The trader spoke about the medium-term prospects for the price of bitcoin

06/30/2020

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Predictionsfinancial markets are private opinion theirauthors. Current analysis is not a guide to trade. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.

Trader Ilya Meshcheryakov talks about the current situation on the market.

In the last review, I looked at the long-term prospects of bitcoin and drew attention to a large number of factors pointing to the weakness of bulls - declining support areas and the formation of consistently falling accumulation zones.It is also important to monitor the medium-term perspective of the cryptocurrency market in order to be able to catch the optimal entry price.

Over the weekend, Bitcoin attempted to get through.below $ 9000, but it was unsuccessful. However, rejoicing the bulls is premature. Earlier, we already saw similar false breakdowns and the buyback of the sagging BTC was much more peppy. The chart below shows what happened during the breakdown of $ 9000 last time - the price per day was dragged to the upper limit of the price channel.

The BTC/USDT Binance exchange schedule fromTradingView.Marked by the color of the price channel, arrows indicate the breakout points of the level of $9000.

There are some difficulties in this period of recovery - the price barely interruptsThis is more likely to be called consolidation near the $9000 mark than the recovery of lost positions.

In my opinion, the declining activity of bulls near $9000 indicates the weakness of BTC in the medium term.

It is necessary to switch to a smaller timeframe in order to understand to what levels growth is possible within the current rebound from $ 9000. Consider a 15 minute chart.

On such timeframes, the main goal of large capital will be type of stop-loss of market participants.Therefore, the likely growth mark will be $9320-9380, just behind the brightest highs on June 25-26.

15 minute BTC/USDT chart.The area of probable accumulation of stop orders and, as a result, potential price increase is marked.

As a result, the most likely option for price movement is to increase the range of $9320-9380 to collect stops, and then move down in the medium term.At the same time, the risks should be limited, as the breakdown of the level of $9360 opensway to $9600.