Bears Rejoice as Bitcoin Fails to Reclaim $10k and Targets Lower

The Bitcoin pullback that started over the weekend has accelerated as we hit mid-week. During yesterday’s US trading session BTC dropped below the highly critical $10,000 level and has failed to reclaim it as we roll into another day’s trading.

Bitcoin Drops Below $9,300

Since the weekend BTC has dumped 20 percent as the selloff accelerates. From an intraday high of $10,750 yesterday, Bitcoin dumped almost $1,400 back to a low of around $9,260 a few hours ago. A very slight recovery has returned prices to the mid-$9,000s but the likelihood of further gains is high.

Recent comments from US Treasury Secretary Steven Mnuchin may have accelerated the pullback but in reality one was overdue anyway. Mnuchin did recognize Bitcoin as a store of value and it received further endorsement from US House Representative Kevin McCarthy who admitted to ‘liking Bitcoin’.

That did not stop the bears though as the slide back to four figures resumed. Trader and analyst Alex Krüger aptly pointed out that pullbacks should be welcomed in a bull market.

“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”

Serial bitcoin hater and permabear Nouriel Roubini was practically jumping for joy with this rather acerbic tweet today.

“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”

What Dr Doom forgets is that Bitcoin has corrected by over 30 percent eight times during the previous bull run and this is just the second so far in the current uptrend. Of course there is a criminal element with crypto, as there is with cash and the internet, bad actors are everywhere. Regulation is necessary and actually welcomed by most in the crypto industry so Roubini’s rabid ranting is a little imprudent.

Crypto Cap Dumps $30 Billion

bitcoin

Total market cap 24 hours – Coinmarketcap.com

A further $30 billion has flowed out of cryptocurrency markets in the past 24 hours but this story is nothing new. Bitcoin’s dominance remains a healthy 67 percent meaning that, as usual, the altcoins have bled out harder, many dumping double digits today.

Ethereum has matched Bitcoin’s decline with 12 percent as ETH teeters on the $200 level. A drop is inevitable if BTC has yet to find its floor in this correction. Several of the other higher cap coins are also in a world of pain today, they include Litecoin, EOS, BSV, Tron, Monero, Dash, Chainlink, IOTA and NEO.

Image from Shutterstock

Bitcoin Price (BTC) Tumbles 15%: $8,880 Bearish Target In Sight

  • Bitcoin price failed to stay above the $11,000 level and resumed decline against the US Dollar.
  • The price traded below the key $10,000 and $9,800 support levels to enter a bearish zone.
  • There is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more losses below the $9,200 and $9,000 support levels in the near term.

Bitcoin price tumbled around 15% and broke the $9,500 level against the US Dollar. BTC remains at a risk of more losses and it seems like the $8,800 bearish target is still in sight.

Bitcoin Price Analysis

This week, we saw a major decline in bitcoin price below the $10,500 support against the US Dollar. The BTC/USD pair found support near $9,800 and yesterday corrected higher. It climbed above the $10,500 level, but struggled to gain momentum above the $11,000 level. A top was formed near the $11,100 level and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $10,500 support level.

The decline was such that the price broke the $10,000 and $9,800 support levels. Moreover, the price declined close to 15% and traded as low as $9,257. It is currently consolidating above $9,300 and it might correct higher. An immediate resistance is near the $9,680 level plus the 23.6% Fib retracement level of the recent drop from the $11,063 high to $9,257 low. However, the main resistance is near the $10,000 and $10,100 levels.

Moreover, there is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the recent drop from the $11,063 high to $9,257 low is also near the $10,160 level to act as a strong resistance. Therefore, an upside recovery above the $9,650 level is likely to face a strong resistance near the $10,000 and $10,100 levels.

Conversely, if there is no recovery above $9,650 or $10,000, the price could continue to decline. An immediate support is near the $9,200 level, below which it could even break the $9,000 support zone. The main target could be $8,880 (as discussed in the weekly forecast when the price was well above $10,500).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is struggling below $10,000 and it could continue to weaken. However, once the current correction is complete near $8,880 or $8,800, the price may stage a decent recovery.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is likely to correct higher towards the 40 level.

