ביטקאָין (BTC) reached a high of $32,399 on May 31 but fell the next day and has dropped below $30,000 once more.
בטק איז מאָווינג אַרוף זינט ריטשינג אַ נידעריק פון $ 26,700 אויף מאי 12. ביז איצט, די פאַרגרעסערן האט געפֿירט צו אַ הויך פון $ 32,399 אויף מאי 31.
The upward movement was preceded by bullish divergence in the רסי generated bullish divergence (green line) and also broke out from a bearish trendline (dashed). The trendline of the divergence is still intact, indicating that the upward movement could still continue.
As for the price action, a battle between the bulls and bears is currently transpiring in regards to the $30,500 horizontal area. The area had previously acted as support since May 2021. As it stands, it is not yet certain whether BTC has broken down or deviated below this area. Whether it manages to validate it as support will likely have a decisive say in determining the direction of the future trend.
קורץ-טערמין באַוועגונג
The daily chart shows that bitcoin has been following a descending resistance line since March. The line is currently at $32,500.
On June 1, the price fell sharply prior to reaching this resistance line. The drop served to validate the $31,400 horizontal area as resistance.
Similarly to the price action, the רסי is caught between a bullish and bearish level. The bullish level is the trendline from the bullish divergence (green line), while the bearish one is the resistance from the 50 line (white). Whether רסי breaks down from the former or breaks out from the latter could determine if BTC breaks out from the descending resistance line.
The six-hour chart is more bearish.
After the aforementioned rejection, bitcoin failed to hold on above the minor $30,000 area, which was expected to provide support. The area is now likely to act as resistance once more (red icon).
בטק כוואַליע ציילן אַנאַליסיס
Despite the bullish divergence and the fact that the מער-טערמין כוואַליע ציילן is bullish, the short-term count is bearish.
The most likely count suggests that BTC has completed an A-B-C corrective structure, in which waves A:C had a 1:0.618 ratio. The high managed to barely deviate above the middle of the current ascending parallel channel.
A breakdown from the channel would confirm that lower prices are on the horizon.
פֿאַר זיין [אין] קריפּטאָ ס פריערדיקן ביטקאָין (בטק) אַנאַליסיס, דריק דא
אָפּלייקענונג
אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.
Source: https://beincrypto.com/bitcoin-btc-fails-to-sustain-upward-movement-and-drops-below-30000/