Bitcoin price will get ‘another test’ of 200-week trend line — analyst

Information from monitoring resource CoinGlass on the other hand revealed liquidations more impacting longs for June 5, with cross-crypto position losses totaling $33 million at the time of writing.Crypto liquidations chart (screenshot). Source: CoinGlassMagazine: Home loans utilizing crypto as collateral: Do the risks outweigh the reward?This article does not include financial investment suggestions or recommendations. Every investment and trading move includes risk, and readers should perform their own research study when making a choice.

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Source: TradingViewVan de Poppe: Trend line failure could indicate “bottom isnt in yet” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $26,640 on Bitstamp.Down nearly 3% versus the weekends highs, the pair looked weak as crucial assistance lines inched closer.Among these was the 200-week moving average (MA), now at $26,400, which had actually weathered duplicated tests to stay as support given that mid-March.” Bitcoin is going to get another retest of support at the 200-Week MA (purple),” Keith Alan, co-founder of monitoring resource Material Indicators, alerted in commentary on the weekly chart.” If Technical Support levels at the crucial Moving Averages is lost, the next level of assistance would be around the 2017 Top, which has confluence with the pattern line,” it wrote. Some of them getting filled while some are likely spoof orders.Meanwhile, Open Interest is going up and fundingg is going down.

Source: TradingViewVan de Poppe: Trend line failure could indicate “bottom isnt in yet” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $26,640 on Bitstamp.Down nearly 3% versus the weekends highs, the set looked weak as key support lines inched closer.Among these was the 200-week moving average (MA), now at $26,400, which had actually weathered duplicated tests to stay as assistance considering that mid-March.” Bitcoin is going to get another retest of support at the 200-Week MA (purple),” Keith Alan, co-founder of keeping track of resource Material Indicators, warned in commentary on the weekly chart.” If Technical Support levels at the crucial Moving Averages is lost, the next level of assistance would be around the 2017 Top, which has confluence with the pattern line,” it composed.

Trading suite Decentrader similarly noted a “considerable boost” in open interest, with long positions becoming more prominent before the Wall Street open.This appears to mainly be coming from #Bitcoin Longs as we are seeing a boost in both Funding Rates and the Long/Short ratio. https://t.co/I48kl4kbGW pic.twitter.com/pDf57zs2W4— Decentrader (@decentrader) June 5, 2023