r/cryptocurrency Jun 19, 06:05 PM
End Of Week BTC Analysis (everything you need to know) A friend asked me today about bitcoin so why not share what I see to the world.
(IMAGES ARE FOR INTRA-DAY ANALYSIS, I START THIS POST BY DISSECTING THE HIGHER TIME FRAME FIRST)
In the higher time frame bias I am seeing bitcoin being bullish by a lot of different factors, but I cannot rule out the idea of the pullback structure we have formed since the drop back in June 1st.
For the long term I am seeing a pullback area I would eye around 59,500’s since that was our bottom back in June 5th, a Friday.
Why I’m I bullish on the higher time frame? Because we have:
- ETF inflows accelerating.
- Corporate Treasury adoption rising.
- Declining exchange reserves.
- institutional dip buying active.
- Risk-On environment favoring BTC.
Now, this can change in a instant and we have to be careful on these things:
- US Bond yields rising sharply.
- Stocky inflation risks persist, meaning the energy crisis we are living in.
- Fed maintained hawkish tone.
- Stronger US data supporting dollar strength.
For intraday analysis, see the picture, I have provided support and resistance levels, as well as a target level and the reasons why.
submitted by /u/TheForexHouse
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