This article was first published on Metal Blog
Bitcoin (BTCUSD) (3-day/8-hour)
Bitcoin’s first week of June was for the most part uneventful. Price has lingered in the mid $30k’s, with support stepping in at the right times but with little to no follow-through.
We can see in our 3-day chart on the left that our green “support zone” has held up, but we have failed to breach the orange “neutral” zone as of yet.
Zooming in on the 8-hour chart on the right, we see a failed break above this smaller range’s “neutral” zone, followed by a return to the green support box.
Support has held, but bulls will need to break through the $38k area in the short term, and the $46k area on the more macro scale to avoid further downside.
A rejection at either of these zones: $37-$38k, or $42-46k, could lead to another strong drop in price.
As always- be prepared. There’s no telling what is coming next.
Ethereum (ETHUSD) (3-day/8-hour)
Ethereum has stayed relatively flat for the past week as well, with a similar tale told by price action across these different ranges we’ve plotted.
The 3-day chart on the left shows a nice reaction (large lower wicks) to the green support box, but just like we see on BTC’s macro view, follow-through is non-existent.
Zooming in on the 8-hour chart, we can see the “neutral” orange zone acting as support so far, but bears still could pounce with a rejection from the $2,900 to $3,200 zone. Bulls need to conquer this zone in the short term as well as the $3,500-3,800 zone to have a more bullish macro outlook.
Fundamentals & Correlations
The Bitcoin Dominance (BTC.D) and US Dollar Index (DXY) correlation metrics remain relatively unchanged since last week’s report and provides no ...
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