Crypto.IQ BTC Analysis June 19, 2018

Bulls showing weakness approaching the important $6.9k resistance level.

Resistances & Supports

Resistances
Zooming in to lower time frames due to the drop in volatility recently, we see that the $6.9k level is still holding strong, backed by a confluence of indicators and previous price action. Above that is a bearish orderblock/resistance at $7.2k that larger short players will likely attempt to protect.

Supports
Price is currently falling down to our previous swing high/level of resistance at $6650. Should $6650 break a move down to $6.5k needs to hold in order to keep this current rally afloat.

Ichimoku Cloud

Once again, we see the $6.9k level highlighted by our indicators, adding confidence to the price action analysis that this level will likely put up a fight for the bulls. (4H and 1D cloud metrics).

Oscillators

The 2H RSI is printing a bearish divergence as price inches upwards, posting higher highs with the underlying strength weakening and showing lower highs on the RSI.

Conclusion

With the current situation showing a slough of resistances at the $6.9k level on top of medium-term bearish divergences showing, it seems unlikely the bulls will be able to push up to the next level of resistance.

Although, there is a bit of a void in liquidity between $6.9k and $7.1k, where larger players in the market may make a move towards for liquidity, trapping longs and stopping out shorts.The chance of rejection at $6.9k and a move lower seems like the most likely route for now.