones as well as resistance, with June, so far being quite low on the trading volume, we could expect the next surge of buying/selling pressure to set the stage for the weekend.

    Personally I am bullish above $7400 and bear below it. I would expect lower prices for the Bitcoin market, should we fail to consolidate above this zone. It would seem that the buyers are indeed interested in the market, as we bounced back into the $7600 zone quickly after a brief visit to the support zone.

    Like usual never a dull day, for the safer entry into the market it could be wise to wait for more bullish momentum and consolidation above $7600 – $8000. I am confident we could see direction soon so don’t go to far. Safe trades.

    • This reply was modified 11 months, 2 weeks ago by CheesePuff CheesePuff.

    Bitcoin surprised most this week by not descending into the depths, some analysts believed $3000 was on the table. I would agree that the current crisis in Italy is to blame for the shift in momentum, currently there is solid resistance at $7600, lets take a look.

    Bitcoin Price Analysis btcusd - 1 June 2018

    It is important not to pop the champagne yet, even though the market has found support above $7200 and momentum is shifting. The Bitcoin market is still under a lot of bearish pressure and the bulls will have to keep on working hard to tip the scales.

    There is a potential bullish channel forming should the Bitcoin price consolidate above $7600 going into the weekend and next week. We can see that the MACD indicator on the 1 Day candle chart, could be getting ready to produce a buy signal, which will get some longer term traders interested in the market.

    As we know political situations rarely resolve themselves in a couple of days, and with the Italy elections on the way, it could make the EU markets shaky for a while. With that said we will keep an eye on how much capital is flowing into crypto over the next month, to confirm this trend .

    Keeping the above mentioned in mind, consolidation above $7600 will most likely push prices towards $8000, where we will hit the psychological resistance level left over after the previous bloodbath. Should we fail to push higher, it is quite possible that we will retest the lower $7k zone again. Safe trades.


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