Bitcoin Technical Analysis 06-01-21

By xuanling11 | Crypto Learning | 1 Jun 2021

Technical Analysis

Bitcoins opens at $36K and goes down to around $35K and stable around $35K ~ $36K. The average transaction fee is $7.63 which is 6.12% increase from 05-31-21. As I mentioned yesterday, Bitcoin drops around $30K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $30K. You can reference my method here.Β 

Even though market recovers some but the sentiment to Bitcoin continue weakening and correction likely continues.Β 

I remain my floor price to $30K indicates the strong support and remain the ceiling price at $42K.

Bitcoin volatility is moving more volatile in yesterday. The market has reacted peak value at $41K but retreated to $38K which means the Bitcoin price is weak at the support and it make continue correction in near term. It is fairly stable at this level around $40K. Tailwind likely will happen.

Bitcoin dominance has regained but Bitcoin may increase risks associate to many more such as China bans, regulatory, social influencers, taxation and stock market.

Bitcoin decreases its correlation for Stock that it becomes a neutral positionπŸ‘οΈ. The price may fluctuate more in the coming day since Bitcoin VIX is picking up. There may have high risks in the coming day as the greed level goes down! The market has fear that does not easily ease off due to many issues emerging. On the upside, Bitcoin may get another system upgrade in the near future. The coming market will be rough and we will see how it plays out.

Bitcoin Value =Β  $30k ~ $42k and my position is Long.

Here are some highlights to support my analysis:


Current News Summary:


Most Bullish News πŸ“ˆ

Mt. Gox hack victims could have their Bitcoin back

It indicates that Bitcoin price will be fluctuated when speculates of more users want Bitcoin.

Most Bearish News πŸ“‰

Sweden see regulations come to pressure Bitcoin

It indicates that Bitcoin may face correction due to regulation concerns.


Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!


Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below ⬇️⬇️:
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You can reference my previous monthly Bitcoin and Ethereum analysis here ⬇️⬇️:
Note:some links refer at the beginning of next month that include all previous month links of reports
πŸ’ͺπŸ’ͺ January 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ February 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ March 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ April 2021 Technical Analysis Summary πŸš€πŸš€
You can reference my previous daily Bitcoin analysis here ⬇️⬇️:
Bitcoin Technical Analysis 05-01-21πŸ“‰
Bitcoin Technical Analysis 05-02-21πŸ“ˆ
Bitcoin Technical Analysis 05-03-21πŸ“‰
Bitcoin Technical Analysis 05-04-21πŸ“ˆ
Bitcoin Technical Analysis 05-05-21πŸ“‰
Bitcoin Technical Analysis 05-06-21πŸ“ˆ
Bitcoin Technical Analysis 05-07-21πŸ“‰
Bitcoin Technical Analysis 05-08-21πŸ“‰
Bitcoin Technical Analysis 05-09-21πŸ“ˆ
Bitcoin Technical Analysis 05-10-21πŸ“‰
Bitcoin Technical Analysis 05-11-21πŸ“‰
Bitcoin Technical Analysis 05-12-21πŸ“‰
Bitcoin Technical Analysis 05-13-21πŸ“‰
Bitcoin Technical Analysis 05-14-21πŸ“‰
Bitcoin Technical Analysis 05-15-21πŸ“‰
Bitcoin Technical Analysis 05-16-21πŸ“‰
Bitcoin Technical Analysis 05-17-21πŸ“‰
Bitcoin Technical Analysis 05-18-21πŸ“‰
Bitcoin Technical Analysis 05-19-21πŸ“‰
Bitcoin Technical Analysis 05-20-21πŸ“‰
Bitcoin Technical Analysis 05-21-21πŸ“ˆ
Bitcoin Technical Analysis 05-22-21πŸ“‰
Bitcoin Technical Analysis 05-23-21πŸ“ˆ
Bitcoin Technical Analysis 05-24-21πŸ“ˆ
Bitcoin Technical Analysis 05-25-21πŸ“ˆ
Bitcoin Technical Analysis 05-26-21πŸ“ˆ
Bitcoin Technical Analysis 05-27-21πŸ“‰
Bitcoin Technical Analysis 05-28-21πŸ“‰
Bitcoin Technical Analysis 05-29-21πŸ“‰
Bitcoin Technical Analysis 05-30-21πŸ“ˆ
Bitcoin Technical Analysis 05-31-21πŸ“ˆ
You can reference my Bitcoin methodology here and here.
You can reference my previous daily Ethereum analysis here ⬇️⬇️:
Ethereum Technical Analysis 05-01-21πŸ“ˆ
Ethereum Technical Analysis 05-02-21πŸ“ˆ
Ethereum Technical Analysis 05-03-21πŸ“ˆ
Ethereum Technical Analysis 05-04-21πŸ“ˆ
Ethereum Technical Analysis 05-05-21πŸ“ˆ
Ethereum Technical Analysis 05-06-21πŸ“ˆ
Ethereum Technical Analysis 05-07-21πŸ“ˆ
Ethereum Technical Analysis 05-08-21πŸ“ˆ
Ethereum Technical Analysis 05-09-21πŸ“ˆ
Ethereum Technical Analysis 05-10-21πŸ“ˆ
Ethereum Technical Analysis 05-11-21πŸ“ˆ
Ethereum Technical Analysis 05-12-21πŸ“‰
Ethereum Technical Analysis 05-13-21πŸ“‰
Ethereum Technical Analysis 05-14-21πŸ“‰
Ethereum Technical Analysis 05-15-21πŸ“‰
Ethereum Technical Analysis 05-16-21πŸ“‰
Ethereum Technical Analysis 05-17-21πŸ“‰
Ethereum Technical Analysis 05-18-21πŸ“‰
Ethereum Technical Analysis 05-19-21πŸ“‰
Ethereum Technical Analysis 05-20-21πŸ“‰
Ethereum Technical Analysis 05-21-21πŸ“‰
Ethereum Technical Analysis 05-22-21πŸ“‰
Ethereum Technical Analysis 05-23-21πŸ“ˆ
Ethereum Technical Analysis 05-24-21πŸ“ˆ
Ethereum Technical Analysis 05-25-21πŸ“ˆ
Ethereum Technical Analysis 05-26-21πŸ“ˆ
Ethereum Technical Analysis 05-27-21πŸ“‰
Ethereum Technical Analysis 05-28-21πŸ“‰
Ethereum Technical Analysis 05-28-21πŸ“‰
Ethereum Technical Analysis 05-30-21πŸ“ˆ
Ethereum Technical Analysis 05-31-21πŸ“ˆ
You can reference my previous daily Dogecoin analysis here ⬇️⬇️:
Doge Analysis 12-28-21πŸ“ˆ
Doge Analysis 01-01-21πŸ“ˆ
Doge Analysis 01-02-21πŸ“ˆ
Doge Analysis 01-11-21πŸ“‰
Doge Analysis 01-28-21πŸ“ˆ
Doge Analysis 02-04-21πŸ“ˆ
Doge Analysis 02-07-21πŸ“ˆ
You can reference my previous weekly Cryptomarket forecast analysis here ⬇️⬇️:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21πŸ”₯πŸ”₯
Check out my Ah moment here ⬇️⬇️:
πŸ’­Ah moment 05-31-21πŸ’­

Risk forecast guideline:
Risk Averse means you can use as defense πŸ›‘οΈ
Risk Seeking means you can use as offense βš”οΈ
Risk Neutral means no decision made and continue seeking opportunities πŸ‘οΈ
Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving co for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.

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