Bitcoin on June 25, 2022 – Attack $ 30,000?

Is it time for the technical rebound? – More fear than damage after the hot alert last weekend, Bitcoin (BTC) seems to have regained consciousness. In fact, it manages to keep both its critical and symbolic $ 20,000 support afloat. But from there hopefully much better, a real push would be needed to temporarily ward off the specter of a depressing bear race.

Furthermore, the good week for US equity indices, both the S&P 500 and the Nasdaq Composite, would suggest a large-scale technical rebound across all risky asset classes. And more particularly for cryptocurrencies that have been in motion for several weeks. In a market context that is less gloomy than usual, the hypothesis of seeing the king of cryptocurrencies resume attacking the greatest resistances could make sense.

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Bitcoin in weekly units: $ 20,000 support as a drop point?

The current state, Bitcoin would end the week green on condition of a close above $ 20,553. However, this would not offset the previous two bearish candles on the weekly chart. Hence some caution despite Wall Street’s good performance this week.

Aside from the bailout of the $ 20,000 support, it is clear that favorable technical signals can be counted on the fingers of one hand. Fortunately there are, even if it remains precarious. First of all, in the same price dynamics of BTC, the Chikou Span drowned under the Kumo (cloud), managed to rely on $ 20,000 to recover. Second, the large gap between the price and the Tenkan could mean that the downward movement since the last failure below the $ 46,000 resistance is starting to get excessive. And lately, BTC prices have significantly exceeded the final head-to-shoulder (ETE) target.which according to my calculations is around $ 24,000-25,000.

In case the following weeks become carriers, the resurgence of the cryptocurrency king towards the $ 30,000 resistance would best reflect the integration of major risks in the financial markets. And compared to its race to the bottom since the last ATH in November 2021, that would be the best scenario we could aspire to.

Bitcoin in daily units: $ 26,000 before $ 30,000?

Even if the situation struggles to stabilize in daily units, Bitcoin prices are showing a willingness to rebound from the $ 20,000 support. Despite a still unfavorable position with respect to some curves of the Ichimoku, they are about to disband the Tenkan. And should it be confirmed later, the Kijun close to the $ 26,000 resistance would be an intermediate target for a possible technical rebound towards $ 30,000.

Bitcoin price analysis in daily units - June 25, 2022

Better yet, in the event of a successful new show jumping, the king of cryptocurrencies would be back in contact with the Kumos. And at the same time, it would approach the descending line of the bear trail. But even so, this would not allow the Chikou Span to come out of the cloud from above.

Especially as this possible improvement in BTC prices in daily units could have a hard time translating into good news in the medium to long term. Because in this regard, The trajectory of the future Kumo on the weekly chart would risk extinguishing buying convictionsat least until the end of 2022.

In summary, seeing Bitcoin not drop below $ 20,000 is certainly a relief for many cryptocurrency investors. However, the onslaught to $ 30,000 does not question its downward run since the last ATH in November 2021. Indeed, sellers don’t care until favorable turnaround points are threatened.

As such, the long-awaited technical rebound may actually prove to be just a process to trigger the capitulation phase when the time comes. If so, BTC prices would risk heading towards levels that no one would have imagined seeing again soon.

Not only do we no longer have to rule out this worst case scenario out of respect for risk management. But the fact that the panic phase over US equity indices has not yet occurred still raises many concerns about cryptocurrencies, as the two risky asset classes are interrelated. Hence the fear of a Bitcoin that will inevitably slide towards the support of $ 12,000, one of the key levels of the last bull run.

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