TLDR Bitcoin Chart Analysis — Crypto Kai (29/06/2021)
- Market sentiment improves as miner sell pressure starts to dwindle and regulatory FUD quietens
- Open interest across the market is still over 50% down from it’s peak as price continues to range within the low 30K region.
- DeFi and NFT sectors continue to publish bullish outlooks with Jay-Z diving into Crypto Punks and Compound Treasury being announced, bridging TradeFi and DeFi together.
- Weekly BTC (left) following the range low sweep and spring we showed on last weeks chart we’re now consolidating comfortably back in the weekly range for the 6th week.
- Daily BTC (right) still following our trajectory set out, continuation to range high would be the bullish case to indicate a macro accumulation (wycoff) pattern which would likely last months. Bearish signs I would be looking at for downside continuation would be a breakdown of 34K support (daily close).
Bitcoin (BTCUSD) | Weekly — Daily
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