Cryptocurrencies

360 ° Bitcoin # 10: June 4, 2021 Analysis

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Hello everyone, I’ll meet you for episode 10 of ”Bitcoin at 360 °”. In summary, an on-chain analysis on the supply of Bitcoin before continuing on to technical analysis. Make yourself comfortable in your chair and I wish you happy reading!


digital money concept

Differences in trends are visible in the Bitcoin market

First, the STHs (Short Term Holders) which are weakening more and more with the liquidations of recent weeks. The supply decreases sharply and they distribute more and more. Then, holders of long-term Bitcoin LTH (Long Term Holders) buy the supply of short termists for a long-term accumulation strategy. Finally, the miners, too, accumulate on a distant vision and take advantage of this panic.


Bitcoin supply held

A decisive range

In Daily, the price broke the MM200 putting the BTC in a bearish position.

bitcon perpetual futures 1D

Watch out for the golden cross between the MM50 (in yellow) and the MM200 (in blue). If the 50ma breaks the 200 lower then it will be a strong bearish signal to come. The latter have caused drops of more than 50% each time. The level of $ 30,000- $ 36,000 holds for the moment. This range gives him strength for the next move to come.

A strong compression triangle

In H4 the triangle is very visible. The ROB (Oblique Resistance) holds for the moment even if we thought of a breakout last night.

bitcoin perpetual futures 4h

Elon Musk’s lack of volume and tweet deterred the price from soaring. The SOB (Oblique Support), too, is holding and bouncing the price today. The volumes are low, so the price squeezes. A breakout with volume will be synonymous with a trend recovery. Up or down, hard to say at the moment.

In H1, the bullish channel was broken downwards, weakening the short-term uptrend. Liquidity was taken from the last wick.

bitcoin perpetual futures 1h

In any case, this hedger in anticipation of the next movements can be a solution. Do not expose yourself too much to the market and watch out for leverage which can be fatal.

It was the tenth issue of this series “Bitcoin at 360 °”. NOT‘never invest more than you can afford to lose and LEARN MORE. Good trade and see you next Friday for a new Bitcoin article on CoinTribune ! If you missed last week’s analysis, there she is !

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Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017.
Beyond trading and investing, I try to democratize, in my own way, the ecosystem that will undoubtedly change our habits of tomorrow!

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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