Bitcoin Daily Digest 06/26/2021 @ 9:40 AM PH Time

Disclaimer:

I am just a trader, trying to share my analysis and own opinion on the current price of Bitcoin. I am neither a Financial Advisor, Expert or Professional. Always Do Your Own Research and Trade and Your Own Risk.

Hi guys! First, I’m gonna start with weekly time frame to see an overview on the price of Bitcoin.

As you can see we are still below the 21 Weekly EMA which also act as a dynamic resistance now, this, doesn’t look good if you’re bullish on bitcoin for a short term, even if the price touch the EMA, there is a possibility that it will only bounce from there and make another sell off. Unless we break this resistance around 41k. I will remain bearish on bitcoin.

Now, let’s zoom in a little bit on a daily time frame:

Looking at this logarithmic chart of Bitcoin, the price is still below the lower trend line of the parallel channel. It can possibly indicate a bearish movement. I don’t see any recovery from here as of the moment. My bias is still in bears.

Let’s check the 4h time frame:

You will see that the trend line is being respected by the bitcoin price, even though it created an initial fake out, but the price of bitcoin is still in range. Again, i don’t see any sign of bullishness in this chart.

How about 1h time frame:

Yesterday ( 06/25/2021 ), a rising wedge chart pattern has been formed on bitcoin. It turns out that my analysis was right.

As of the moment, I can expect a bounce from this support level around 31k. But I still don’t see any sign of bullishness around here. Let’s see what may happen in the next couple of hours and days.

Key takeaways:

• The Price of Bitcoin isn’t recovering by looking at the weekly time frame
• It also doesn’t look good on a daily and 4h time frame
• We may see a potential bounce from the 1h time frame, but we don’t have any sign of bullishness from here.

Conclusion

Personally, I don’t wanna call a major bear market but I am also not bullish on the current price and behavior of bitcoin as of this moment. That’s it guys! Take care!