Bitcoin Technical Analysis 06-23-21

Bitcoins opens at $32K and goes down to around $31K and stable around $32K ~ $33K. The average transaction fee is $7.88 which is 22.55% increase from 06-22-21. As I mentioned yesterday, Bitcoin drops around $28K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $30K. You can reference my method here.

Even though market recovers some but the sentiment to Bitcoin continue weakening and correction likely continues. Unless Bitcoin price shoot through $42K, it seems a fake bull market in short term.

I remain my floor price to $30K indicates the strong support and remain the ceiling price at $42K.

Bitcoin volatility is moving more volatile in yesterday. The market has reacted peak value at $41K but retreated to $38K which means the Bitcoin price is weak at the support and it make continue correction in near term. It is fairly stable at this level around $40K. Tailwind likely will happen.

The Bitcoin mining power is lacking for short term. Bitcoin in short term will have weakening price actions.

Bitcoin increases its correlation for Stock that it becomes a offense position⚔️. The price may fluctuate more in the coming day since Bitcoin VIX is picking up. There may have high risks in the coming day as the greed level goes down! The market has fear that does not easily ease off due to many issues emerging. On the upside, Bitcoin may get another system upgrade in the near future. The coming market will be rough and we will see how it plays out.

Bitcoin Value = $30k ~ $42k and my position is Long.

Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

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