Price action is looking quite dreary for Bitcoin bulls at least in the short term. The June 6th 5-6 % increase in price was retraced in 3 days & 10 Hours. The 5% increase prior to that, on May 28th, was duly corrected in the same amount of time (3 days). Additionally, the market is likely to see lower prices with fears surrounding recent SEC developments against major Crypto exchanges. ( Binance & Coinbase ) The Market is creating Lower Lows and Lower Highs on the Daily timeframe. With the current weekly candle closing bearish in 20 Hours, I can't help myself but observe some fresh bearish pressure to begin the new week. This is something I have observed quite frequently when the Forex Market trends. All markets come down to supply and demand and Crypto is likely more of the same. A Weekly candle will likely create top and bottom wicks but if it doesn't, that's why we exit the market to cut losses short.
Comment:
Anticipating that the market could offer a good risk/reward idea here 1Hr Zone 26,150$. If not here then a bit higher at Daily resistance level 26,545.
Comment:
Price is showing a very nice initial reaction from our 1hr S/R level 26,150$.
This occurs as we are 1Hr from the weekly candle close and was the conecpt behind the trade idea. New week = Fresh bear volume to the downside
This occurs as we are 1Hr from the weekly candle close and was the conecpt behind the trade idea. New week = Fresh bear volume to the downside
Comment:
Price has spiked to our second possible risk/reward area for short opportunities at the Daily resistance level 26,545. It reached 26,434 with Inflation data before quickly selling back down in minutes. Price has been decreasing since then as it is on it's way back to 25,734 daily support. We may range here until interest rates tomorrow. The bullish strucutre developing off 25,734 looks more corrective to me, and foreshowding more downside.
Comment:
Price still holds below the 26,125 1Hr Zone. The Higher highs of the 1hr strucutre on not very pronounced. They barely move past the previous highs before seeing a move back the other way.
