The collapse of Bitcoin in June and the future price prediction!

Hello. 

Today, we will see a decline in the price of Bitcoin and the prospect of future prices after Korea exchange Coinrail Hack.

From a purely chart trading perspective, we want to approach and predict technical analysis.



These days, many traders are accused of doing all of their chart analysis out of line, and because of unexpected variables (hacking, local elections, government regulation, etc.),

It's true that they're not showing the exact flow of the charts.



However, the chart based analysis is a probabilistic indicator based on statistical data based on the stock market and the futures market.

Even if you don't believe in the right amount of money, it is difficult for value investors to use it for a certain amount of reference, to respond accordingly, and to increase the number of coins. 

It is still necessary and the basis for judgment.



Now, let's share my data on the fall in Bitcoin prices and future price prospects in June.

If you look at the Bitcoin chart below, there has been a sharp - 12 % drop in prices since the recent June 10 hacking on the Coinrail exchange.

(Click on the image to zoom in.)



This is a chart based on the 1-hour slot on the Bitfinex exchange.

A big fall occurred when the mid-term downward trend, which had been continuing since the end of May, collapsed, and the long-run downward trend, which has continued since last October, has been breached.

It continues to fall significantly.

Currently, it is supported by a slightly higher level of horizontal grain bars ($ 6,400), following the lowest points in February and April, with a rebound along with a lateral report. 

It was stuck in a lot of investors and traders who recognized that the price of 6400 was a powerful trading boat, so it tried to sell more at the knee.

That's how much $ 6,400 is a powerful source.

However, in the short term, RSI, MACD secondary indicators continue to show the hidden bearish divergence.

The decline of the long-term upward trend line, which has been going on since last year, is a pretty negative sign. 

There is a high probability that the final support line will touch the $ 6,400 base and go over to check the support once more.

My personal conclusion from a short-term point of view is, " There is a high possibility of further decline to 6400. "

But it's not always negative.



Let's analyze from the perspective of a high time frame based on day chart with the screen below.

(Click on the image to zoom in.)



If you look at the bottom RSI and MACD secondary indicators, which have been going on since last February, you can see the signals for the hidden bearish divergence. 

As a result, it has moved on to the hidden bearish divergence and continues its further decline to date.

However, from the perspective of day chart, we can see positive divergence signals in secondary indicators for two weeks from the end of May to the present.

Moreover, since October last year, it has been around 6400 dollars, which is the region of the cold major store and the main lowest point. 

As we analyzed earlier in the short term, we believe that even if we fall to $ 6,400, we are likely to receive support in that section and move upward.



Next, let's look at the yen chart on the BitFlyer exchange, based on day chart. 

As Japan is leading the change in the price of Bitcoin and has become more reliable in charts than in the Bitfinex exchange, it is looking at the price of Bitflyer charts.

This is why many of the chart traders in the recent trading view are analyzing the Bitflyer charts. Be sure to refer!

(Click on the image to zoom in.)



It's much more bullish on the Bitflyer charts.

In the Bit Flyer chart, the Great Rise trend line, which has continued since last October, has not collapsed yet.

At the same time, the horizontal fabric stand is also protected directly below.

Personally, the point of contact with the low-growth trend line comes at the same time as the BitFinance benchmark,

 $ 6400. 

In conclusion, we also expect a strong rebound in the $ 6,400 range. 



Finally, let's analyze it from the point of view, which is a higher frame based on a week chart.

Bitflyer is being collected in a Symmetrical Triangle pattern. 

Based on Bitfnex, it can be interpreted that they are converging in the form of an Ascending Triangle pattern.

From a time frame point of view, we will continue the horizontal convergence until August, and then we will move upward from around the end of August.

Of course, it's a personal wish, and it's possible that if the price fall below the last 6,400 dollars, you get an uncontrollable panic sell.

Because investment psychology will die and the Bitcoin market will be really grim in the long run. 

It is likely that the pump and dump will continue and that those who wish to realize profits will not allow below the level.

Above all, we will conclude the technical analysis using various chart trading indicators from a short-term and long-term perspective on the fall in the Bitcoin price and subsequent price prospects in June.



I hope you will carefully consider and analyze my analysis articles and make your decision on investment.

Thank you.