Bitcoin Update: June 1
Bitcoin bulls tried hard to make the trend bullish again. The monthly candle close above $37,000 which was good sign. The MACD also turned positive on daily chart. Bitcoin needed to hold above $35,500 and another retest at $38,000. There is heavy resistance area till $42,000 and a breakout with good volume of $42,000 would have turned the market bullish. The support zone was at $35,000-$35,500 and major support zones were $30,000 and $32,500-$33,000. The on-chain analysis showed accumulation is going on.
Then Bitcoin price was rejected from $37,900 level and was unable to hold above $37,000. At this point Bitcoin was now trading in a range and we saw more accumulation before a breakout. We expected to see another retest at $33,000 levels if Bitcoin was unable to hold the $35,000 area.
BTC Update: June 2
Bitcoin struggled to break and hold above the $37,300-$37,500 area. If Bitcoin was rejected again from there the local support would be $36.500 area and after that $35,500 zone. Bitcoin bulls tried hard to break this level and tested it multiple times. The Bulls needed to flip this level as support to move higher. The good thing was that Bitcoin broke and was holding above the 200 MA on the 4-hour chart.
Finally Bitcoin broke out and held above the resistance zone. While waiting for the 4-hour close for confirmation. The next resistance area would have been $39,500.
“Bitcoin broke the resistance and successfully hold above it”. And the next resistance area was truly $39,500-$40,000. Bitcoin also broke the big triangle, if Bitcoin candle closed above the triangle we expected to see some upward moment.
BTC Update: June 3
Bitcoin brokeout the resistance area of $37,300-$37,500 and gave a perfect retest. Bitcoin was then been rejecting from the $39,500 resistance area. To continue the upward moment Bitcoin should have held above the $37,500 area. The local support was $38,500 and then $37,800. BTC showed bullish strength on lower time frames and the key point to cross was the daily 200 MA and $42,500 resistance.
BTC Update: June 4
Bitcoin was rejected from the resistance of $39,500 and then retested the support zone of $37,300-$37,500. If Bitcoin was unable to hold the $37,300-$37,500 support zone, there would have been a retest of the $35,000-$35,500 area.
Bitcoin was unable to hold above the $37,300 support zone. Market looked weak again after the Elon Musk broken heart emoji with Bitcoin. The two days bullish moment was broken. Bitcoin should have held at the $36,500 area otherwise we were going back to the $35,500 area. Bitcoin needed some big positive news to break the $40,000 and again turn the market bullish. Until then its kept hanging in the range of $30,000-$40,000.
“Then Bitcoin bounced back from the $35,500 support zone and was trying to break the $37,000 area, but was unable to hold above it”. BTC needed to break and hold above the $37,500 to continue upward moment. The dump was just because of Elon Musk tweet and pure manipulation.
BTC Update: June 5
Elon Musk again manipulated and pumped the market. Although this was good, Bitcoin broke and traded above $37,500. Then Elon Musk updated his twitter profile photo to a Anime girl including Bitcoin logo. Bitcoin now needed to break the $40,000 physiological resistance to go higher. If Bitcoin losed the support zone of $37,300-$37,500 again we would be in the $36,800 area.
And Bitcoin dumped again to $36,000 levels, the market became highly volatile and uncertain. Bitcoin needed a clear breakout with good volume. We waited for a breakout on either side. If Bitcoin breaks below $35,000-$35,500 area then we would have seen a heavy selloff and gone as low as the $32,000-$33,000 levels.