This Wednesday, June 22, 2022, bitcoin is recovering and manages to preserve the $ 20,000 zone. Better yet, we see a bullish look, even though the currency exceeds $ 21,000. However, the various fears as well as the pessimist still reign over all markets, especially because of a macro-economy that has not been seen for years, but above all, because of the markets that are withdrawing much of the rise. in the last few years. Let’s not forget the series of bad news involving big players in the ecosystem like Celsius or 3AC. In my view, the latter will, in my view, place a great deal of pressure on the crypto market and say that there is a clear lack of regulation in the case of wider adoption. So what can be learned from this market, where the bun ? Without further ado, we’re off to a 360 ° bitcoin point this week. I will try to be as complete as possible while sharing my feelings about the market. Good read!
Area to be protected
Bitcoin is playing big at the end of the month. Support for the moving average, 200 days, was reached at the end of last week. This has already been used frequently and has always been a support.
This area is therefore crucial and buyers need to protect it in order to resume a bullish cycle.
In addition to the moving average, it is also supportive, since it corresponds to the final high of 2017, which is $ 20,000.
So many expectations this week. In case of breaking out of this zone, then the given signal would be strong. The downturn is not over and the rate may be much longer and deeper than expected.
We therefore have 2 cases available to us:
- Scenario A: illustrates a case of simple manipulation tidy down, to regain liquidity. We want to reintegrate this zone as soon as possible so that the middle of this price range can be targeted, then the top that almost corresponds to ATH (All Time High). A little optimistic, but let’s not rule out any hypotheses.
- Scenario B: This one, which I think is a little more realistic, illustrates an area that will be protected, but which will make it claim, especially given the SP500 and the whole scenario. A atrial of this level appeared on the MM (Moving Average) as well as the support that became resistance. The objectives will be much lower then, and why not reach $ 10,000-14,000.
SP500 in a downturn
When I refer to the macro, as well as the SP500, then I see evil bun emerge at this level. It may just be a small rally, but that would not challenge the downturn.
The latter shows some weakness and buyers are not yet there.
On average, a bearish market includes a decline of 35.1%, according to data highlighted by UBS. That reached 2007 56.8%. For the fall of the dotcom bubble, it peaked at 49.1%. That would take a 35% drop on the SP 500 to $ 3,130.
A more attractive area, still in my opinion, would be the $ 3000-3300 area. Only the market will tell us.
Finally, I get numerous questions that are asked of me on the site where I analyze my values. Personally, and for many years, I have been using TradingView, an intuitive interface with many tools and a wide selection of assets. It is clearly the most developed and most used interface on the market.
This is the end of this analysis, please feel free to give me feedback on my Twitter account @ 0cakin. Don’t be too fat, make regular profits, be successful money management for your trades and depending on your initial plan. Only invest what you can lose as long as it does not affect your morale too much. Have a good week everyone, and see you next week for a new analysis!
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I am passionate about technical analysis and technology, I have been diligently pursuing cryptocurrencies since 2017. Rather than trading and investing, I am trying to democratize, in my own way, the ecosystem that will inevitably change our habits tomorrow!