Crypto.IQ BTC Analysis June 21, 2018

Sideways consolidation continues for Bitcoin.

Resistances & Supports

Resistances (same levels as yesterday)
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.

Should price break above that, it will a see a bit of push back from the previous low/swing low at $7040-7100.

Above that is a bearish orderblock/resistance at $7.2k that larger short players will likely attempt to protect.

Supports (same levels as yesterday)
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

In terms of support coming from the cloud, we see the 4H cloud and tenkan (blue line) have provided BTC with a bounce recently, and the current levels line up roughly with our price action level in the mid $6.6ks. A refuel before shooting back upwards at this price is something to keep an eye out for.

Bollinger Bands

In the past we have seen a bounce off a candle close outside of the bottom bollinger band to shoot back to at least the middle band and even the top band. We are progressively moving towards the middle band and can expect some resistance from this zone.

Conclusion

As we have noted in the past, low volatility always precedes high volatility moves. At the moment BTC seems to be coiling up for a high energy move with a heavy string of resistance above at $6.9k. A break above that should send price upwards with some velocity to the next resistance at $7.2k.

The trend remains bearish at the moment so keep in mind all longs/altcoin trades should come with tight stop losses and a willingness to take profit fast.