Cryptocurrency Analysis

[IFX_Selena]

Trading plan for Bitcoin for June 15, 2021



Technical outlook:
Bitcoin has risen through $41,000 levels as expected and discussed earlier. After having bounced at the one-year trend line support around $31,000 levels earlier, the crypto has rallied sharply indicating bulls are back in control. It might be good to buy on dips towards $34,000, with risk below $31,000 as bulls prepare to push through $65,000 mark, going forward.

Bitcoin is seen to be trading around $40,000 levels at this point in writing and might correct lower, before resuming its rally. The triangle consolidation might be complete around $31,000 levels and if it holds well, bulls would remain in control from here. Immediate support is seen at $30,000/31,000, while resistance is seen around $42,600 levels respectively.

A push above $42,600 would be optimistic for further bullish sentiment and Bitcoin might target $49,000 in the near term. Either ways, a corrective decline might be underway soon, before bulls could resume higher again. Only a break below $31,000 would change the structure to bearish.


Trading plan:

Aggressive: Sell now @ 40,000, stop @ 43,000, target @ 31,000

Conservative: Remain flat for now. Buy again @ 34,000, stop @ 25,000, target @ 65,000


Good luck!




Oscar Ton
Analytical expert
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