Bitcoin and Altcoin Market Analysis - Monthly Close Edition

[cryptoadvocate]

Bitcoin looking to hold critical monthly level, suggesting expansion to the upside; however, weekly looks bearish suggesting a pull-back in the opening week of June.

Meanwhile, alts look incredibly strong but have pulled back into support that needs to hold.

Full market analysis: https://www.cryptoadvocate.net/post/bitcoin-altcoin-monthly-close-01-06-2020

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[jossiel]

We're noticing the alts to be the ones that's benefiting during the weekend. People don't notice the stability that bitcoin is showing because we're intending to think that it won't pass $10,000 but, as we realize that it just came under $9000 - $8600.

Bitcoin is also stronger this time.

Pullbacks are expected to come but give it time until the run for altcoins are done because significantly, the dominance will be regained by bitcoin.

[solomine]

Now the price of bitcoin is quite stable. not a lot of options for movement. it might be worth considering making a structural deposit in bitcoin

[Yaunfitda]

Now the price of bitcoin is quite stable. not a lot of options for movement. it might be worth considering making a structural deposit in bitcoin

No, still not stable, perhaps it is trading sideways, but I'm sure it will make a breakout, - either downside or upside. Currently, the price had a good pump today, and trying to breach $10k again.

Some of the alts is also gaining, 2%-4%, specially Ethereum who made like 10% gain in the last 2 or 3 days, they might be gaining some strength, but they still rely on how strong bitcoin will be, if we get past $10k, then it will take alts with it.

[Upgrade00]

Currently, the price had a good pump today, and trying to breach $10k again.

The price has broken through the $10k resistance a few hours ago, and is currently at about $10,111. I expect it to climb higher testing the $10,500 range and also finding a good support level.
A push for $12k is also possible in the next couple of weeks, if the price averages here. It's been over a year (July 2019) since we saw prices within that range.

Alts are also being dragged along with the entire market being green.

[slaman29]

What a start to the first day of June! Was looking at it all morning and afternoon on my phone browser on Etherscan and kept seeing the value slowly climb up. Thanks to Bitcoin of course, I have no fantasies that alts are up here on their own by no effort;)

Now all those bears will keep quiet? Or Bull trap for the short term?

[Jating]

What a start to the first day of June! Was looking at it all morning and afternoon on my phone browser on Etherscan and kept seeing the value slowly climb up. Thanks to Bitcoin of course, I have no fantasies that alts are up here on their own by no effort;)

Now all those bears will keep quiet? Or Bull trap for the short term?

We might say that it could be a bull trap indeed, because right after that $10++ climb, the price suddenly went down, to $9600 levels. So obviously the bears are not that quiet, as they take over the market again. And look at the weakening trading volumes, it sure do smells like bearish to me.

It's weekend though, we know that in this 2 days, the market is majority dry and trading is not that very active. Still a lot of room for the bulls to regain the market at the opening of the week, so let's see in the next 24 hours.

[Harlot]

We might say that it could be a bull trap indeed, because right after that $10++ climb, the price suddenly went down, to $9600 levels. So obviously the bears are not that quiet, as they take over the market again. And look at the weakening trading volumes, it sure do smells like bearish to me.

It's weekend though, we know that in this 2 days, the market is majority dry and trading is not that very active. Still a lot of room for the bulls to regain the market at the opening of the week, so let's see in the next 24 hours.

Don't you mean a correction rather than a bull trap? If this was indeed a bull trap we won't be staying in the 9,500$ for long and bull trap being bearish will just mean that Bitcoin supposed to be going down way beyond the 9,000 or even 8,000$ level just to prove that we are still in a bearish market and that is a clear indication of it. That's why the price drop we are seeing right now is just a correction and we might consolidate here for a while as it has been for Bitcoin in months now. And at this point we are neither bearish nor bullish since the market lacks action lately.

[buwaytress]

Don't you mean a correction rather than a bull trap? If this was indeed a bull trap we won't be staying in the 9,500$ for long and bull trap being bearish will just mean that Bitcoin supposed to be going down way beyond the 9,000 or even 8,000$ level just to prove that we are still in a bearish market and that is a clear indication of it. That's why the price drop we are seeing right now is just a correction and we might consolidate here for a while as it has been for Bitcoin in months now. And at this point we are neither bearish nor bullish since the market lacks action lately.

Retracements then I would say, as we're already in the correct price zone if we've been here for so long now, and any movement wildly out of the norm has to return to the mean. The only issue now is to have the markets get a grip on long-term direction but this is absolute troll market for weeks with no volume to speak of.

[bitgolden]

This is really disappointing that even after a month from halving, we are still stuck under the biggest psychological levels; not sure how bitcoin is facing same level of selling pressure on both when the rewards was 12.5 BTC and now with half of that. I was expecting this June month full will be bitcoin prices will stay above $10k and may try to test $11k levels. But, it seems the resistance around $10k to $10.5k still hold and pushes the price down under $10k levels.

Fortunately May month's close was somehow convincing to assume about return of bulls but it seems panic due to pandemic still persist. Slow economy world wide could be the another reason why we are not having more volume. Until there will not be significant improvement in trading volume across major exchanges, we cannot expect bulls to remain stronger.

[carter34]

Pullbacks are expected to come but give it time until the run for altcoins are done because significantly, the dominance will be regained by bitcoin.

But whether a pull backs or not, I don't think dominance is noticed by any coin so far that is not bitcoin. Bitcoin has always dominated the crypto space from beginning and that iscwhy novice outside the crypto world regard bitcoin as only crypto coin.

[GreatArkansas]

(....)
Now all those bears will keep quiet? Or Bull trap for the short term?

For me, these price level of Bitcoin now is kinda bull trap, especially if we will not break the major resistance around $10,000+, I am expecting to see below $9,000 for coming weeks, well, who knows.
It's difficult now, this price level region is NO TRADE level for me, risky and doesn't much have confirmation