Bitcoin (BTC) settled on Wall Street open on June 20 as nervous traders waited for a short-term trend decision.
Trading Flags Bitcoin “Macro Bottoming Period”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD was rising to just $ 21,000 at the time of writing, a three-day high.
The weekend shook most of the market and bankrupted speculators with a trip to $ 17,600, marking the lowest level of Bitcoin since November 2020.
Now, with the United States equities cooling at the beginning of the week, relative quietness is likely to represent the largest cryptocurrency.
“Good response at the bottom of our 16K-20K demand sector,” a popular trading account credible crypto Has commented In weekend pricing mode.
“12 hours of bleeding has been erased at 2. No confirmation. It’s still reversal. Focus on the main HTF steps and don’t get caught up in red 5-minute candles – they can be deleted in a moment.
If in doubt, zoom out
– Crypto Tony (@CryptoTony__) June 20, 2022
The idea of focusing on HTF or more time frame pricing structures was shared by various commentators at the beginning of the week.
“BTC is in the macro bottoming period for this cycle,” said co-trader and analyst Rect Capital Continued.
“In the coming years, investors will be rewarded for buying here. Still, many still wait to go down to buy $ BTC. It’s been waiting for the summer to come, and finally it’s 33C outside but now we’re hoping for 35C.
Rect Capital has described the additional $ 20,000 BTC price as a “gift” to the buyer.
As part of the day’s tweet, “BTC Data Science shows that any area with less than $ 35,000 has historically brought out ROI for long-term Bitcoin investors.” Read it.
On-Chain Analytics Resource Whalemap Meanwhile, Seminole highlighted a dip-buy of less than $ 20,000 from major investors.
A new whale level has been formed at the weekend dump.
The collection is quite large,> 100k BTC, and occurred on June 18th.
Prior to that, most of the Bitcoins of December 2018 had moved from the previous 4k base … could be OTC
Looks like a good short term support pic.twitter.com/rJbV26ZifG
– whalemap (@whale_map) June 20, 2022
PlanB: Bitcoin simply “sold out”
Bitcoin is below the all-time high of its previous half-cycle, meanwhile, raising pressure on popular stock-to-flow (S2F) BTC pricing models – and criticism of them.
Related: ‘Bad Quarterly’ For Stocks – 5 Things To Know About Bitcoin This Week
Market analyst Zach Vohl openly called S2F a “scam” on social media, with its creator Quant Analyst PlanB, defending that the theory behind it is good.
“Most indicators (S2F, RSI, 200WMA, Realized, etc.) are at extreme levels,” he said Explained In a Twitter post on June 18.
“Does that mean that all indicators are ‘invalidated’ or ‘debunked?’
Voell’s comments came after the BTC / USD fell below the second standard deviation band for the first time at S2F’s expected price.
Bitcoin is not dead.
But the stock-to-flow scandal completely. pic.twitter.com/ZYZ0NR8n92
– Zach Voll (@zackvoell) June 19, 2022
As PlanB points out, Bitcoin’s Relative Strength Index, or RSI, is at its lowest level in history over the weekend. A The Classic Overbot vs. Oversold Indicator indicates that the RSI is basically trading below the BTC / USD historical context than its original warrant.
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