BTC CMBOT-BTC Report JUNE 24 2024 (SHARE)

Determining precise buy and sell points involves analyzing various factors and levels indicated on the chart. Based on the current technical setup in the provided chart, here are some potential buy and sell strategies:

Potential Buy Points:

1. Near Support Levels:
   • $60,146 - $59,313: This range is highlighted as a significant support zone. Given that the price is approaching this area and the RSI is oversold, a bounce from this level is possible.
   • $58,226 - $58,247: This area is marked by a circled region on the chart, suggesting a potential reversal zone. Buying in this range could be considered if there are signs of stabilization and reversal.

Potential Sell Points:

1. Near Resistance Levels:
   • $63,654 - $64,115: If there is a rebound from the support levels, these resistance levels are the first potential sell targets. Traders might look to take profit here.
   • $66,265 - $67,416: These are higher resistance levels that might come into play if the price continues to recover. Selling near these levels could be considered if the upward momentum persists.

Strategy:

1. Buy Strategy:
   • At $60,146 - $59,313: Enter a buy order if there are signs of price stabilization, such as smaller candlesticks with wicks indicating rejection of lower prices or increased buying volume.
   • At $58,226 - $58,247: Place a buy order with a tight stop-loss below the recent low if the price shows signs of bouncing back.
2. Sell Strategy:
   • At $63,654 - $64,115: Set sell orders near these resistance levels to take advantage of a potential rebound. Adjust the stop-loss to break-even or slightly above the entry point to secure profits.
   • At $66,265 - $67,416: If the price continues to rise and breaks through initial resistance levels, consider selling at these higher levels to maximize profit.

Risk Management:

• Stop-Loss: Always place a stop-loss order to protect against significant losses. For buys near $60,146 - $59,313, consider a stop-loss just below $59,288. For buys near $58,226 - $58,247, a stop-loss just below the recent low around $55,651 might be appropriate.
• Position Sizing: Adjust the size of your positions based on your risk tolerance and overall portfolio strategy. Avoid over-leveraging.

Additional Considerations:

• Volume Confirmation: Look for increasing volume as the price approaches the support levels, which can indicate stronger buying interest.
• Market Sentiment: Monitor broader market conditions and news that might impact Bitcoin's price, such as regulatory developments, macroeconomic factors, or significant market events.

By carefully analyzing these levels and using proper risk management techniques, you can devise a strategy to buy and sell based on the chart's technical indicators.

This is for educational purposes only.

For more... find the key... the riddle

Bitcoin Analysis: Price at $64,110, Oversold Signals 📉 Scarcity and Institutional Investments Point to Long-Term Growth 🚀 Hold Position with Confidence

Technical Analysis

Bitcoin's latest closing price on June 23, 2024, stood at $64,110.50, reflecting a slight decline of 0.26% from the previous trading day. The price traded within a tight range, with the low at $63,882 and the high at $64,618. Key indicators highlight mixed signals: the RSI14 is extremely low at 19, suggesting the asset is significantly oversold. The MACD over a three-month period is in the negative territory at -969.19, indicating bearish momentum.

The 50-day moving average is $66,568.16, currently above the trading price, potentially acting as resistance. The 200-day moving average is at $57,377.80, suggesting that the longer-term trend is still upward. With support at $63,486.85 and resistance at $64,198.30, a breakout beyond these levels could dictate the next price movement.

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Fundamental Analysis

Bitcoin's market capitalization of approximately $1.17 trillion underscores its substantial market presence. The 24-hour trading volume of $18.21 billion, though lower than the average volume of $29.46 billion, indicates a healthy but slightly diminished trading activity.

The absence of earnings per share (EPS) and price-to-earnings ratio (PE) metrics is typical for crypto-assets, as these metrics are more relevant to traditional equity markets. Bitcoin's scarcity, as augmented by the upcoming halving event, is expected to strengthen its long-term demand.

Recent news highlights conflicting short-term pressures and long-term bullish sentiments. Chamath Palihapitiya’s projection of a potential rise to $500,000 by October 2025 adds long-term optimism. Conversely, sell-offs from sources such as Mt. Gox and the German government could augment selling pressure in the short term, putting the price at risk of falling below $60,000. Institutional investments in Bitcoin miners, such as Hut 8’s $150 million influx, also points to a robust industry outlook.

Short-term Predictions

For the next trading day (June 24, 2024), Bitcoin exhibits potential volatility but is likely to trade near the support level of $63,486.85. Over the upcoming week, the price action is expected to remain mixed; heightened by ongoing sell pressures and possible rebound attempts, likely stabilizing around the $64,000 mark barring significant market disruptions.

Intrinsic Value and Long-term Investment Potential

The intrinsic value of Bitcoin is bolstered by its fixed supply, increasing scarcity, and broad adoption as a digital store of value. Long-term investment potential remains high, reinforced by strong institutional interest and favorable macroeconomic trends. Price forecasts suggesting an immense future valuation underscore its appeal to long-term holders.

Evaluation: Hold

Given combined technical and fundamental factors, Bitcoin is best categorized as a 'Hold'. Despite short-term pressures and possible price corrections, long-term prospects are promising due to increasing scarcity and institutional investment backing. Investors holding Bitcoin should maintain their positions, anticipating potential growth, particularly as macroeconomic conditions evolve.

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Today's Top #1: Bitcoin Miners in Historic Sell-Off, Dumping Over 30,000 BTC Worth $2B This Month

tldr; Bitcoin miners have sold over 30,000 BTC, valued at approximately $2 billion, since the start of June, marking the fastest selling pace in over a year. This sell-off, attributed to the recent Bitcoin halving event which reduced mining rewards and squeezed profit margins, has reduced miners' reserves to their lowest level in more than 14 years. The rapid liquidation has exerted downward pressure on the cryptocurrency market, with Bitcoin's price dropping by roughly 12% to its lowest in six weeks, and leading altcoins experiencing even steeper declines.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

https://www.reddit.com/r/CryptoCurrency/comments/1dml869/bitcoin_miners_in_historic_selloff_dumping_over/