Bitcoin is forming a bear trap forming below an important support level. This light blue trendline has been a key support level throughout this cycle. Bitcoin has lost support, causing a strong selloff throughout the entire crypto market. I think we are seeing a lot of manipulation right now, and we are seeing a strong shakeout forming before a larger rally. BTC is currently trading below the green support zone as well, and I would monitor these key price levels and zones. I think Bitcoin could rally back to $70k, and I have a feeling that we will form new all time highs on the next upswing.
June Monthly Candle Close
In previous Bitcoin cycles there have been 4 red months during the year of the Bitcoin halving. This year we have only seen 1 red month so far in April. The June monthly candle is currently red, but could still close green if the price rebounds in the second half of June. However, at this point I would prefer for the June monthly candle to close red so that we have 2 red months so far this year. We’ll wait to see how the monthly candle closes for Bitcoin, but we are currently trending for a strong rebound in July with a rally that could peak around August. There are likely to be 2 more bearish months around September.
ChartChamp socials: https://linktr.ee/realchartchamp
