Clouds are gathering over buyers
On Tuesday, June 1, at the end of the day, the bitcoin rate fell by 1.51%, to $ 36698. The price remains trading in a sideways trend. For already buyers, the problem is to go through $ 37,400. The market is waiting for a new portion of news. While the market continues to be flat, I want to analyze the weekly TF on a logarithmic scale.
At the level of $ 18,000, the price exited the A-A channel. There were two targets for it: $ 43444 (161.8%) and $ 74,891 (200%). The first goal was taken, but the second was a little short. If you look at Fibo levels with an error, then the correction is 23.6% of the growth from 3782 to 64854 dollars.
When it falls to 30 thousand, the price bounced off the trend line. If the previous growth rate is $ 153 per day from 3782, then the resistance along the 200% line is at $ 86,547 (September 20, 2021). At such a rate, the price will correct by 50% by July 5, completely covering the fall - by August 16.
On Tuesday, I wrote that if within 30 hours (until 5:00 UTC 02/06/21), buyers do not test the level of $ 39,000, then clouds will begin to gather over the buyers. The price increased to $ 37894. Sellers dominate now. Buyers need to defend themselves for 45 hours before June 4 (07:00 UTC). Considering that the market is thin, we can quickly fail. The trend line on the weekly TF passes through the $ 32K level. A return to 33K will be uncritical, but it can scare buyers a lot.
On the hourly timeframe, the price is in the middle of a narrowing channel. A symmetrical triangular formation is forming. The market needs news to get out of it.
Summary: on the weekly TF the price bounced off the trend line and Fibo 23.6% of the growth from $ 3782 to $ 64854. On the hourly timeframe, the price is in the middle of a narrowing channel. A symmetrical triangular formation is forming. The market needs news to get out of it.
Clouds are gathering over the buyers. The trend line on the weekly TF passes through the level of $ 32 thousand. If the week closes below 32 thousand, the risks will increase to 20 thousand. On the spot, the order books are empty, so if someone wants to bring down the market, they will do it easily. The question is, who wants to part with the money by selling bitcoin at the market, since the average selling price will be the worst. You don't even know what else the regulators can surprise.
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