Crypto Market Update June 18, 2024

June 18, 2024
@Justin Wise
Lead Technical Analyst, Co-Founder

Welcome to Tuesday Ladies & Gentlemen! As I said yesterday, this was surely going to be an interesting week! We are already off to a great start, as we have successfully navigated both the long and short sides of this volatility over the last 7 days.

Bitcoin has just plunged down into a High-Value Area, filling that Large Limit Order I kept telling you all about, in addition to clearing out a significant chunk of all the Long Liquidations clustered just below $65k.

Currently, I am in a long position, trading with my 1H Range/Reversal Strategy. Given the current market conditions, I am placing a significant emphasis on Support & Resistance, which are indicated by Liquidations and Large Limit Orders. These are all part of a strategy based on the same fundamentals taught in our Pathways to Profit Course.

Liquidation Chart

There is now Strong Support at $64.5k, with our current level of Resistance at $67k.

While our focus is on short-term moves at the moment, it's important to keep in mind the bigger picture. I believe that Bitcoin may re-test the lows of our Weekly/Monthly Range in the coming months. This long-term view informs our current strategy of being strategic with our positions and taking profits when appropriate.

1H Chart

I am still, and will be, for the time being sitting in cash. There are some altcoins that are beginning to look quite attractive to begin adding medium-term hold positions on, but we're just NOT quite there yet. More patience is required to pick up big wins for this summer.

Copy Trades just went out, I was running a bit behind to the office this morning and didn't have a Limit Order down at $64.5k, but alas, we carry on. I've positioned long for the day, targeting $66-$67k for today or tomorrow. This is only a 1-2 day holding position.

To be honest, though, I don't really see resistance until $68k, but it will take time for the Limit Asks to come into the Order Book and give me more information.

Updates to come.