As of June 19, 2024, bitcoin’s price is $65,283, fluctuating within an intraday range of $64,149 to $65,633. On Wednesday, the leading cryptocurrency saw a trade volume of around $31.28 billion, with a market capitalization of $1.28 trillion.
Bitcoin
Bitcoin’s oscillators reflect mixed sentiment. The relative strength index (RSI) is at 41, suggesting neutrality. Similarly, the Stochastic oscillator remains neutral at 17, while the commodity channel index (CCI) indicates a bullish phase with a value of -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.
Moving averages (MAs) also emphasize the bearish trend during Wednesday’s trading sessions. All 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.
The daily chart underscores a clear downward trend from a peak of $71,958. The market shows strong resistance around $71,958 and support near $64,032. Recent patterns, predominantly downturns with high volume, suggest ongoing selling pressure. The significant bearish drops in recent times confirm a potential continuation of the downtrend, supported by low overall volume and a spike during the large drawdown.
On the 4-hour chart, bitcoin mirrors the daily trend with a downward trajectory. The price forms a lower high at $67,314 and a lower low at $64,032. The chart exhibits a mix of ups and downs, reflecting intermittent consolidation and selling pressure. Increased volume during downward moves supports a strong bearish sentiment, reinforcing the observed trend.
Lastly, the hourly chart offers a more detailed view of bitcoin’s decline. A notable double bottom around $64,032 indicates potential short-term support. Resistance is identified near $65,937, with a mix of ups and downs. Spikes emerging after touching $64,032 suggest 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 the 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 the 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.
