18.06.202116:47 Forex Analysis & Reviews: Analysis for Bitcoin on June 18, 2021

The first cryptocurrency started the current week with a successful retest of $ 40,000. However, when reaching the value of $ 41,200, the coin faced a powerful resistance in the correction range. As a result, the asset sank to $ 39,000, from where it resumed its upward movement. Despite all attempts, bitcoin failed to overcome the threshold of $ 40,000, and the cryptocurrency lost its position to the nearest support level. As of June 18, BTC was fixed in the region of $ 38,000.

The cryptocurrency failed to break through the difficult milestone of $ 42,000. Moreover, the asset fell by 3% over the past day. At the same time, the support level in the region of $ 38,000 allowed the coin to resume its upward movement within a few hours. The main long-term and medium-term indicators also indicate a bullish market mood. For example, the MACD histogram has not changed much over the past day and continues to give positive signals. The Stochastic oscillator has also formed a bullish intersection and is starting to rise. Technical analysis of the asset shows a bullish breakout of the area of $ 42,000 in the near future. With a favorable development of events, the next resistance zone will form in the area of $ 44,500.

Exchange Rates 18.06.2021 analysis

On the morning of June 18, the cryptocurrency managed to break through the descending line. However, BTC failed to continue its growth. It indicates a test of the strength of the downward resistance. Analysis of the horizontal charts and technical characteristics of the coin shows the presence of clear bullish signs. At the same time, this is not enough for a systematic upward movement and a breakdown of the first resistance level in the area of $ 41,200. It indicates the uncertainty of investors and the weak activity of the retail audience, which could provide a breakdown of the first difficult mark. In addition, the cryptocurrency is at the stage of completing the fourth wave of the downward trend, which began after BTC reached its historical maximum. As practice shows, after the end of the current wave, a powerful decline will occur. It can also increase institutional concerns and push players away from the market. However, the breakdown of the final mark of $ 47,500 will exclude this scenario.

Exchange Rates 18.06.2021 analysis

The first cryptocurrency risks losing the opportunity to make a bullish leap and launch an upward trend. In addition to investor concerns and the weak social activity of the retail audience, the news background began to deteriorate. In Sichuan Province, it was ordered to stop mining until June 20, which can cause problems in the cryptocurrency network and provoke problems with the hash rate. In addition, we should not forget that buyers cannot provide the necessary level of support for bitcoin. Some players have recorded profits in the cryptocurrency, which puts additional pressure on the coin's quotes. Other market participants tend to favor proven financial instruments. The BTC indicators may rise again by $ 39,000 and try to break through the $ 40,000 mark in the near future. However, there is a possible scenario in which the asset will test the mark of $ 35,000. Bearish signals can be traced in the short-term indicators and the local dynamics of price changes.

Artem Petrenko,
Analytical expert of InstaForex
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