If the price of Bitcoin can stabilize in the range of $ 30,000 to $ 33,000, it is likely that the prices of digital currencies such as IAS, Paligan, Monroe and Avi will jump further in the coming days.
The price of Bitcoin in its current pullback is trying to enter a stabilization phase; This shows that at higher levels, there is not enough demand for this digital currency; But can it be said that the current uptrend is over and institutional investors are leaving the market?
The answer to this question is “no”. In his weekly newsletter, Glasnod states that the value of the Bitcoin Gray Investment Fund is increasing; This means that institutional investors are accumulating at lower levels.
It is worth noting that this is not just the case with Gary Skill. Bitcoin-specific forex trading fund Purpose has also seen an increase in capital inflows. Glassnood analysts say there is “early” evidence that institutional investors are re-entering.
The chart of bitcoin dominance in the market is another measure that shows that the price of this digital currency has reached its bottom. This chart is currently in a similar situation to 2017. If the dominance of bitcoin is accompanied by a leap like in 2017, it will indicate that the price of bitcoin is far from its peak and the penis season still has room to continue.
The jump in the price of Bitcoin on May 26 and 27 (June 5 and 6) did not break the $ 41,014 barrier formed in the 200-day moving average (SMA200); This means that sellers strongly protect this resistance. The 20-day moving average (EMA20) slope is down at 41,327 and the Relative Strength Index (RSI) is near the sell-off. It can be said that the market is currently under the control of sellers.
If the price of Bitcoin breaks the $ 33,000 support, the next step will probably be $ 30,000 and then $ 28,000. If these areas are not maintained, emotional selling can lower the price to $ 20,000.
The higher the price remains below the simple 200-day moving average, the more difficult it will be for buyers to create a platform for the next climb.
However, if the price of Bitcoin recovers from this area and reaches above the simple 200-day moving average, it will indicate that buyers are buying at lower levels. That could push Fibonacci 61.8 percent to $ 48,231.
In the 4-hour timeframe, a symmetrical triangle is formed, which is a pattern of continuity. If sellers lower the price below this triangle, it is likely to fall to $ 30,000 and then to the pattern target of $ 20,316.
On the other hand, if buyers raise and stabilize the price above the triangle resistance line, this situation can serve as a trend reversal pattern. In this case, it can be said that the downtrend is over and the price of Bitcoin can rise to the target of $ 51,951.
The price of Paligan was revived yesterday from the 20-day moving average, which indicates that buyers are buying and supporting the price at the bottom of the price. The 20-day moving average has an upward slope and the relative strength index is in the positive range; It can be said that climbing is currently the easiest path that Paligan sees in front of him.
This is while we are witnessing the formation of a symmetrical triangle pattern in the Paligan diagram; This indicates that there are doubts between sellers and buyers. If the price reaches the top of the triangle resistance line, there is a possibility of jumping to $ 2.7 and then starting the trend to reach $ 4.2.
On the other hand, if the price falls below the resistance line of the triangle, it will fluctuate within the pattern for a while. Breaking the triangle pattern and stabilizing below it will indicate a weakening trend and a possible fall to $ 0.8.
The 4-hour time frame indicates that the recovery rally is facing resistance on the downtrend line. If the price falls below the $ 1.51 support, the bearish pattern will be completed and we may see a fall to $ 0.68.
On the other hand, if buyers push the price above the downtrend line, the price jump will pick up again, which could eventually lead to a rise to $ 2.43. Breaking this resistance will lead to a rise to $ 2.7.
Following the recovery, Ias traded up 38.2 percent at $ 7.89 on May 27 at Fibonacci. The positive sign, however, was that buyers did not allow the price to fall below $ 5.6 support. This means that traders are not waiting for further falls in purchases.
If buyers raise the price above the 20-day moving average at $ 6.95 and close in the price in this area, it will indicate an increase in supply over demand. That would open the door for a 50% Fibonacci rally at $ 9.23. The Fibonacci retracement level is 61.8% at $ 10.57.
If the sellers can neutralize the next pullback to reach the 20-day moving average, the uptrend scenario will be nullified. In this case, the probability of breaking the price below $ 5.6 increases. In this case, the price of IAS may fall to the simple 200-day moving average at $ 4.52 and then to $ 3.57.
In the 4-hour timeframe, buyers are defending the $ 5.6 support, which indicates a reduction in selling pressure. The moving average of 20 periods is flat and the relative strength index is slightly lower than the middle range, which indicates the balance between supply and demand.
If buyers are able to push the price up to $ 6.81, there is a chance of a rally to the simple moving average of 100 cycles and then $ 8.69. Leaping above this resistance will indicate that buyers are back in the game. In addition, if sellers lower the price to a low of $ 5.6 to $ 5, we may see a downward trend to $ 3.47.
Consecutive attempts by sellers to push the Monroe price below the simple 200-day moving average at $ 222 have failed. This indicates that buyers are accumulating at current levels.
Buyers on May 29 tried to push the price above the 20-day moving average at $ 294, but the high candle of that day shows that there is high selling pressure at higher levels. Buyers are likely to try to break through the 20-day moving average resistance barrier again.
If successful, the Monroe price could trigger a recovery rally that could push Fibonacci 61.8% to $ 368. This area can act as a heavy resistance as buyers who have shopped in higher areas and may close their positions.
This uptrend will be void if the price falls below the simple 200-day moving average. In this case, it is likely to fall to $ 175 and then to $ 124.
The 4-hour timeframe indicates that a symmetrical triangle is formed; The formation of this triangle indicates the skepticism of buyers and sellers about the next price move. The moving average of 20 periods has been flattened and the relative strength index is in the middle range, which indicates the balance between supply and demand.
If buyers can push the price to the top of the triangle pattern and stabilize in it, the situation will change in their favor. In this case, there is a possibility of a rally up to a simple moving average of 200 cycles. It should not be forgotten that this level probably acts as a heavy resistance.
On the other hand, if the price falls below the triangle, we may see a drop to $ 175 and then to $ 124.69.
The price of Avi is looking to revive the price from the strong support of $ 280. This level has not been broken since January 26; Therefore, buyers are more likely to try hard to maintain it. The simple 200-day moving average is also slightly above $ 290, adding to the buyers’ power.
The 20-day moving average is down $ 398 and the relative strength index is below 43, indicating more strength from sellers in the short term. Vendors will be looking to neutralize the 20-day moving average rally. If successful, Avi’s price could be adjusted to $ 280.
Breaking down and stabilizing the price below this support could start a downtrend, in which case a decline below $ 160 is likely. If buyers push the price up to the 20-day moving average, there is a possibility of a rise to $ 489. This area is expected to act as a tough resistance.
In the 4-hour timeframe, shoppers shopped for $ 280. The moving average of the 20-day moving average is clearing, which indicates a decrease in sales pressure. If buyers push the price above the downtrend line and stabilize there, one can expect a jump to $ 418. Breaking this resistance and closing the high price may lead to an increase of up to $ 480.
If the price falls below the 20-day moving average or the downtrend line and falls below $ 280, this uptrend will be invalid. In this case, sellers will try to pull the price below the floor on May 23 at $ 208.09 and start a downward trend.