Hi everyoneđ(Reading time less than 5 minutesâ°).
In this post, I tried to first technically analyze the Bitcoin chart in the weekly time frame for you and then tell you about the positive and negative news of Bitcoin.
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Technical:
First, I must say that this is the second time Bitcoin has attacked the đŽheavy resistance zone($32,420-$28,900)đŽ.
It is interesting to know that the đŽheavy resistance zoneđŽ was broken after the fourth time when it was playing the role of the đąheavy support zoneđą.
So, it is not far from expecting that the second attack on the heavy resistance zone will âfailâ and Bitcoin will go down again.
Bitcoin seems to have the potential to form a descending channel, and I predict that the second major pivot of Bitcoin will be completed in the đĄTime Reversal Zone(TRZ/In July
)đĄ (above the descending channel).
Now let's take a look at the Volume and RSI indicators:
đI expect the maximum increase of Bitcoin will be up to 100-SMA, and probably, Bitcoin will not succeed in filling the đ”Upper CME Gapđ” and will start to fall again and will fill the đ”Lower CME Gapđ” first.
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Now let's take a short look at fundamentals and news (âpositiveâ and ânegativeâ):
âPositiveâ:
âThe possibility of launching a BlackRock Exchange-Traded Fund (ETF) for Bitcoin.
âHeavy purchase of Bitcoin by MicroStrategy company:
Michael Silver, the founder of MicroStrategy Company, has announced that this company has added 12,333 bitcoins with an approximate value of 347 million dollars to its number of bitcoins. The average purchase price of the bitcoins bought by Microstrategy is $29,668, and currently, this company has 152,333 Bitcoins worth $4.52 billion
âHong Kong's largest bank HSBC launches Bitcoin and Ethereum ETF
âMastercard company looking to create Crypto card
âNegativeâ:
âPowell, the head of the Federal Reserve, said that there is a possibility of a recession in the market, and most of the members of the Federal Reserve expect that the American interest rate will increase by 2 steps by the end of the year.
âOne billion dollars of Bitcoin was sent by miners to exchanges. Normally, this can be seen as a major increase in selling pressure on Bitcoin.
âShort-term holders of Bitcoin are in profit:
After the price growth of Bitcoin from the range of $25,000 to $30,000, more than 66% of the Bitcoins that are kept in the market for a short period of time are in profit (1.6 million Bitcoins), and also 96.9% (2.6 million Bitcoins) (Bitcoin short-term holders are in profit).
âExchanges' problems with different governments, for example, the expulsion of Binance from Belgium and Austria.
âThe cryptocurrency market is still affected by the events of the FTX exchange and the LUNA project.
âStablecoins Problems
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According to the explanations above, do you think Bitcoin is still bullish, or will it fall againâïžâ
I would be happy to share your opinion with me in the commentsđ.
Bitcoin Analyze ( BTCUSDT ), Weekly time frame â°.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the â ' like'â button đđ & Share it with your friends; thanks, and Trade safe.
In this post, I tried to first technically analyze the Bitcoin chart in the weekly time frame for you and then tell you about the positive and negative news of Bitcoin.
---------------------------------------------------------------------------------------------
Technical:
First, I must say that this is the second time Bitcoin has attacked the đŽheavy resistance zone($32,420-$28,900)đŽ.
It is interesting to know that the đŽheavy resistance zoneđŽ was broken after the fourth time when it was playing the role of the đąheavy support zoneđą.
So, it is not far from expecting that the second attack on the heavy resistance zone will âfailâ and Bitcoin will go down again.
Bitcoin seems to have the potential to form a descending channel, and I predict that the second major pivot of Bitcoin will be completed in the đĄTime Reversal Zone(TRZ/In July
)đĄ (above the descending channel).
Now let's take a look at the Volume and RSI indicators:
- We can see Regular Divergence(RD-) between Volume and Price.
- I think we should wait to see Regular Divergence(RD-) in the RSI indicator, and RSI will approach the uptrend line again.đ
đI expect the maximum increase of Bitcoin will be up to 100-SMA, and probably, Bitcoin will not succeed in filling the đ”Upper CME Gapđ” and will start to fall again and will fill the đ”Lower CME Gapđ” first.
---------------------------------------------------------------------------------------------
Now let's take a short look at fundamentals and news (âpositiveâ and ânegativeâ):
âPositiveâ:
âThe possibility of launching a BlackRock Exchange-Traded Fund (ETF) for Bitcoin.
âHeavy purchase of Bitcoin by MicroStrategy company:
Michael Silver, the founder of MicroStrategy Company, has announced that this company has added 12,333 bitcoins with an approximate value of 347 million dollars to its number of bitcoins. The average purchase price of the bitcoins bought by Microstrategy is $29,668, and currently, this company has 152,333 Bitcoins worth $4.52 billion
âHong Kong's largest bank HSBC launches Bitcoin and Ethereum ETF
âMastercard company looking to create Crypto card
âNegativeâ:
âPowell, the head of the Federal Reserve, said that there is a possibility of a recession in the market, and most of the members of the Federal Reserve expect that the American interest rate will increase by 2 steps by the end of the year.
âOne billion dollars of Bitcoin was sent by miners to exchanges. Normally, this can be seen as a major increase in selling pressure on Bitcoin.
âShort-term holders of Bitcoin are in profit:
After the price growth of Bitcoin from the range of $25,000 to $30,000, more than 66% of the Bitcoins that are kept in the market for a short period of time are in profit (1.6 million Bitcoins), and also 96.9% (2.6 million Bitcoins) (Bitcoin short-term holders are in profit).
âExchanges' problems with different governments, for example, the expulsion of Binance from Belgium and Austria.
âThe cryptocurrency market is still affected by the events of the FTX exchange and the LUNA project.
âStablecoins Problems
---------------------------------------------------------------------------------------------
According to the explanations above, do you think Bitcoin is still bullish, or will it fall againâïžâ
I would be happy to share your opinion with me in the commentsđ.
Bitcoin Analyze ( BTCUSDT ), Weekly time frame â°.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the â ' like'â button đđ & Share it with your friends; thanks, and Trade safe.
Kommentera:
â
TRZ worked very wellâ
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