ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Crucial Factors to Consider Before Bitcoin Closes Its Monthly Candle

6/30/2020

Comments

 

June has been a rather uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with each break above or below this range being fleeting.

One interesting trend seen throughout the past four weeks has been BTC’s propensity to set lower highs, as it has been slowly grinding down to the lower end of its well-established trading range.

This seems to indicate that it will close its monthly candle in the coming few hours on a low note, disappointing bulls who were hoping to see a close at, or above, $10,000.

There are now a few factors that analysts are closely observing for insight into where the benchmark cryptocurrency may trend following its upcoming monthly candle close.

It does appear that July is positioned to be a volatile month for BTC, as its June candle is set to be one of the smallest seen in over a year – pointing to the strength of its recent consolidation phase.

Some top traders expect this volatility to favor the crypto’s buyers.

Bitcoin’s Monthly Candle Close Shows Just How Intense Recent Consolidation Has Been

Between May 31st and June 1st, Bitcoin’s price rallied from lows of $9,400 to highs of nearly $10,400.

This marked the highest price levels the cryptocurrency saw this month, as its price began sliding lower in the time since.

It is important to note that the decline from these highs was gradual and can largely be categorized as a slow grind lower due to it entering multiple consolidation phases along the way.

Bitcoin is now trading within the lower end of its well-established trading range between $9,000 and $10,000.

At the time of writing, Bitcoin is trading down less than 1% at its current price of $9,150. This marks a slight rebound from recent lows of $8,900 that were set late last week.

The price action seen throughout the past month is about to cause BTC to post the tightest monthly candle it has seen in over a year. This signals that volatility may be imminent.

“BTC – the monthly candle closes tomorrow, looks like Bitcoin will have its tightest candle body in over a year,” one analyst explained.

Bitcoin

Image Courtesy of Big Chonis. Chart via TradingView.

BTC Remains Well-Positioned to Rally Towards $13,000

As NewsBTC reported yesterday, Bitcoin currently has a major liquidity pool sitting around $10,500. These levels tend to be visited by assets at some point, and one analyst believes it will help spark a BTC rally up to $13,000.

“Macro BTC context: still think we’re heading towards $13K mid term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later,” one respected pseudonymous trader explained.

Bitcoin

Image Courtesy of SalsaTekila. Chart via TradingView.

Featured image from Shutterstock.

Charts from TradingView.


Via https://www.newsbtc.com/2020/06/30/bitcoin-about-to-close-crucial-candle/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-about-to-close-crucial-candle
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.