Technical

Bitcoin (BTC) Price Technical Analysis (June 11, 2018)

Dalmas Ngetich | June 11, 2018 | 12:04 am
bitcoins
Technical

Bitcoin (BTC) Price Technical Analysis (June 11, 2018)

Dalmas Ngetich | June 11, 2018 | 12:04 am

Yesterday we saw BTC prices literally crashing after shedding more than five percent. It might be a reactionary move after CFTC Bitcoin Futures investigations. However, what is important is how prices react at key support lines. Those levels stand at $7,000 and $7,100.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

In a new twist of events, Bitstamp, ItBit, CoinBase and Kraken have been asked by the CFTC to submit all trading information as investigations into possible market manipulation in the Bitcoin Futures begins. Note that since the CME and CBoE trading activities are under the oversight of the CFTC and the SEC, exchanges working together to create their index are also under the CFTC microscope. As such they must cooperate during this investigation. Of course, many consider the very nature of cryptocurrencies unsafe for business investment because it’s not under any form of regulation. It is barring entry of big money to the industry. However, there have been increasing calls for regulation in the recent past.

Some exchanges see this as beneficial and already Gemini is bending and willing to work with US regulators. Gemini is under SEC regulation and even uses CME tools to detect possible manipulation amongst their clients. These unscrupulous market activities-happening in the Bitcoin Futures and the spot market-involves acts of spoofing where large quantities of BTC are bought at artificial highs giving the impression of increasing buys only for dumping to happen shortly afterwards.

Even as this is happening Jesse Powell is not happy in light of the recent CFTC regulatory oversight. In a statement he says saying is now considering the overall cost of them participating in CME and CBoE index price participation. He argues saying that the whole market manipulation talks have been over-emphasized and those involved have little to gain despite all the risks they are taking.

In other news, Steve Wozniak of Apple believes Bitcoin’s architecture and overall modus operandi places it at a better position to continue being a digital gold. These endorsement from influencers is good news for BTC.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Week over week, Bitcoin prices are down six percent as sellers continue with their drive towards $4,500. As visible from the chart, it seems traders are not only aligning with week ending June 3 bear candlestick but their rejection to trade above $7,800 means sell pressure is also high. As it is, week ending June 3 candlestick seems to be short coverings following week ending June 10 events.

So, should this week end lower surging below $7,000 then our ultimate targets would be at $6,000. After all, technical arrangements point to selling as the path of least resistance whose overall objective is to completely reverse April gains in a long covering event. Relative to April’s average weekly volumes of around 250k, May to early June weekly candlestick volumes averages 150k or there about.

Daily Chart

The overall trend is bearish and yes, we had pockets of buys before last week. Our trade strategy was all dependent on how market participants would confirm or negate that bull weekly candlestick. After yesterday, bears did negate our projection.

Currently, what we are seeing are lower lows aiming to break below the main anchor candlestick of May 29. Since recent correction volumes are low, my trade plan is to be neutral and see what happens today. Any break below $7,000 would beckon sellers. On the flip side, rejection of lower lows complete with a bull pin bar might likely take prices back to within $7,100 to $8,000 trade range.

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  • CryptoScarface

    Love crytpo at a discounted price…lol Fcking awesome…

    • benjamin walter

      dear hacker , please send me some bitcoin, am broke.. 14Hqb5hQDPsvUQdBFTx6FkTHGrN9xf746j

      • pjcnet

        Since no Bitcoin was even stolen (it was altcoins only) and it’s therefore a ridiculous media hyped overreaction over nothing even related to Bitcoin, who are the people manipulating the price?

        • CryptoScarface

          Bitfinex and others dump btc under fake accounts to keep tether coin funneling 2.5 bil daily volume. No coincidence.

  • Jim Kelly

    Much lower prices to come as the rising wedge is a technical cap and will only trade lower. Sell rallies. Use profanities is you are losing money.

