On June 18, analyst and chartered market technician Omkar Godbole stated that the current Bitcoin price has fallen back to the 50-day Simple Moving Average (SMA), which has provided support and pushed the price to rebound twice this month.
Therefore, this retest of the moving average provides the bulls with an opportunity to establish a trend—allowing the 50-day MA to become a springboard for a new round of upward movement. Conversely, if the 50-day MA support is breached, it may trigger stronger selling pressure, leading to a price drop below the $100,000 mark.
On the market, the bears seem to have the upper hand. The recent rally from the 50-day moving average has weakened: Bitcoin rebounded more than $10,000 from $100,500 when it first tested the moving average on June 5; On the second test on June 17, the rally only rose from $103,000 to $109,000.
The doji candlestick formed over the past week also shows that bullish momentum has started to weaken above the $100,000 level. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110,000 with increased volume.
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BlockchainTherapist
· 11h ago
Anyway, it's all sideways. Just be patient and wait.
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SybilAttackVictim
· 12h ago
Playing this game for a day results in losing a day, it's not bad.
Analyst: Bitcoin tests the 50-day moving average, breaking $110,000 is needed to revive the bullish outlook.
On June 18, analyst and chartered market technician Omkar Godbole stated that the current Bitcoin price has fallen back to the 50-day Simple Moving Average (SMA), which has provided support and pushed the price to rebound twice this month.
Therefore, this retest of the moving average provides the bulls with an opportunity to establish a trend—allowing the 50-day MA to become a springboard for a new round of upward movement. Conversely, if the 50-day MA support is breached, it may trigger stronger selling pressure, leading to a price drop below the $100,000 mark.
On the market, the bears seem to have the upper hand. The recent rally from the 50-day moving average has weakened: Bitcoin rebounded more than $10,000 from $100,500 when it first tested the moving average on June 5; On the second test on June 17, the rally only rose from $103,000 to $109,000.
The doji candlestick formed over the past week also shows that bullish momentum has started to weaken above the $100,000 level. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110,000 with increased volume.