June 12:
#BITCOIN : Daily Chart: Detail Analysis
$BTC price is moving in a downtrend channel of a bull flag pattern. Despite of lot of negative news in market, BTC price is holding $25000 support base on trend line. Although BTC broke Weekly MA 200 and close weekly candle at $25925.
We saw big dump in alts market after SEC charges on
#Binance and
#Coinbase but BTC hold its trend line support strongly. Same time chart also in BULL Flag Pattern.
Support: $25000 is strong support on chart and if it break than we can see long squeeze which create pressure in price and we can see quick drop.
Resistance: $27500 and $28500 is major resistance on chart and breakout these level will open bullish momentum in chart.
US Market VS Bitcoin: Nasdaq give 7 consecutive green weekly candle on chart and trading above 1 year high. SPX also technically enter in BULL market as it jump 20% + from recent bottom. IF US index hold this position than we will see Bounce in Bitcoin too in quick time.
#CPI AND
#FOMC: CPI number will release on June 13 and if number not good than it will create pressure on US index and as well as Bitcoin and vise versa. 4.1% forecast vs previous 4.9% will be good achievement if number come in favour.
Interest rate seems to going Pause which give further bullish momentum in market with volatility.
Remember: BTC need only 15 days to change sentiment.