Crypto.IQ BTC Analysis June 26, 2018

Slow, sideways price action over the entire past 24 hours for BTC.

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)

As price moves with gusto towards new lows, it seems likely we break below the February bottom at $6k. Overlapping multiple time frame levels highlights the support from $6k-5.8k, which will be a zone to set some bids in for a bounce as price tumbles down.

Should $5.8k fail to hold, there is a nice set of equal lows at the $5.4k mark which will act as support.
In the event price finds its way all the way down to the $5k level, buying in the long term support zone from $5-4.7k will be a good bet for at least a strong bounce.

Ichimoku Cloud

Zooming way out to look at the macro picture and trend, we see the 1W cloud being challenged for the first time in multiple years. A break below the cloud would signal a short entry to long term cloud traders. This level lines up below the recent low around $5.7k

Oscillators

Same as yesterday/waiting for confirmation

The daily RSI is beginning to paint a very rare signal in the form of a bullish divergence. This is only the beginning of the construction of this signal, and is only confirmed when the RSI makes a new high above 42.7. That said, this is comforting for the bulls to see the price drop is not truly reflective of the underlying strength behind the asset.

Conclusion

Nothing new to note today, completely sideways action over the past 24 hours. A break below the recent swing low at $6k would likely send price down to $5.9k, which will need to hold in order for us to stay above the recent low at $5.75k.