![]() ![]() If bears sink and sustain the price below the support line, the pair could drop to $0.000009. The pair has been stuck between the 20-EMA and the support line of the triangle. The 4-hour chart shows the formation of a symmetrical triangle pattern. A break below this crucial support may indicate the resumption of the downtrend. That could clear the path for a possible retest of $0.000007. A break and close above this level could signal a potential change in trend.Ĭontrary to this assumption, if the price breaks below $0.000009, it could trap the bulls who may have bought the break above the 50-day SMA. If the price breaks above the 50-day SMA of $0.000010, the SHIB/USDT pair could pick up momentum and rally to $0.000012 and then toward $0.000014. Usually, a tight range trading is followed by a range expansion. Shiba Inu ( SHIB) has been trading in a tight range near the moving averages as the bulls attempt to form a higher low near $0.000009. If the price rises above this resistance, the pair could rally to $21,000 and thereafter to $22,000. The pair could then rise to the 50-SMA, where the bears may again pose a strong challenge. This bearish view could be negated in the short term if bulls push the price above the 20-EMA. A break below $18,626 could further strengthen the bears. Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. The 4-hour chart shows that bears are aggressively defending the 20-EMA. This is an important zone for the bulls to defend because a failure to do so could start the next leg of the downtrend. If they do that, the pair could slide to the important support zone of $17,960 to $17,622. The sellers will then strive to pull the price below $18,626. On the contrary, if the price turns down from the current level, it will suggest that bears remain in control. ![]() The pair could then attempt a rally to the 50-day simple moving average (SMA) of $25,938. A break and close above $22,000 could indicate a potential trend change. If they succeed, the BTC/Tether ( USDT) pair could again rise toward the 20-day EMA. The bulls are attempting to push the price back above $19,637. Although bears pulled the price below $19,637, they have not been able to build upon the momentum. The long wick on Bitcoin’s July 1 candlestick shows that bears continue to sell on rallies near the 20-day exponential moving average (EMA) of $21,396. Federal Reserve’s last meeting and the June jobs report.Ĭould Bitcoin form a higher low and lead the crypto markets toward the path of recovery? Let’s study the charts of the top-5 cryptocurrencies that indicate the possibility of a relief rally in the short term. Source: Coin360ĭue to the tight correlation between Bitcoin and the S&P 500, crypto traders will have to keep a close eye on the performance of the United States equities markets next week, which may be influenced by the release of minutes from the U.S. Usually, the highest volume in a downtrend is indicative of capitulation and that “creates major bottoms.” If Bitcoin follows the historical pattern of the 2018 bear market, Krueger expects the bottom to form in July. However, economist, trader and entrepreneur Alex Krueger pointed out that Bitcoin’s volume hit an all-time high in June. Analysts watching Bitcoin’s MVRV-Z Score, a metric that measures how high or low Bitcoin’s price is relative to “fair value,” expect an even deeper fall before the bottom is finally reached. The bears are attempting to sink Bitcoin ( BTC) below $19,000 to further cement their advantage over the crypto market.
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