top of page

Title: BTC Closes off June Below the 200 Weekly Moving Average

  • Writer: analysiswatch
    analysiswatch
  • Jul 1, 2022
  • 2 min read


Jul 01, 2022 02:30AM ET


By: AnalysisWatch


Bitcoin closed below the 200-week moving average.


The price of BTC ended the month of June at $19,925.


The RSI on the daily chart of BTC signals oversold.


Bitcoin closed below the 200-week moving average as its price continued to decline over the past 24 hours.


The largest cryptocurrency by market capitalization, BTC, broke a critical support zone in the past 24 hours, dipping below the $19,000 level.


Since then, the price of BTC has recovered and closed June at $19,925. This positions the BTC price below the 200 WMA, which is the first time this has happened in the token's history.


Additionally, BTC scored the lowest relative strength index in history.


At the time of writing, the price of BTC is now $19,392.22, according to CoinMarketCap, which tracks the crypto market.


This comes after a 3.02% drop in price over the past 24 hours and a 7.91% drop in price over the past seven days. Due to the drop in BTC's price, its total market cap is now $370,041,403,137.


Daily Bitcoin/USDT Chart


Looking at the daily chart for BTC/USDT, the RSI line has crossed below the RSI SMA line, which is a bear flag signal.


In addition to the crossing of the two lines over the past day, the RSI on the daily chart is now at 29.34, which takes BTC into oversold territory.


BTC is currently in a price channel with an upper channel boundary at $21,876 and a lower channel boundary at $18,605.


A descending triangle pattern is also forming on the daily chart for BTC as its price continued its downward move and posted another red daily candle.


BTC could fall to the lower boundary of the price channel as it approaches the top of the chart pattern.

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page