BTC/USD Signal Today – 26/06: Bitcoin Bounce Test (Chart) – DailyForex.com

BTC/USD Signal Today - 26/06: Bitcoin Bounce Test (Chart)
Bitcoin price bounced back after crashing below the crucial support at $60,000 on Monday. The BTC/USD pair soared above 62,000 as investors continued to buy the dip ahead of the US PCE data.

Bitcoin bounces back

Bitcoin, the biggest cryptocurrency in the world, has been under intense pressure after peaking at $72,000 earlier this month.
It tumbled to a multi-week low of $58,400 on Monday as concerns about increased sales continued. Germany has dumped over 900 coins in the past few days while there are concerns that Mt.Gox coins will also enter the market soon. Germany is estimated to hold of 50,000 Bitcoins.

Top Forex Brokers


    The BTC/USD pair has also been under pressure after the Federal Reserve delivered a hawkish statement earlier this month. While the Bank of Canada, European Central Bank (ECB), and the Swiss National Bank have slashed rates, the Fed has maintained a hawkish tone. It hinted that it will only deliver one rate cut this year only if interest rates continue falling.
    The most important macro event this week will happen on Friday when the US will publish the latest Personal Consumption Expenditure (PCE) data. Economists expect the report to show that the PCE remained above 2% target in May.
    Therefore, Bitcoin rose as investors bought the dip, hoping that it will continue to rebound and retest this month’s high of $72,000. The risk is that this could be a dead cat bounce, which happens after an asset crashes hard and then experiences a short-term comeback.

    BTC/USD technical analysis

    Bitcoin rose and formed a double-top pattern at 72,000 earlier this month. In most periods, this pattern is usually followed by a strong bearish breakout since it is one of the most popular reversal signs. This breakdown was confirmed when it dropped below the pattern’s neckline at 66,285.
    The pair then collapsed to 58,500 on Monday and is now bouncing back. Still, it remains below the important resistance point at 65,000. It has also remained below the 50-period moving average while the Relative Strength Index (RSI) has drifted upwards. It also rose above the key point at 60,154, its lowest swing on May 10th.
    Therefore, the pair will likely continue rising on Wednesday as buyers target the key resistance point at 64,000. The alternative scenario is where it resumes the downtrend and retests the psychological level at 60,000.
    Ready to trade our daily Forex signals? Here’s a list of some of the best crypto brokers to check out. 
    Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

    source

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    Scroll to Top