[BITCOIN DAILY ANALYTICS] 08 JUN — Bitcoin begins downward run.

[BITCOIN DAILY ANALYTICS] 08 JUN — Bitcoin begins downward run.

In the previous detailed analysis, the upper points and targets were determined: based on TIs = 4H/5H U/BB ~ 7770, and also based on SMA/EMA = 5H EMA100 ~ 7770. So, bitcoin has almost reached the set targets by touching ~ 7750. For the last few hours, bitcoin has been traded near daily SMA20 (M/BB), without forming clear signals for further growth or fall, and without visible movements to test the upper or lower boundaries.

1. Let’s analyze the further possible movements based on TIs, as now it is more possible to run new opportunity for downward swing trade.

At the 4H TF, we have a number of potential downward projections: CCI=61 (negative trend, downward cross of 100), ROC=2 (negative trend), MACD=35 (MACD seeks down to the signal line), DMI=17 (+ DI seeks down to -DI), %R=-36. At the 5H TF, there are no significant differences from the 4H TF.

At the daily TF, TIs are giving mixed signals: CCI=6 (positive trend), ROC=-6 (negative trend), MACD=-220 (MACD > signal line), DMI=30 (+DI < -DI), %R=-15.

Generally, TIs indicate a possible end of the upward trend and a transition to a drop to L/BB ~ 7400.

1. If we consider the analysis based on SMA/EMA, then we can highlight the following important points:

At the 4H/5H TF: EMA6 seeks down to EMA9; EMA12 > EMA26; SMA10 > SMA20 > SMA50 > SMA100 (except 5H TF). MAs clearly do not indicate a drop, although if we have further drop to M/BB, then SMA/EMA projections may change — and then we can expect testing down to SMA/EMA50 ~ 7530–7580.

At the daily TF, SMA10 seeks up to SMA20. EMA6, EMA9, EMA12 seek to ~ 7600, while EMA: 6 < 9 < 12 < 26 < 50 < 100.

Generally, MAs indicates a possible deep test down to L/BB ~ 6900.

Finally, if bitcoin would fix above 5H SMA100, securely fixing above daily SMA20 (daily M/BB), then we might expect growth to the specified 7800–8200.

Now I’m more inclined to think that we are at the beginning of the formation of an opportunity for a downward swing trade down to L/BB ~ 6900–7400.

Take care of your BTC and USD!

Head Analyst Matador Fund,
David Goldberg

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MATADOR FUND Team

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