Bitcoin Technical Analysis 06-17-21

By xuanling11 | Crypto Learning | 17 Jun 2021


Technical Analysis

Bitcoins opens at $38K and goes down to around $37K and stable around $37K ~ $38K. The average transaction fee is $5.81 which is 8.36% decrease from 06-16-21. 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.ย 

Even though market recovers some but the sentiment to Bitcoin continue weakening and correction likely continues. Unless Bitcoin price shoot through $42K, it seems a fake bull market in short term.

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 is facing regulation concerns. The wave of adoption for Bitcoin as legal tender is coming. However, there is less impacting on the pricing unless developed countries central banks make decisions on either resist or accept Bitcoin on their balance sheet.

Bitcoin decreases its correlation for Gold that it becomes a offense positionโš”๏ธ. 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 =ย  $30k ~ $42k and my position is Long.

Here are some highlights to support my analysis:

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Current News Summary:

14404f5247fb0704e38cfc8bf24bc91d627e09c038b71924ce55cf6316d695f5.png

Most Bullish News ๐Ÿ“ˆ

Republicans begin accepting crypto for donations

It indicates that Bitcoin price will be stabled on its crypto status.

Most Bearish News ๐Ÿ“‰

Bitcoin seems like a scam in UK regulators' mind

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

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

Thanks for reading and see you tomorrow!

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ย 
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You can reference my previous monthly Bitcoin and Ethereum analysis here โฌ‡๏ธโฌ‡๏ธ:
Note:some links refer at the beginning of next month that include all previous month links of reports
๐Ÿ’ช๐Ÿ’ช January 2021 Technical Analysis Summary ๐Ÿš€๐Ÿš€
๐Ÿ’ช๐Ÿ’ช February 2021 Technical Analysis Summary ๐Ÿš€๐Ÿš€
๐Ÿ’ช๐Ÿ’ช March 2021 Technical Analysis Summary ๐Ÿš€๐Ÿš€
๐Ÿ’ช๐Ÿ’ช April 2021 Technical Analysis Summary ๐Ÿš€๐Ÿš€
๐Ÿ’ช๐Ÿ’ช May 2021 Technical Analysis Summary ๐Ÿš€๐Ÿš€
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You can reference my previous daily Bitcoin analysis here โฌ‡๏ธโฌ‡๏ธ:
Bitcoin Technical Analysis 06-01-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-02-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-03-21๐Ÿ“‰
Bitcoin Technical Analysis 06-04-21๐Ÿ“‰
Bitcoin Technical Analysis 06-05-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-06-21๐Ÿ“‰
Bitcoin Technical Analysis 06-07-21๐Ÿ“‰
Bitcoin Technical Analysis 06-08-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-09-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-10-21๐Ÿ“‰
Bitcoin Technical Analysis 06-11-21๐Ÿ“‰
Bitcoin Technical Analysis 06-12-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-13-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-14-21๐Ÿ“ˆ
Bitcoin Technical Analysis 06-15-21๐Ÿ“‰
Bitcoin Technical Analysis 06-16-21๐Ÿ“‰
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here โฌ‡๏ธโฌ‡๏ธ:
Ethereum Technical Analysis 06-01-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-02-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-03-21๐Ÿ“‰
Ethereum Technical Analysis 06-04-21๐Ÿ“‰
Ethereum Technical Analysis 06-05-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-06-21๐Ÿ“‰
Ethereum Technical Analysis 06-07-21๐Ÿ“‰
Ethereum Technical Analysis 06-08-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-09-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-10-21๐Ÿ“‰
Ethereum Technical Analysis 06-11-21๐Ÿ“‰
Ethereum Technical Analysis 06-12-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-13-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-14-21๐Ÿ“ˆ
Ethereum Technical Analysis 06-15-21๐Ÿ“‰
Ethereum Technical Analysis 06-16-21๐Ÿ“‰
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You can reference my previous daily Dogecoin analysis here โฌ‡๏ธโฌ‡๏ธ:
Doge Analysis 12-28-21๐Ÿ“ˆ
Doge Analysis 01-01-21๐Ÿ“ˆ
Doge Analysis 01-02-21๐Ÿ“ˆ
Doge Analysis 01-11-21๐Ÿ“‰
Doge Analysis 01-28-21๐Ÿ“ˆ
Doge Analysis 02-04-21๐Ÿ“ˆ
Doge Analysis 02-07-21๐Ÿ“ˆ
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You can reference my previous weekly Cryptomarket forecast analysis here โฌ‡๏ธโฌ‡๏ธ:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21๐Ÿ”ฅ๐Ÿ”ฅ
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21๐Ÿ”ฅ๐Ÿ”ฅ
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Check out my Ah moment here โฌ‡๏ธโฌ‡๏ธ:
๐Ÿ’ญAh moment 05-31-21๐Ÿ’ญ
๐Ÿ’ญAh moment 06-02-21๐Ÿ’ญ
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Risk forecast guideline:
Risk Averse means you can use as defense ๐Ÿ›ก๏ธ
Risk Seeking means you can use as offense โš”๏ธ
Risk Neutral means no decision made and continue seeking opportunities ๐Ÿ‘๏ธ
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving cohttps://www.coindesk.com/price/bitcoinmpensation 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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xuanling11
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