Major Support Levels – $9,200 followed by $9,000.

Major Resistance Levels – $9,650, $9,800 and $10,000.

Bitcoin, Crypto Market Could Bleed Further: BCH, BNB, LTC, TRX Analysis

  • The total crypto market cap declined heavily and even broke the $250.0B support area.
  • Bitcoin price settled below the $10,000 support level and spiked towards $9,200.
  • Binance coin (BNB) price dived more than 10% and even broke the $25.00 support level.
  • Litecoin (LTC) price broke the key $90.00 and $85.00 support levels to enter a bearish zone.
  • BCH price failed to stay above the $300 level and recently declined below $285.
  • Tron (TRX) price is down more than 15% and it is approaching the key $0.0200 support area.

The crypto market cap and bitcoin (BTC) are declining heavily below key supports. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are also under a lot of pressure.

Bitcoin Cash Price Analysis

Yesterday, there was an upside correction in BCH price above the $290 and $300 levels against the US Dollar. The BCH/USD pair tested the $320 resistance level, but it struggled to continue higher. Recently, it started a fresh decline and broke the $300 support level.

The price is down around 10% and it is trading near the $285 level. If there are more losses, the price could even test the $270 support level in the near term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price declined sharply after it failed to stay above the $28.00 support area. BNB price broke the $26.00 support level and even declined below $25.00. The next main support is near the $24.10 level, below which the price may even test the $23.80 level.

Litecoin price declined steadily below the $90.00 and $85.00 support levels. LTC price even broke the $80.00 support area and traded close to the $74.00 level. It is currently correcting higher, but upsides are likely to remain capped near the $80.00 and $82.00 levels.

Tron price declined heavily below the $0.0250 and $0.0240 levels. TRX price is down more than 15% and it recently broke the $0.0220 support level. It seems like the price may soon test the main support near the $0.0200 level, where the bulls are likely to take a stand.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a strong rejection near the $285.0B level, which was a support earlier. As a result, the market cap declined heavily and broke the $260.0B and $250.0B support levels. It moved towards the $240.0B level and remains at a risk of more downsides. An immediate resistance on the upside is near the $250.0B level, above which the market cap may face a strong resistance near the $262.0B level and a bearish trend line on the same chart. Overall, upsides are likely to remain capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

Ripple Price (XRP) Holding Ground While Bitcoin Dived 15%

  • Ripple price failed to climb above the $0.3230 resistance and resumed decline against the US dollar.
  • The price broke the $0.3000 support level and traded to a new monthly low at $0.2835.
  • This week’s followed bearish trend line is active with resistance at $0.3075 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline below $0.2800 if it continues to struggle near $0.3075 and $0.3100.

Ripple price is holding an important support against the US Dollar, while bitcoin and Ethereum dived nearly 15%. XRP price could extend its decline if there is a break below the $0.2800 support.

Ripple Price Analysis

Yesterday, we saw a decent upside correction in ripple price above $0.3100 against the US Dollar. However, the XRP/USD pair struggled to gain momentum above the $0.3200 and $0.3230 resistance levels. The price topped near the $0.3230 level and remained well below the 100 hourly simple moving average. As a result, there was a fresh bearish reaction and the price declined below the $0.3150 and $0.3100 support levels.

More importantly, the recent significant decline bitcoin and Ethereum pushed ripple price below the $0.3000 support level. However, losses were limited and the price traded to a new monthly low at $0.2835. It even corrected higher above the $0.3000 level plus the 50% Fib retracement level of the recent decline from the $0.3237 high to $0.2835 low. The upward move was capped by the $0.3080 level.

