CANCELLATION OF BULL MARKET?
Greetings, colleagues!
Well, the next week of June flew by with a whistle, and we, as usual, have a review at the end of the week.
So, #BTC🔥🔥🔥🔥🔥
The asset is moving according to the scenario that I voiced in recent reviews.
6H First, they confirmed the break of the local uptrend, which began on 05/01 and, having rewritten the break from 11/06, they finally confirmed the break and the asset began to expand the new local downward trend. And all this happens in the range of a larger downtrend, the first high of which was 13.03
Once again, let’s return to the 1Month TF and see that the Bearish Engulfing pattern could not be rewritten. There was an attempt in May, but the hope for a June candle with the highs being rewritten and the month closing at around 71K (at least) did not materialize. There is just over a week left until the end of the month, so we can only hope that the cue ball will continue to grow from its current level if good news is suddenly brought to the market.
I think that the cue ball will continue to decline into the support zone of $52K-55K (for 1W), where there is also inclined support for the current downtrend on a smaller TF (6H)
Again, so that many do not get scared, if this expected scenario comes true, this does not mean that the bull market will be canceled. Quite the contrary, a decline to 52K, which is only a 30% correction, would confirm that we are still in the early stages of growth, where such corrections are common and even necessary.
Looking at the ETH/BTC pair, Ethereum looks stronger, again trying to get out of the downward trend, but breaking it is still far away and more than one confirmation is needed and only after rewriting previous highs.
In general, there is a good news background for Ethereum and just this week there was news about the termination of the investigation into Ethereum 2.0 and Consensys founder Joseph Lubin said on Wednesday that the SEC’s decision marked a “significant victory” for Ethereum.
On the Ether chart itself (1D), we see that they are holding the level of $3460, but, again, there is no strong reaction from the buyer to its false calls and the price returns to this level again. In the near future we can see another tail to the level of $3335.
If the dominance of #BTC.D does not continue to grow, then Ether will most likely be held and not allowed to spill much.
Trade wisely, carefully and do not deviate from your vehicle.
