Bitcoin Price and Technical Market Analysis June 6th, 2020

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Bitcoin Price and Technical Market Analysis June 6th, 2020

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  • Sellers managed to close the daily candle below $9700.
  • The critical point of buyers remains at $9400.
  • Fixing above $9700-9800, we will expect a new attempt to break $10,500 with a probable continuation of growth to $11,000.

During yesterday’s trading on Bitcoin market, sellers managed to remind again for their presence, lowering the price to $9620. The daily candle closed without a pin with the prospect of the fall continuation, as $9700 was broken. Yesterday, Bitcoin price fell by almost 2%. At the same time, the trading volumes were slightly lower than on 4 June.

Market sales yesterday were higher and amounted to 53%. In any case, sellers have not yet managed to go beyond the liquid range with a lower limit $9400. The price continues to trade in consolidation, above the upper line of the triangle, which buyers broke on 1 June. The range of trade is constantly narrowing, which indicates the beginning of a vector price movement in the near future. The growth targets remain the same and we expect a break of $10,500 and a test of $11,000. The critical point for sellers is at $9800, where the upper limit of the liquidity zone passes.

In the 4-hour timeframe, we see a systematic price lowering in Bitcoin market during yesterday. But the actions of buyers in the form of formed pins down are also noticeable:

Bitcoin Price and Technical Market Analysis June 6th, 2020

Buyers gradually slowed down the price fall, substituting their limit orders. As sellers put pressure on Bitcoin price with small volumes, buyers were able to counterattack today.

We can see from the horizontal volumes, the local liquidity zone was formed in the range $9460-9600. After testing it for 3 four-hour candles, sellers took the initiative to buyers. That’s why it’s important for buyers to fix above $9800 to continue their trend.

BTC’s dominance in the crypto market remains unchanged:

Bitcoin Price and Technical Market Analysis June 6th, 2020

As you can see from the dominance chart, the indicator has significantly slowed down. And now the ground is being prepared for a local reversal with the first target 67.55%.

According to the wave analysis in Bitcoin market, if we divide the growth wave from 13 March into two, the current local growth wave from 16 April consists of 5 smaller ones:

Bitcoin Price and Technical Market Analysis June 6th, 2020

If buyers manage to fix above $10,300, the probability of continued growth to the next level of Fibonacci with a target $11,500 is quite high.

Summarizing the facts and forecasts, we see that now BTC is at a critical point on the way to the beginning of a new global growth trend. So let’s see whether buyers are ready for this and whether they will cope with the fixation above the range $10,300-10,500. See you tomorrow at the weekly Bitcoin price analysis.

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