The price failed to break the 61.8% Fib retracement level of the recent decline from the $0.3237 high to $0.2835 low. Moreover, this week’s followed bearish trend line is active with resistance at $0.3075 on the hourly chart of the XRP/USD pair. Therefore, the price might struggle to break the $0.3075 and $0.3100 resistance levels. If there is an upside break above $0.3100, the price could correct towards the $0.3200 level and the 100 hourly SMA.

On the other hand, if the price fails to break the $0.3100 resistance, it could slide again. An immediate support is near the $0.2900 level, below which the price may even break the recent low at $0.2835. The next important support is near the $0.2800 and $0.2780 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently struggling to gain bullish momentum above $0.3000. Therefore, there is a risk of more losses below the $0.2900 and $0.2800 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level, with a bearish angle.

Major Support Levels – $0.2850, $0.2800 and $0.2780.

Major Resistance Levels – $0.3075, $0.3100 and $0.3200.

Ethereum Price (ETH) Dives Below $200 & BTC Down 15%

  • ETH price declined heavily and broke the $220 and $210 support levels against the US Dollar.
  • The price is down around 15% and it even broke the $200 support area to move into a bearish zone.
  • There is a key bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to slide further below the $192 and $190 support levels in the near term.

Ethereum price is declining heavily and is already down more than 15% versus the US Dollar, similar to bitcoin. ETH price could continue to slide if it breaks the $190 support area.

Ethereum Price Analysis

After a short term upside correction, Ethereum price failed to gain traction above $235 against the US Dollar. ETH/USD started a fresh decline and broke a couple of important supports near the $225 and $220 levels. More importantly, bitcoin price failed near $11,000 and recently declined more than $1,000. The current price action is very bearish and it seems like ETH could continue to dive below the $200 support level.

During the recent slide, there was a break below a major ascending channel with support near $230 on the hourly chart of ETH/USD. It opened the doors for a fresh decline below the $220 and $210 levels. Moreover, there was a break below the $200 support and the price settled well below the 100 hourly simple moving average. A new monthly low was formed near the $190 level and the price is still trading with a bearish angle.

An immediate resistance is near the $200 level plus the 23.6% Fib retracement level of the recent drop from the $235 high to $190 low. Moreover, there is a key bearish trend line forming with resistance near $210 on the same chart. The 50% Fib retracement level of the recent drop from the $235 high to $190 low is also near the $213 level to act as a strong resistance in the near term.

On the downside, an immediate support is near the $192 and $190 levels. If there is a downside break below the $190 support, the price may test the $185 support. The main support for the bulls is near the $180 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is under a lot of pressure below $200, while bitcoin price dived below $9,500. Therefore, there could be more downsides below the $190 level in the near term.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently showing negative signs in the bearish zone.

Hourly RSIThe RSI for ETH/USD declined heavily and it is now well below the 40 level.

Major Support Level – $190

Major Resistance Level – $213

Facebook Says it Will Use Swiss Agency to Oversee its Cryptocurrency’s Privacy, But is Yet to Even Contact Them

Facebook has been grilled today at a Senate Banking Committee hearing over its cryptocurrency project Libra. As part of the hearing, a representative for the social media giant claims the firm has been in contact with a Swiss agency to oversea data protection and user privacy.

However, it has emerged that the firm has not been in contact with the Federal Data Protection and Information Commissioner (FDPIC) at all.

Senate Hearing Casts Doubt on Facebook’s Cryptocurrency Efforts

The head of Facebook’s cryptocurrency project, Libra, stated during today’s US Senate Committee hearing that the firm had secured a partnership with Swiss authorities to help deal with issues relating to data protection and privacy:

“For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator.”

However, according to a report in CNBC, the FDPIC has had no contact whatsoever with the social media company. The publication reportedly contacted the agency for comment on their work with Libra. Hugo Wyler, the FDPIC’s head of communication, responded:

“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra.”

He went on to state that the agency is expecting contact from Facebook soon with the “concrete information” necessary for the agency to provide legal advice and supervision. Wyler added that the FDPIC was following the ongoing public debate into the social media company’s financial ambitions.

