Here’s our weekly analysis from end of May to beginning of June 2022.
For the past few weeks, Bitcoin has been trading between $28,000 and $32,000. It is currently trading dangerously close to a critical demand zone. At the moment, there is no indication of which side Bitcoin could break out. But, investors should exercise caution because the next demand zone is directly visible at $20,000. A bullish move is only possible if the resistance at $31,000 is flipped and the supply zone at $32,000 is breached.
Bitcoin has struggled to be above the $30,000 mark in the last week, which is an important sign of weakness that traders should be aware of. To be on the safe side, traders should wait for the $31,000 resistance level to be broken before entering long positions. There appears to be cause for celebration for the bulls, as a slight RSI divergence can be seen forming. Although the divergence is slight, it indicates that the bulls may still see some strong bullish moves soon.
A strong close above $31,000 could be the push the bulls need to reach the $36000 level; however, if a rejection is seen, the bears will maintain their strong hold on the bulls!
We heard your requests and the CoinPanel Mobile App arrived at the app stores last Friday. You can now use CoinPanel across any device, desktop or mobile. It was our present to you!