According to a recent X-thread by analyst Blockchainedbb, the current state of Bitcoin (BTC) and other coins should not be a cause for panic among swing traders, despite the heavy bleeding in altcoins. The analyst provides a detailed update on BTC using various technical analysis tools and on-chain data.
Using Elliot Wave Theory, Blockchainedbb notes that BTC is still trading above the gold pocket, indicating that legs 4-5 of the wave pattern have not yet been invalidated. This suggests that there is still potential for an upward move in the near future.
Volume theory and on-chain data provide insights
Blockchainedbb also analyzes BTC’s price action using Volume Theory, noting that the cryptocurrency is holding above the Range Point of Control (POC). Additionally, there are no signs of Climactic Volume Down (CVD) or price bearish divergence, further supporting the bullish case.
On-chain data shows that currency reserves are decreasing, and miners are not selling their BTC holdings. However, the Whale Ratio, which measures the ratio of top 10 inflows to total currency inflows, has been trending upward since March 24. In the past, similar trends have preceded BTC price plunges, but the current market has not followed this pattern, possibly due to institutional demand.
Upcoming events and potential catalysts
The analyst highlights several upcoming events that could affect the BTC market, including:
Release of retail sales data Expiration of Roaring Kitty’s options on June 21st, which may affect meme stock and meme coin narratives Full Moon on June 21st, historically associated with market crashes and bottoms Gann Market Reversal Day on June 22nd
New Meme coin to watch with the goal of being next $BONK, $WIF or $MEW
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +
According to options data, the current pump in BTC price cannot be trusted for a swing long position until the cryptocurrency crosses the $68.5K level. The maximum pain point is currently at $67K, and Blockchainedbb’s Discord group has focused on scalping rather than swing trading until BTC breaks out of the $68.5K resistance.
BTC dominance and historical trends
The analyst also discusses BTC Dominance (BTC.D), which has yet to break out of its current resistance level. A rejection at this level could lead to a bounce in altcoin prices.
Blockchainedbb highlights the importance of June 22, a major Gann reversal date that has historically marked the top or bottom of the quarter for BTC. In recent years, June 22 was the absolute annual bottom for BTC.
In summary, while altcoins are experiencing price decline, Blockchainedbb believes BTC has yet to turn bearish on the daily time frame. As long as BTC remains above the 100-day exponential moving average (EMA), the analyst maintains a bullish outlook. A break above $68.5K could indicate a potential long opportunity, with a target of $74K.
Read more: Why is the crypto market down today?
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community badges. Complete tasks and secure your spot before the snapshot date is announced!
Check $RECQ Meme Coin
Sponsored: Invest responsibly, do your own research.
Acts as the base currency for all transactions within the Rebel Satoshi platform ICO stage, offering tokens at a discounted price Facilitates a smooth and efficient economy within the arcade, supports both arcade and in-game transactions. Providing access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, contributes to a decentralized, community-driven RebelSatoshi platform that integrates games with elements of revolution, freedom and unity, appealing to users who value such principles.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
