BTC-USD( Long Term Analysis)
Bitcoin made its new ATH of $64,899 in the April month of this quarter but bulls were unable to hold the gains and succumbed downside due to the negative sentiments initiated by a negative Elon Musk's tweet and China ban news. Total Market cap after peaking at $2.5 Tr in May to 1.3Tr at the time of writing, it dipped by ~48% in this quarter.
The flagship currency, Bitcoin has witnessed its worst quarter in terms of Dollar loss, it retraced more than 40% in Q2 and formed a strong bearish candle on the Quarterly TF.
On the monthly TF, May month candle turned the positive trend into a bearish trend as BTC witnessed a 35% decline in the same period. In the month of June, it made a new recent low of $28,800 but retraced upward and is now sustaining above $33,000.
On a weekly TF, BTC has been consolidating for the last 6 weeks in the range of $30,000 to $40,000, it tried to breach the support at 30K few times but bears haven't been successful in doing so yet, therefore the support of 30K is very critical in deciding the future trend. On the higher side, the immediate resistance is present at $36,000 followed by the major resistance at 41K.
On a Daily TF, BTC has already witnessed a Death cross i.e negative crossover of 50 and 200-DEMA and has been trading below its major EMA's.
RSI is showing minor positive divergence with the price from the last 2 weeks, which mildly indicates a pullback to the higher side can be expected. Since the current trend is still sideways, therefore confirmation is much needed for the price movement ahead, On the higher side, BTC has to sustain above the level of $41,000 to reverse the ongoing bearish trend.
The flagship currency, Bitcoin has witnessed its worst quarter in terms of Dollar loss, it retraced more than 40% in Q2 and formed a strong bearish candle on the Quarterly TF.
On the monthly TF, May month candle turned the positive trend into a bearish trend as BTC witnessed a 35% decline in the same period. In the month of June, it made a new recent low of $28,800 but retraced upward and is now sustaining above $33,000.
On a weekly TF, BTC has been consolidating for the last 6 weeks in the range of $30,000 to $40,000, it tried to breach the support at 30K few times but bears haven't been successful in doing so yet, therefore the support of 30K is very critical in deciding the future trend. On the higher side, the immediate resistance is present at $36,000 followed by the major resistance at 41K.
On a Daily TF, BTC has already witnessed a Death cross i.e negative crossover of 50 and 200-DEMA and has been trading below its major EMA's.
RSI is showing minor positive divergence with the price from the last 2 weeks, which mildly indicates a pullback to the higher side can be expected. Since the current trend is still sideways, therefore confirmation is much needed for the price movement ahead, On the higher side, BTC has to sustain above the level of $41,000 to reverse the ongoing bearish trend.
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