Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

DONATE NOW Bitcoin Market Analysis 16th June 2019

Bitcoin Market Analysis 16th June 2019

Support free writers: > send a tip

written by

It’s time to sum up the weekly Bitcoin trading. The sellers could not keep the critical price zone of USD 8200- USD 8300, which we wrote about in the previous analysis, after that the price began to grow freely and quickly reached the USD 9200 mark and now is traded even slightly higher than this price. Starting from 5 June, there was consolidation in the market, which based on signs of weakness of buyers, was more likely to break down. However, our alternative scenario worked and in 3 days buyers raised the price by 13%.

If we analyze the situation on the 4-hour timeframe, we see that during the fight in the price zone of USD 8200-USD 8300 sellers could only stop the price, but they did not even try to lower the price below this price zone, and buyers simply bought out all the sellers offer in the price zone, after which the growth of prices substantially accelerated, breaking the black trend line: Bitcoin Market Analysis 16th June 2019

The local culmination of trades took place around the price of USD 9200 – the final target of our alternative scenario. If we consider carefully what happened in the range of USD 9000-USD 9300, then we can see that volumes began to increase from USD 9050, and in the price zone of USD 9240-USD 9330 some buyers began to fix profits sharply, causing a sharp price fall from USD 9370 to USD 9000 during half an hour: Bitcoin Market Analysis 16th June 2019

However, if you compare this event with the chart of marginal buyers positions, it becomes clear that buyers are quite confident in the market and did not react significantly to a sharp fall: Bitcoin Market Analysis 16th June 2019

Globally, marginal buyers positions increased significantly this week and entered in the consolidation zone: Bitcoin Market Analysis 16th June 2019

Sellers marginal positions were a week in consolidation. Sellers obviously do not feel good on the market, which is growing since December 2018 practically without correction: Bitcoin Market Analysis 16th June 2019

In fact, today buyers have updated their local high, which before that was USD 9109, and actually corrected the global wave of fall from December 2017 by 38.2% over half a year.

According to the wave analysis, we think that now the wave(3) is finishing and no higher than USD 9600-USD 9700 should begin the correction with two targets USD 8300 and a final USD 7300: Bitcoin Market Analysis 16th June 2019, sellers, buyers

The last wave of growth on 13 May moves in a channel that more resembles an angle wise consolidation than a strong trend. Given that other coins are growing not as vibrant as Bitcoin and some even fall, we conclude that the volumes from other coins are converted into bitcoin. Therefore, we think that this is the last buyers attack, after which the correction will begin with the targets set above. To work out our main scenario, sellers need to fix below USD 8500. Let’s see if it is going to happen next week!

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews:

About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.
Charts Courtesy: TradingView

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter