2024-06-10 bitcoin overview(Accumulation/TrenLine)
The price recently pulled back from around 72k, which had been a strong resistance level.
This is similar to how continuous buying activity at around 67k indicated an accumulation phase just before the price surge. Similarly, strong selling pressure was observed around 71-72k, and it appears a stop-hunting event occurred before the price dropped.
The price is currently consolidating after hitting the previous trendline. I expect a minor rebound to the retracement zone (69.8-70.2k) followed by another drop, forming a typical downward wave.
If the current trendline breaks downward, the first target would be around the previous accumulation zone of 67k. If it drops further, we might need to consider the 61-62k range.
However, there's uncertainty about whether the trendline, if broken, will lead directly to the 61k area. because 61k is a quite distant price, there is doubt whether it will open up to this level.
herefore, if we see support around 70.2k or 71k, along with additional buy signals, it might be better to abandon the bearish outlook and consider opening a long position aiming for a new all-time high.
This is similar to how continuous buying activity at around 67k indicated an accumulation phase just before the price surge. Similarly, strong selling pressure was observed around 71-72k, and it appears a stop-hunting event occurred before the price dropped.
The price is currently consolidating after hitting the previous trendline. I expect a minor rebound to the retracement zone (69.8-70.2k) followed by another drop, forming a typical downward wave.
If the current trendline breaks downward, the first target would be around the previous accumulation zone of 67k. If it drops further, we might need to consider the 61-62k range.
However, there's uncertainty about whether the trendline, if broken, will lead directly to the 61k area. because 61k is a quite distant price, there is doubt whether it will open up to this level.
herefore, if we see support around 70.2k or 71k, along with additional buy signals, it might be better to abandon the bearish outlook and consider opening a long position aiming for a new all-time high.
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