ETNBTC Price Analysis – June 25
The crossing of the moving average to the downside since last week indicate a potential selling climax after which price could be seen with a double bottom structure and with a bounce in view we expect price may head back to the upside zone.
Supply Levels: 0.00000034, 0.00000040, 0.00000046
Demand Levels: 0.00000099, 0.00000074, 0.00000057
ETNBTC Long term Trend: Ranging
The price has again moved towards the key supply level at 0.00000046 but still a little above and currently on the level at 0.00000049. A break below the level at 0.00000046 may see the pair tumble towards the next critical level at 0.00000034 but as it is on the chart we may conclude that its unlikely.
After it is unable to move towards the upside zone on the level at 0.00000057 and 0.00000074 in extension, we may see a likely correction towards the upside zone as soon as the price completes a double bottom structure. The pair remains in a ranging trend as seen on the long term chart and could either break to the upside or downside.
ETNBTC Short term Trend: Bearish
The bearish bias towards the downside has seen on the 4-hour chart is extended and the price has shown an unusually strong downward momentum in the short term trend.
The overall trend may see the pair being pushed below its key supply zones and leading to even lower price, but on the flip side, we may see a correction to the upside being activated around the level at 0.0000043 which may signal the resumption of an uptrend in the short term. The trend is bearish and it is showing an intact downtrend.
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