CNBC reports that, when contacted, a Facebook spokesperson said the company was yet to contact the Swiss agency. The publication also took the liberty of contacting the other Swiss agency named by Marcus earlier today. The Swiss Financial Markets Supervisory Authority (FINMA) confirmed that the company was indeed in contact with them with regards its cryptocurrency project.

Facebook’s Libra has dragged issues surrounding Bitcoin and other crypto assets right to the front of policymakers’ discourse since it was detailed in June. Last week, President Donald Trump expressed his distaste for the the cryptocurrency  industry via Twitter and also warned Facebook that it would need to seek out relevant banking licences if it wanted to offer the kind of services it detailed last month.

A common critique that has reemerged since the likes of Trump and US Treasury Secretary Steven Mnuchin recently started commenting on cryptocurrencies is that all they do is enable crimes such as money laundering and drug dealing. However, some more astute lawmakers finally seem to realise that the technology could represent a threat to US global hegemony.

Facebook currently plans to launch Libra in 2020. However, given the amount of regulatory backlash Facebook has been faced with since it was first detailed, this date seems overly optimistic now.

 

Related Reading: US Committee Plans to Ban Facebook Cryptocurrency Libra

Featured Image from Shutterstock.

Institutional Crypto Demand Abounds Despite Volatility and Regulatory Woes

Bitcoin and the aggregated crypto markets have been incurring extreme volatility as of late which has caused many analysts and investors alike to question the longevity and long-term significance of the recent bull run that has ensued for the past several months.

Now, recently released data from Grayscale regarding the eb and flow of funding into their various crypto market funds signals that institutional and retail interest in the crypto markets is still high, despite regulatory woes and massive volatility.

Institutions Still Interested in Crypto, Despite Recent Volatility 

One key takeaway from Grayscale’s Q2 2019 Digital Asset Investment Report is that institutional demand for Bitcoin and other cryptocurrencies is still incredibly high, which is positive while considering that some analysts feared regulatory concerns and volatility would drive them away from the nascent markets.

“This quarter, institutional investors comprised the highest percentage of total demand for Grayscale products (84%) since we began publishing this report in July 2018,” Grayscale explained.

Although the trend of institutions foraying into the markets has been on the up-and-up for the past year, it is important to note that Bitcoin’s recent parabolic rise to $13,800, and subsequent drop towards its current price around $10,000, may have reminded many institutions as to just how immature and volatile the crypto markets still are.

In some ways, however, this volatility could be viewed as a positive thing for institutions, as it diversifies their portfolio’s daily performance due to BTC and other cryptos being uncorrelated with the traditional markets.

Additionally, the risk-return ratio on most cryptocurrencies is significantly higher than that found within the traditional markets, which means that the potential for profit is massive.

Regulatory Concerns May Ultimately Slow Institutional Entrance

Although volatility could be seen as both a pro and a con of the crypto markets, one concern that is likely to have a larger impact on the number of institutions that enter the markets is bourgeoning regulatory concerns.

Recently, the crypto industry has faced a torrent of less-than-positive commentary about Bitcoin and other cryptocurrencies from major political leaders, including US President Donald Trump and US Treasury Secretary Steven Mnuchin, who both critiqued the nascent markets, with the Treasury Secretary deeming crypto a “national security issue.”

Although analysts are noting that these comments seemed to rule out any type of Bitcoin ban, it does signal that a regulatory crackdown is looming on the horizon, and that Facebook’s recently announced Libra initiative may not ever come to fruition.

“On the positive side, a bitcoin ban seems out of the question. However, a US ban was unthinkable 5 days ago, before the Trump tweet. On the negative side, Libra (which is positive for $BTC) seems toast, while institutional interest in the asset class may diminish,” Alex Krüger, an economist who focuses primarily on crypto, said in a recent tweet.

As the week drags on and the world further reacts to the possibility of a sudden influx of new federal regulatory measures, it is likely that it will soon grow clear as to what impact it may have on institutional interest in the markets.