    • CryptoScarface

      I’m actually up 11k % I never lose money in crypto I am a fucking awesome hacker…lol

      • Jim Kelly

        Anyone who claims to never lose and uses profanity is likely lying from the start. I am a Christian believe that Jesus is the only to salvation and happiness. I guess you proved my opening argument. Do you love Jesus?

        • CryptoScarface

          Keep your religion to yourself pussy…I am a computer programmer with 25 years+ experience worked for Microsoft and now LISK…I know the code and it makes me wealthy.

          • Jim Kelly

            Are you wealthy in the eyes of the Lord and reached salvation? Why are people like you so intolerant and full of hate? Have you heard of freedom of speech. It is my obligation to spread the Word for Jesus is the Way. Do you love Jesus? Surely, you think there is a higher power and purpose. I know financial success and the path to salvation. Why do you fight so hard to avoid Jesus? Do you actually fear Jesus?

          • Greg

            Watch out for the lightning.

          • Jim Kelly

            Let’s get the facts straight, I am not angry at all. Scarface addressed me in a vulgar way. I asked him to declare his love of Jesus, which he showed disdain. So, I merely sought to expose him as a source of evil. You either declare your love for Jesus, or align with evil. Clearly, scarface is evil, is angry, and his words have avoided every attempt to declare a love for Jesus. You cannot love Jesus and be full of hate like scarface. Who uses vulgarity and loves Jesus? No one, therefore scarface is evil.

          • Greg

            We are all human, I use vulgarity and I love god. Who are you to judge otherwise about me or any other man? I wish you peace.

          • Jim Kelly

            This is where you are wrong. The Bible clearing forbids the use of vulgarity, swearing (unless meaning an oath to God), cursing in the New Testament. Each post post by scarface had intentions of evil. I addressed him, asked him a question, and allowed him to proclaim his faith in Jesus. He chose to use another vulgarity. Clearly, he only has intent for evil. Take his comments to your pasture and see if he agrees. You do not understand the New Testament thinking ‘anything goes’ or that scarface is even remotely ok. It is clear as to what wrong and where evil stands. There is evil all around, even in vuilgarity I do not use it. I do not think about attacking others. I try to hear the opinion of others and as a lot of questions. Do you have a pastor? If so, let me know his thoughts. Are you bearing false witness to me? Even that is a commons sense ideal whether old or new. Vulgarity is incompatible to the principles of Jesus.

          • Greg

            Cursing and vulgarity are not the same. Saying, “Oh shit, that was awesome.” is vulgar, not evil. The root meaning of vulgar is from the latin, vulgaris meaning of the common tongue. Language of the common man. To say you are vulgar is a classest slight. Cursing is a wish for harm upon another.

            You can not know the mind of god to judge what is an evil act. Perhaps through God’s grace, he used scarface to get you to post a message that (as you alluded to) would send a message to some unknown audience. Perhaps it was to send me to you. Or perhaps it was to give me something to reflect upon. If a greater unknown good comes from scarfaces action, how is that an evil act?

            Was your actions toward scarface Christ like? Or more like the actions of a medieval crusader?

            I did not say, “anything goes” I said, if you see things with love, and have love in your heart, you have the power to transform. You transform how you see the world (you are what you eat). The ripple effect of that is you transform those around you in ways you’ll never understand or know. Faith and grace are the only tools you need. Thumping people with the bible is not an effective tool or weapon.

          • Jim Kelly

            It is clear that you are not a Christian or attend church. It is clear you do not understand God or the Bible. It is clear that you do not understand what is evil. You do not remove vulgarity from your language as evidence. You are defending scarface. Take his comments, your comments and my comments to a pastor. He’ll likely condemn the 3 of us and think you are wrong to defend scarface. Being a Christian means that you made a conversion to change like remove vulgarity, go to church, and give your life to Jesus. Have you made that conversion? I have.

