As of June 19, 2024, bitcoin is priced at $65,283, fluctuating between $64,149 and $65,633 in a single day. The leading cryptocurrency recorded a trading volume of approximately $31.28 billion on Wednesday, with a market capitalization of $1.28 trillion.
Bitcoin’s oscillators depict a mix of sentiment. The relative strength index (RSI) at 41 signals neutrality, while the Stochastic oscillator remains neutral at 17, and the commodity channel index (CCI) indicates a bullish phase at -124. However, the momentum indicator at -4397 and the moving average convergence divergence (MACD) level at -454 both suggest a sell, highlighting underlying bearish pressures.
During Wednesday’s trading sessions, moving averages (MAs) also indicate a bearish trend. Short to mid-term moving averages, including the 10-period exponential moving average (EMA) and simple moving average (SMA) at $66,614 and $66,743 respectively, point to bearish patterns.
The 20-period and 30-period EMAs, along with their corresponding SMAs, also imply negative sentiment, ranging from $67,242 to $67,996. Long-term moving averages show mixed signals, with the 100-period EMA at $64,291 suggesting bullishness, while the 200-period EMA and SMA at $57,680 and $57,043 respectively also indicate bullishness, hinting at potential long-term support.
On the daily chart, there is a clear downward trend from a peak of $71,958, with strong resistance around $71,958 and support near $64,032. Recent patterns, characterized by downturns with high volume, imply ongoing selling pressure. The significant bearish drops confirm a potential continuation of the downtrend, supported by low overall volume and a spike during the large drawdown.
The 4-hour chart mirrors the daily trend with a downward trajectory, forming a lower high at $67,314 and a lower low at $64,032. The chart reflects intermittent consolidation and selling pressure, with increased volume during downward moves supporting a strong bearish sentiment.
The hourly chart offers a detailed view of bitcoin’s decline, with a notable double bottom around $64,032 indicating potential short-term support. Resistance is identified near $65,937, with spikes emerging after touching $64,032 suggesting a potential short-term rebound. Volume increases on both downturns and upswings indicate significant trading activity and possible attempts at reversal or consolidation.
Bull Verdict:
Despite prevailing bearish indicators, the long-term moving averages suggesting potential support around the $57,000 mark could imply a foundation for a future rally. If bitcoin holds above critical support levels and buying momentum increases, a rebound could be anticipated, potentially reversing the current downtrend.
Bear Verdict:
The dominant technical indicators signal a continuation of the bearish trend in the short to mid-term. With consistent selling pressure reflected across multiple timeframes and key moving averages, bitcoin is likely to experience further declines unless there is a significant change in market sentiment or volume-driven buying activity.
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