A short-term bottom line opportunity in Bitcoin
TThe meltdown in the crypto markets may not be over, but the recent easing in the stock markets may offer a short-term opportunity to get back to the leading cryptocurrencies, such as Bitcoin and Ethereum. Over the past 24 hours, the global crypto market margin increased by $ 55.42 billion, or a 36% increase to $ 907.98 billion. The Fear & Greed Index for Bitcoin is 19, at Extreme Fear, which usually indicates a buy option. Bitcoin jumped 6% to $ 20,210 at AEST 13:12 in the last 24 hours, according to Coinbase.
From a technical perspective, bitcoin may continue the recurring momentum in the coming days.
Source: alternative. Me
Bitcoin / USD, daily (valid for 1 week)
Bitcoin’s downward trend remains intactwith the price moving below the declining trend line by connecting lower peaks from the peak in March (see chart above).
A bullish divergence between market pricing and oscillators provides a short-term bottom opportunity for bitcoin, where market pricing is in a downward trend, but the bottoms on 12 May and 18 June in both the MACD and Stochastic are at the same level in oversold territory. With bitcoin entering a tight movement since the end of June, a rising triangle pattern is forming at the last lowest levels. This also meets the recurring trends of the oscillator, including MACD and Stochastic. Therefore, the short-term directional skew is now skewed to the upsidewith a potential further push up against the highest on June 26 at around 22,000while the imminent resistance is at 20-day MA of approx. 20,300 (the current market price for the editing time). A bullish eruption of resistance at 22,000 will bring the price to further medium-term resistance at 50-day MA around 25,530confluence with the Fibonacci retracement of 23.60% (connects from the highest on March 28 to the lowest on June 30).
However, a bearish eruption of the lowest on June 30 at 19 000 can take bitcoin to reach the previous low on June 18 at 17,567.
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