          • Jim Kelly

            Let me further add to deny that profanity is wrong or that scarface is not evil is adding a sin on top of another. To deny that is a sin. To be a Christian is to account for sin, not only our own, but how we deal with others. You can bring this topic up with any pastor. Pastors are great for personal assessment. Yes, it sometimes hurts.

          • Greg

            Jim, I can assure you I am a christian. I am saddened to hear you think and talk the way you are now. It is very prideful and unchristlike. Print out this whole conversation and bring it to your pastor for his review, I’ll concede to any comments he has.

            I don’t know how old you are but you’re “conversion” sounds like a recent event, you sound as if you are in what I call the honeymoon phase. My “conversion”, or rebirth happened over 25 years ago. Genesis 3:22 – 3:24. I have passed through a ring of fire. It was a physical and spiritual life and death moment.

          • CryptoScarface

            Your full of shit lol Jesus freak

          • benjamin walter

            dear hacker , please send me some bitcoin, am broke.. 14Hqb5hQDPsvUQdBFTx6FkTHGrN9xf746j

          • Glen Waldrop

            I’m a Christian and ^^this is a prime example of how not to share your faith.

            Good job with that buddy.

            If you’re going to start going after people leave Jesus out of it.

          • Jim Kelly

            Let me correct you on a couple of things. Scarface came after me, unprovoked in a rather vulgar way. I interject Jesus to slow down the attack, due to his intolerance and arrogance. Second, you cannot leave Jesus out of any aspect of your life, if you are a Christian. It is only non-Christians that fear Jesus. I merely posed a question for him and did not go on the attack. That is a suitable way to share faith. You cannot leave Jesus out.

          • Greg

            Jim, you weren’t sharing the faith, you were using it as a weapon. You share the faith by embracing him; inviting him in; not by alienation.

          • Jim Kelly

            I think you make a perfectly valid point. Faith, however, can be spread in different ways and will not work in many circumstances. Faith is also a way to expose where evil exists and its existence is pervasive. I would surmise that there is a hidden audience who will at least contemplate their own salvation and do their own research on Jesus. You cannot just go up against evil, be nice, and expect a conversion. At least, by exposing Scarface as a source of evil, we can each see its existence, and what to steer clear of. That may serve some positive purpose. It is sort of like exorcism, except he gets to hide in anonymity. In life, I am sure he is a coward. He cannot put up an argument, but only to insult. While I cannot convert Scarface, I can expose him for what he is, a source of evil.

          • Greg

            He is a child of god and not evil. If you see evil, evil is within you. You can not hope to judge any man much less someone on the internet who posted a few angry words. If you had used a different tact, you may have seen a better side of him.

            Love transforms you to accept everything, even what was once perceived as vulgare and hate. You don’t want to steer clear of evil, you should want to embrace it and transform it. You don’t defeat hate with hate you perpetuate it.

            Jesus called you to follow him, to be like him, to, in fact, be him. Not to preach about him. Personally, I can’t see Jesus berating another man as being evil or cowardly.

          • Jim Kelly

            Love for Jesus does not make you blind to evil, like scarface. I read his posts, they are vulgar and filled with hate throughout. You cannot embrace nor transform evil. There is not a better side to scarface. If God does not call upon scarface, him will remain evil. There is purpose to expose evil and have it reduce in capacity. Far too many people do not understand how pervasive evil is. The only way is Jesus to survive eternity. There is no other side to that. There is no Jesus in scarface. Take what he says and take it to your pastor and get an opinion, if you feel that I am not qualified to see what evil is. You can take this comment as well, and let me know what he says.

          • Greg

            I’ll repeat and not continue with this as I will fall into the same trap as you.

            Jesus is the new covenant you’re preaching old testament.
            I pray you stop worshipping the false god of ego.
            Judge not lest you be judged.

          • benjamin walter

            hello sir , please send me some bitcoin, am broke.. 14Hqb5hQDPsvUQdBFTx6FkTHGrN9xf746j

  • cryptman

    Goldman Sachs wont let BTC trade lower than $6000 to protect their investments. (insider Info)

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