Featured image from Shutterstock.

Analysts Believe Bitcoin Likely to Move Towards $6,000 as Bearish Narrative Unfolds

Almost as quickly as bullish euphoria recently gripped the market, the Bitcoin bears have returned. An air of uncertainly, brought about by the prime-time attention cryptocurrencies are receiving of late, has seen the price fall once again below the $10,000 level.

Notable trading Twitter accounts are calling for a much more severe pullback, even from today’s prices. Some believe that a price as low as $6,000 is now likely in the short-to-mid-term.

A Return to $6,000 Bitcoin “Quite Likely”?

According to cryptocurrency market analysts, there is a greater-than-even chance that Bitcoin prices will return to the $6,000 area in the coming weeks or months. Recently-returned optimism in the industry appears to have been snuffed out as fast as it arrived.

The change of sentiment appears to have coincided with President Trump’s recent anti-cryptocurrency Twitter outburst, as well as Treasury Secretary Steven Mnuchin calling Bitcoin and other digital assets a “national emergency”. Despite many Bitcoin proponents reasoning that there is nothing to worry about and that all publicity is good publicity for the digital asset space, the wider market seems to have shifted bearish once again.

Whilst many Twitter trading accounts and technical analysts observing the shift in sentiment are now pessimistic about the short-term Bitcoin price, some are calling for even greater moves to the downside. In the following Tweets, Twitter crypto analyst Dave the Wave demonstrates his reasoning behind his own calls for much lower prices:

In the responses, one of Dave the Wave’s followers asks the trader how likely he believes a return to $6,000 is. He replies simply: “”Quite likely”.

Dave The Wave isn’t alone in his belief that Bitcoin is heading down hard again either. Popular YouTube technical analyst Tone Vays also claims that a massive correction is not only likely but is needed. He believes that a sharp drop that all but crushes every ounce of hope for Bitcoin whilst completely decimating the altcoin space is what it will take for the number one digital asset by market capitalisation to return to a long-term upwards trajectory.

In a recent edition of his trading Bitcoin YouTube show, Vays states that Bitcoin price has been trading within a “no trade zone” of late, essentially meaning that he could not tell whether it would break to the upside or downside. Speaking before the price recently broke $10,000 earlier today, Vays states:

“I would be bearish on Bitcoin if we come back down and break below the $10,000 zone… If I had to guess at what would happen at $11,000, we would get a rejection, go back to $10,000, break $10,000 and go lower.”

He adds that since he sees no resistance in the $9,000 area, he expects the price to fall even further down. Of course, the Bitcoin price has since breached the $10,000 support level and is thus heading down for Vays.

 

Related Reading: Bitcoin Bears Start to Stir as BTC Falls Closer to $10k

Featured Image from Shutterstock.

The United States’ Distrust in Facebook Libra Is Spilling Into Crypto

Today, the United States Senate Committee on Banking, Housing, and Urban Affairs held an open session to conduct a hearing on Facebook’s Libra – a hot button topic across the crypto industry and financial space currently.

Recently, Libra has sparked an interest in not only just Facebook’s first foray into digital but it’s also caused governments to begin to take a closer look into Bitcoin and other cryptocurrencies, and thus far, the response hasn’t been positive.

United States Senator: Facebook is Dangerous, and Disruptive

In his opening statements in his testimony, Senator Sherrod Brown (D-OH) began with the phrase “Facebook is dangerous.” You can imagine the tone for the rest of his testimony, if he’s starting with a bold, defining statement as that.

The senator and committee member clarifies that while the Zuckerberg-led firm didn’t intend to be dangerous, “they don’t respect the power of the technologies they are playing with,” and compared them to a toddler playing with a book of matches who burned down his or her own house.

The tirade went on, calling attention to “its version of disrupting” the newspaper industry and how Facebook siphons revenue away from the media outlets and journalists offering unbiased coverage, and is instead using its algorithms to manipulate human behavior. He says what Facebook is doing isn’t “creative disruption, it’s just disruption.”

