Dear Midas Community,

This is our weekly update on Bitcoin price movements. We as a team feel that these insights are valuable to the community, as the value fluctuations of Bitcoin greatly affect altcoin markets. In this series of TA articles, we will conduct both price and fundamental analysis to determine an overall trend for BTC. 

Price Analysis

Once again we will observe the movements on a large (4H) candle timeframe. We can see that over the past few weeks, Bitcoin has been consolidating between the 9-10k mark, with breaks out of this range quickly correcting. 

A new wedge is forming on the chart, with support being repeatedly tested in the $8800 zone. This is a major support zone, which has survived multiple tests. The lower highs suggest that this zone will continue consolidating until a direction is determined. 

On the shorter-term 30m candle chart, things are looking decently bullish with a nice bounce from the $8800 support zone. The moving averages are looking good as well, with the 100MA crossing the 200MA. This bullish move would be confirmed with high volume, which has not yet happened. 

Investor Sentiment

Investor sentiment is a key indicator for the market direction. As the renowned investor Warren Buffet once said, “Be fearful when others are greedy, be greedy when others are fearful.” The key here is to go against the sentiment. When times are fearful, it presents a good buying opportunity. Likewise, when investors are greedy, the market is likely due for a correction. 

The sentiment index has been in the low 40s for quite some time now, showing investors are tepid about price prospects. Nonetheless, the market has not had any significant moves in either direction, so the index has stalled out in this range. 

Fundamentals 

Miners revenue continues to hold near yearly lows. Bitcoin miners have certainly taken a large decrease in earnings following Bitcoin’s block halving. These yearly lows have not broken significantly below $7M, creating a nice support zone after testing several times. The only way that miners are going to increase their revenue is by refusing to sell at this valuation. 

Analysis

The $10k psychological resistance continues to evade Bitcoin, and the price is now consolidating yet again. After a failed attempt to break support last week, Bitcoin is in indecisive territory. On a short timeframe, technical indicators look neutral to bullish, but on the larger time frames, they look neutral to bearish. The best move now would be to wait for entries near the support zone, use tight stop losses, and exercise extra caution until Bitcoin determines a decisive direction. 

Always do your own research before making an investment decision. 

The post Bitcoin Price Analysis – Week of June 28 appeared first on Midas.Investments. Crypto investment company blog..

Hello Midas Community! 

We will continue with our analysis of Bitcoin price movements, as it greatly affects the altcoin markets. In this series of TA, we will conduct some TA, and look at overall trends and fundamentals. Let’s get started!

Price Analysis

Here we see the macro price movements of Bitcoin vs USD on a 4H timeframe. Ever since the large decline in mid-March, Bitcoin rose steadily before beginning a consolidation pattern between 9-10k. 

If we take a closer (zoomed in) view of the chart, we see that a wedge consolidation pattern was forming, as depicted in the above picture by the red lines. These lines are determined by the candle “wicks”, which show a tightening window between support and resistance. However, the last few candles show an upward breakout from this zone. 

On lower timeframes, Bitcoin is showing very bullish activity, with the 100 MA line crossing the 200 MA line, before an upward surge in value. On higher (4H) timeframes, the RSI is currently 66, showing more room for positive upside. 

Investor Sentiment

One of our key indicators is the Fear/Greed index, which we use to predict overall market direction. Usually when the dial reads “fear” it indicates a good time to buy, and “greed” is a good time to sell. Since last week the price was declining, the historical values show slight “fear” – indicating that a move upward was likely. We are seeing this upward price movement now. After today’s move, it is likely that the index value will go up, but generally this remains a good buying opportunity. 

Fundamentals

Last week, at time of writing there was a hash rate of approx. 112m TH/s. Today, that number has fallen to 105m TH/s. Since Bitcoin’s price is rising currently, expect the hash rate to follow suit. 

After the block halving, the miners revenue is near its yearly low. In order for miners to regain their revenue, the price of Bitcoin must rise. 

Analysis

Since miners are not making as much money post-halving, a convincing and sustained break above the $10k level will be explosive. Nonetheless, the $10k mark has been an extremely strong resistance, and the price has failed to hold above this key level. Technical indicators as well as investor sentiment are all bullish, and I expect the price to retest the $10k levels in the coming days. Key support levels are: $9.2k, 8.8k. Key resistances are $9.6k, 9.8k, and 10.2k. 

Always do your own research before making an investment decision. 

The post Bitcoin Price Analysis – Week of June 21 appeared first on Midas.Investments. Crypto investment company blog..