Bitcoin weekly / Daily showing a Dip to sub 100K possible but is avoidable.
On the weekly, we can see how PA is top of Range, just below the arc that has rejected everything since 2011.
There is more resistance overhead than support below and the first Real line of support sits around 103,599 , 101K then we go to 98K.
If we loose 98K for some strange reason, it is a png drop to around 88K - I doubt we will see that just yet.
However, as you can see on the weekly chart, that is the area of a STRONG line of support that has been used this cycle 4 times to propel PA higher.
The Indicators are Bull Bear Power, showing the momentum of the Trend. We have just begun a Red Bear Candle..gut this is currently sitting on a line of resistance....
The RSI is above its average and has just been rejected off the high, so the likelihood os that this will retreat lower in time or with a sharp drop.
The ADX shows trend strength NOT DIRECTION. This has just turned and has begun rising and with BTC PA falling, it suggests the beginning of a Bear trend - MAYBE
Looking at the Daily
https://www.tradingview.com/x/AvDvdHHS/
We can see once again, PA got pushed away from the Arc of Resistance ( blue) and has begun falling.
The Bull Bear power chart shows ua how the Bears maybe meeting resistance right now and we may see a drop in bear power in the near future.
RSI has fallen below its average now and now has bumped into the Neutral line that does offer support, as we saw recently and in early 2025
Again, the ADX is Low and turning up , indicating a new trend maybe forming but we have to wait to see what this maybe
To conclude, we need to wait to get a clearer picture right now but it seems almost certain that a new trend is forming.
On the shorter term we have the chance of a bounce back / Range horizontal at current price range but the longer term looks a little more bearish for now
We are half way through June and as suggested in my posts about monthly colour candle close, It seems that a Red June candle would be a Good thing but it needs t be a not to deep candle.
So 2 more weeks of scary PA would be OK but nerve raking.
We shall have to watch close here....
On the weekly, we can see how PA is top of Range, just below the arc that has rejected everything since 2011.
There is more resistance overhead than support below and the first Real line of support sits around 103,599 , 101K then we go to 98K.
If we loose 98K for some strange reason, it is a png drop to around 88K - I doubt we will see that just yet.
However, as you can see on the weekly chart, that is the area of a STRONG line of support that has been used this cycle 4 times to propel PA higher.
The Indicators are Bull Bear Power, showing the momentum of the Trend. We have just begun a Red Bear Candle..gut this is currently sitting on a line of resistance....
The RSI is above its average and has just been rejected off the high, so the likelihood os that this will retreat lower in time or with a sharp drop.
The ADX shows trend strength NOT DIRECTION. This has just turned and has begun rising and with BTC PA falling, it suggests the beginning of a Bear trend - MAYBE
Looking at the Daily
https://www.tradingview.com/x/AvDvdHHS/
We can see once again, PA got pushed away from the Arc of Resistance ( blue) and has begun falling.
The Bull Bear power chart shows ua how the Bears maybe meeting resistance right now and we may see a drop in bear power in the near future.
RSI has fallen below its average now and now has bumped into the Neutral line that does offer support, as we saw recently and in early 2025
Again, the ADX is Low and turning up , indicating a new trend maybe forming but we have to wait to see what this maybe
To conclude, we need to wait to get a clearer picture right now but it seems almost certain that a new trend is forming.
On the shorter term we have the chance of a bounce back / Range horizontal at current price range but the longer term looks a little more bearish for now
We are half way through June and as suggested in my posts about monthly colour candle close, It seems that a Red June candle would be a Good thing but it needs t be a not to deep candle.
So 2 more weeks of scary PA would be OK but nerve raking.
We shall have to watch close here....
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