Technical analysis 15.6.2020: Bitcoin price still inside a tight range

Share this article:
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram

Bitcoin price hasn’t moved much in the recent weeks. We are consolidating strongly inside a tight range. While the market is not trending it is better to sit on your hands instead of trading and getting chopped out of your money.

Weekly chart with moving averages, yearly opens and RSI (relative strength index) at the bottom of the chart.

We’ve had a lot of weekly candles with bodies close to the important $10.5k level. This looks like consolidation near the top which is mildly bullish, but more importantly we are still below the $10.5k level and consolidating strongly inside a well defined range.

Top of the range is $10.5k level and the bottom of the range is the 2020 yearly open at $7160. Shorter term range top level is the same $10.5k, but bottom level is closer at about $8.7k where we also have recent weekly candle bodies bottoms and the big moving average from 50 weeks (dotted yellow).

It’s easy to predict that if $10.5k breaks we are going up, probably at least to $13880 where the 2018 yearly open is before a retrace.

What comes to possible downside I’m inclined to think that if weekly closes below this $8.7k, then we have a likely chance to go to the 2020 yearly open at $7160. After close below $8.7k there could be a bounce before continuing down.

If we see a fast crash to $8k or even $7k then it will be probably a big enough long squeeze and price can recover and break $10.5k next.

I do not believe we will see a price below $7k. The 2020 yearly open will most likely hold in the weekly chart with the moving average from 100 weeks (dotted blue). The huge margin call cascade to $3.8k wiped enough margin longs so the market has no reason to give so good buying opportunities anymore.

Weekly chart from the start of the big bull market from $200 to $20k. Similar behaviour can be expected, if this is the start of the new bull market to a new all time high, which is the most likely scenario for me at the moment.

Why bitcoin is one of the best investments in the world today and why technical analysis works (simply explained)

Related articles
Start the discussion
Inline Feedbacks
View all comments
coinmotion logo

Not a Coinmotion user yet?
Sign-up for a free account right now!

Follow Coinmotion on Twitter for the latest news!


Tilaa uutiskirjeemme
Haluatko kuulla ensimmäisten joukossa tuoteuutuuksistamme, saada super hyper erikoistarjouksia sekä oppia kryptovaluuttasektorista lisää eksklusiivisten markkinaraporttiemme kautta? Haluaisimme lähettää sinulle sähköpostia silloin ja tällöin – ei kuitenkaan liian usein – eli jos haluat päästä etuihin kiinni, täytä tietosi alapuolelle. Pysytään yhteyksissä! Oletko jo Coinmotionin käyttäjä? Voit muuttaa tilaustasi myös tilin asetuksissa.
Tilaa uutiskirjeemme täyttämällä tietosi
Lisätietoja tietojen käsittelystä löydät tietosuojalausekkeestamme
Suscríbete al boletín de noticias de Coinmotion
¿Quieres ser el primero en enterarte de nuestras novedades, recibir ofertas mega buenas y aprender más sobre el sector de las criptomonedas a través de informes exclusivos de mercado? Nos gustaría enviarte un email de vez en cuando – no demasiado a menudo – así que por favor rellena tus datos abajo. ¡Estamos en contacto! ¿Ya eres usuario de Coinmotion? Puedes gestionar tu suscripción a través de la configuración de la cuenta.
Suscríbete ahora rellenando tus datos aquí
Responsable del fichero: Coinmotion Oy. Finalidad: envío de información sobre productos y servicios propios al suscrito. Legitimación: consentimiento. Destinatarios: No se comunicarán los datos a terceros. Derechos: acceder, rectificar y suprimir los datos, así como otros derechos, como se explica en la información adicional. Puede consultar información adicional y detallada en nuestra Política de Privacidad.
Subscribe to Coinmotion Newsletter
Would you like to be the first one to hear about our product updates, receive super hyper special offers and learn more about cryptocurrencies through our exclusive market reports? We are happy to send you an email every now and then – not too often – so please fill your information below. Let’s stay in touch! Are you already a Coinmotion user? You can also manage your subscription via account settings.
Subscribe now by filling your details here
Responsible for the file: Coinmotion Oy. Purpose: sending information about own products and services to the undersigned. Legitimation: consent. Recipients: The data will not be communicated to third parties. Rights: access, rectify and delete data, as well as other rights, as explained in the additional information. You can consult additional and detailed information in our Privacy Policy