Unbiased Analysis of Bitcoin

29 jun 2020

Good Morning Everyone I hope you enjoyed your weekend but you already know what time it is as keep in mind normal markets close early for the 4th of July on Friday. Back on BTC I'm currently looking at the BTC Futures chart and comparing them to the spot price on Coinbase/Bitmex. Futures have a obvious downtrend just following the 21 EMA down and as of now are rejecting it. Market Cipher B on Futures is not looking as Bullish compared to the Spot Crypto Exchanges as futures did not dip below 9k over the weekend as they where closed.So im keeping a close eye as futures have been calling the shots lately so ill be watching closely.We have ST Support around 9k-9050 area with stronger support around the 8750-8800 area. As long as we stay below 9250-9300 which is our next major resistance I will be remaining bearish on the micro level. I will flip bullish if/when we close a daily above 9300 but not until then as risk/reward isnt there for me. My bearish game plan is watching 8800 for a double bottom which could create a double bottom and give power back to the bulls BUT if this support area does fail I can almost guarantee we will be hitting the 0.5 FIB Retracement around 8550-8600. Good Luck Everyone