Good morning Insiders! Yesterday was a fairly quiet day around bitcoin (BTC). Unfortunately, not much happened, the only thing we saw is that China had a negative word to say about bitcoin for the thousandth time. Investors are used to this by now, so the price didn’t notice anything. On such a day it is perfect to take a step back from the price and delve into what bitcoin actually is. Yesterday we managed to put this in a nice overview for you with other interesting data. This will make you a little wiser in a bear market!
This is what happened to the bitcoin price while you were sleeping
Bitcoin is up just under 1.3% since 00:00. For now, the price is above the important price limit of $20,000. The current price at the time of writing is $20,822 on crypto exchange Coinbase. The euro price of bitcoin is €19,800 on the Dutch exchange bitvavo† Trading volume fell 10% over the same time frame, highlighting that it was a quiet day for BTC. Over the past seven days, bitcoin has increased in value by 0.9%. In the past 24 hours, the price rose by about 2.9%. The total market value of Bitcoin at the time of writing is $400 billion. Compared to the total crypto market cap, the bitcoin dominance amounts to 42.9%, a small decrease from yesterday.
Is Bitcoin Bottom Near?
Dave the Wave, an analyst best known for his accurate predictions on Twitter, shared an interesting analysis with his nearly 120,000 followers. Here the analyst looks at the past 11 years of price action for the number 1 cryptocurrency in the world.
Of course, the real kicker is the monthly MACD chart…as TA on the higher time-frame is always more reliable/ probable than TA on the shorter time-frame. pic.twitter.com/JROATqRV7O
— dave the wave🌊🐫 (@davthewave) June 22, 2022
On this chart we can observe a clear upward trend with two outer lines (green) and a middle line (orange). In addition, Dave the Wave also has the Moving Average Convergence Divergence (MACD) on the chart. A few interesting things stand out here.
First, the trend lines are tested several times. The yellow lines have also been tested remarkably often, but the course eventually broke through this. At the moment the price is moving towards the green bottom line.
In the past we have seen that if the price falls and hits the red trend line, this is also an immediate bottom signal. The price touched this point in 2013, 2015, 2019 and in 2020. Every time the price came here an increase followed, so these turned out to be perfect entry points.
It was also noticeable that the MACD was at the same level at each of the aforementioned bottoms. It then sank a bit further, but eventually curled up again. The MACD also appears to be making lower highs as well as higher lows.
Many of these indicators seem to be making a comeback at the moment. Where the price is moving towards the lower green line at the time of writing and the MACD has reached the same level as the previous bottoms. This one almost touches the rising bottom. Could this mean that the bottom is close?
Premium crypto analysis of the day: Curve (CRV)
Every weekday we cover a technical analysis that our analysts write and share with premium members. Today we take a look at CRV’s forecast. There was one yesterday bull alert issued for this coin, something that doesn’t happen often.
Here we saw that the price was just like an Elliott Wave count has finished. At this point, we expect either an ABC pattern or a 12345 pattern to emerge. Here, a C could form if the price reaches 100% of the Fibonacci, or a 3 wave if the 161.8% is reached.
If you want to read the full analysis with price levels and a clear description of the bull alert, it is ready for you in the Discord environment of Crypto Insiders!
Trade with Crypto Insiders on Discord
To answer the question whether this is the right time to buy or sell, we would like to refer you to our Discord group for members† Here, experienced analysts and traders discuss their own entry or exit points on a daily basis. We are also the first to share our technical and fundamental analyses. In our Discord Community we can share knowledge with each other 24/7 and we try to stay ahead of the market together with premium members.
