Bitcoin’s Green Week
After 9 weekly red candles since march, Bitcoin finally closed a green weekly on 5th of June 2022. This green candle have spread a wave of hope in crypto market space.
This week with the opening of Asian markets BTC traced an impulsive rally almost 8% from 29800 to 31800. Although it couldn’t break the resistance zone 31400-700. Before the day end bears dominated and BTC rejected straight back to 29200 in one long red candle(4H) from the supply zone due to selling pressure. The 29000 area is a HTF(High Time Frame) support, considerable demand have been seen here that moved it back to mid 30K. During USA stock market’s open hours, a fast move of 1000 have been seen to 31600 many were hoping that it will breakout this LTF(Low Time Frame) resistance and moves to 33K, but again with the opening of Asian markets on 8th June BTC got rejected and dropped down to 29800.
Now at the time of writing BTC is trading around 30.4K. Volatile and choppy price action is making the trading difficult.
Current Support and Resistance:
Currently bitcoin support is at 29200-500 region and 31800–32000 area is acting as a strong resistance. However these support and resistance have been tested number of times, the more a support/resistance gets tested the weaker it becomes.
A rally towards 32000 (last week’s high) is possible this week and if it flips as support we can see a rally towards 34000 soon, which would push most of the altcoins as well. Other cryptocurrencies are also following the same path as for now and there are many uncertainties.
Stock markets around the globe are under pressure as well due to high inflation globally. Investment is not advised at the moment however, level trading within the range could be fruitful.
This content is just for the purpose of information, not a financial advise so DYOR(do your own research).
If you need any specialized content for your business/blog drop a mail to zaslam1997@gmail.com
