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Author Topic: Bitcoin In Depth Analysis June 25  (Read 14 times)
Boomerang Capital
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June 25, 2018, 01:57:24 AM

Nice spring giving price a push from the $5.8k level today.

Resistances & Supports.
Resistances - Same levels as yesterday.

Zooming out, we see price struggled to break above the zone at $6.9k we highlighted previous in the week. This zone remains the pivotal level for bulls to break above. Looking ahead, a break above $6.9k would set sights on the next macro level at $7.7k

Supports - Same levels as yesterday.
As price moves with gusto towards new lows, it seems likely we break below the February bottom at $6k. Overlapping multiple time frame levels highlights the support from $6k-5.8k, which will be a zone to set some bids in for a bounce as price tumbles down. Should $5.8k fail to hold, there is a nice set of equal lows at the $5.4k mark which will act as support.

In the event price finds its way all the way down to the $5k level, buying in the long term support zone from $5-4.7k will be a good bet for at least a strong bounce.

Ichimoku Cloud.
The 4H cloud tenkan indicator nailed price perfectly and provided resistance around the $6.2k mark. This will be a level to keep in mind as price attempts to make its way forward.

The daily RSI is beginning to paint a very rare signal in the form of a bullish divergence. This is only the beginning of the construction of this signal, and is only confirmed when the RSI makes a new high above 42.7. That said, this is comforting for the bulls to see the price drop is not truly reflective of the underlying strength behind the asset.

Price looks to have broken below February low in an attempt to grab massive liquidity and shoot above the support level.

Although we haven't seen the expansive candle with a huge increase in volume and wick, this is possible bottom behavior.

A break below this level will likely get ugly fast, with $5.4k and $5k as places to place orders below.

Twitter: @BoomerCapital

Looking to the upside we need to get above the recent high and resistance at $6.2k before marching onwards to $6.9k.
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