Brown also points out the abundance of “fake news,” preying on Facebook users biggest fears and uncertainties, and how Facebook’s newsfeeds were used to spread propaganda, or potentially sway the results of political campaigns.

The senator used the examples as reasons to deter Facebook from ever launching its Libra cryptocurrency.

“They don’t seem to understand why their intention to run their own currency out of a Swiss bank account… has been met with such fierce opposition.” He explained.

“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust, it should be treated like the profit-seeking corporation it is.”

Facebook’s controversial Libra cryptocurrency has put a magnifying glass on the crypto industry and it while it was initially met with optimism, its since caused governments across the globe to step up and take an increased interest in cryptocurrencies as an asset class, and the comments aren’t positive.

Libra Turns the Tide on Bitcoin and Crypto

This week, President Donald Trump tweeted about Libra, Bitcoin, and crypto, commenting on their use in “unlawful” activities such as cyber crime or money laundering. His comments were echoed by Steven Mnuchin, US Secretary of Treasury.

Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses

Their comments kicked off a week of hearings on Facebook’s Libra, the beginnings of what looks like powerful regulation hitting the crypto industry, and may have caused Bitcoin’s recent bullish trend to reverse.

Facebook’s Libra may never see the light of day, but even just its announcement may be enough to disrupt the crypto industry, and like Senator Brown said, Facebook doesn’t just disrupt creatively, it just disruptive to be destructive.

Bitcoin (BTC) Cracking As Government Drums For Regulation

  • Bitcoin (BTC) is down 14.8 percent
  • Steven Mnuchin is calling for cryptocurrency oversight and compliance

Eventual regulation of cryptocurrencies in the US, following Steven Mnuchin presser, could have far-reaching consequences on Bitcoin and cryptocurrencies. In the meantime, BTC is on edge and may slide to $9,500.

Bitcoin Price Analysis

Fundamentals

From launch, Bitcoin is considered a threat to the status quo. However, scrutiny was amplified following the parabolic rise of digital asset prices in Q4 2017 and meltdown of 2018 that highlighted the volatile nature of these emerging assets.

Attractive as they are, Bitcoin and cryptocurrencies, in general, are appealing to libertarians as well as those seeking refuge from economic turmoil. Even so, President Trump’s comments did spark a debate on the real value proposition of Bitcoin.

Claiming that the USD is the most powerful currency in the world, his concerns stem from BTC alleged use as a tool for money laundering. Trump adds that cryptocurrencies are based on “thin air.”

Less than 72 hours later, the US Treasury Secretary Steven Mnuchin press conference echoed Trump’s concerns as he explicitly calls for oversight. Terming the rise of cryptocurrencies as a threat to national security, Mnuchin said:

“Treasury has been obvious to Facebook, to bitcoin users and other providers of digital financial services that they must implement the same anti-money laundering and countering financing of terrorism, known AMLCFT safeguards as traditional financial institutions.”

Candlestick Arrangements

Bitcoin BTC

At the back of a consolidation, BTC bulls are weak and prices could print lower in days ahead. In line with previous BTC/USD trade plans, sellers are in a pole position and likely to press lower. Note that aside from the double tops of the mid-last week and late June, prices are below June 27 lows.

As such, it confirms not only the double bar bear reversal pattern of June 26 and 27 but the correction of June 26 overpricing. Because of this, traders should consider offloading BTC long positions on every pullback in smaller time frames.

In that case, the first target will be at $9,500 with possibilities of $7,500 or even $5,500 depending on the level of participation. On the flip side, any rally above $14,000 erasing losses of June 27 will spur gains to $15,000 and $18,000.

Technical Indicators

With support at $9,500, June 26 anchors this trade plan. Any reaction at this support line accompanied by a spike in trading volumes exceeding 82k would either confirm sellers or catalyze buyers aiming at $14,000.

Chart courtesy of Trading View. Image Courtesy of Shutterstock