Technical Analysis
Whenever the market is trading in a range, I like to zoom out on the chart to find some inspiration.
Bitcoin BTC (weekly)
My first observation: the market has managed to battle its way back after the crackdown in China in May. We are currently roughly 20% away from the opening of the weekly candle, where the market tanked. So far, we are in the 6th week of a rally that formed at the $30k level, and we are currently up 66%.
Let’s now move on to a pure TA. One thing worth mentioning is the fact that the price pushed through the base line (blue line) of the Ichimoku Cloud. When you look back at the chart, you can see that trend switches mainly occur when that base line is crossed (see yellow boxes). But keep in mind that the crosses need to happen on a closing basis (the wicks do not count). This currently means that if the price holds and closes above the $46.8k level (which is the current base line level) on Sunday night, I see further potential to the upside.
Bitcoin BTC (daily)
This $46.8 level also confluences nicely with the daily chart and the upper band of the Ichimoku Cloud (red line). I am expecting some fights between the bulls and the bears here.
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