Crypto Market Update June 19, 2024

June 19, 2024
@Justin Wise
Lead Technical Analyst, Co-Founder

Nice movement off of the liquidation sweep yesterday, as expected and called.

Price found resistance at $65.5k, but both the APAC and EUMA sessions maintained price well above the lows established yesterday.

Regular American trading hours have been on for a little over an hour and we did see an initial selling impulse down to current support at $64.8k.

Unfortunately (perhaps) a lot of long interest has come into the market. Either way, this is good short-term for our longs, and we will perhaps have to hold for an additional day or two.

Today is Juneteenth, a Federal Holiday, therefore banks are closed. Typically there is low volatility and non-committal price action on Bank Holidays. On the flipside, that means crypto is the only open market so we might instead see all that interest funnel into our market.

Either way, I feel quite good about the long we are currently in - we just need to brace for one scenario.

Since we are range-bound, Market Maker shenanigans are the bread-and-butter of trading. Without a dominant trend to trade in, most of you who are still new with your strategies or still developing them can simply sit out.

With a regular PTP Trend-Following System, there have been ample altcoin shorts across the board for the last several months - always focus on trending markets with your higher-time frame strategy. Don't think you HAVE to trade Bitcoin - if Bitcoin isn't trending - stay out and find something that is. There's always something to trade if you're willing to expand your horizons.

For those who want to be more advanced and active with me, you have to digest that we're currently utilizing a range-bound trading strategy - relying heavily on Support & Resistance levels and always anticipating liquidity sweeps and fake outs.  

This is a more advanced and complicated strategy, we're trading shorter time horizons and entering when price is low and selling when price is high. This is a little contrary to a regular trending strategy.

Getting to today's scenario:

As I said, a lot of long open interest has opened in this area. We can see evidence of this from the big gap up in Open Interest once the American trading session began.

Open Interest

Bitcoin Open Interest Gap Up

We can also see a big Long Liquidation cluster directly below our current range, from $64.7 - $64.5k.

Liquidation Heatmap

We most likely will see a sweep of this liquidity, and I believe that $64.5k will be our low for the day, as there is a Large Limit Order to the tune of $6M at that price point on Binance BTC/USDT spot.

Footprint Chart

Over the last two weeks, my analysis has shown that these Large Limit Orders are the most critical levels of support we have access to currently.

Such a movement would also pierce the lower boundary of the 1H Bollinger Bands, and likely push Time Transformation into an oversold position again, similar to when we saw the big bounce yesterday.

1H Chart


Avoid shorting - focus on positioning for longs.

Anticipate a sweep down to $64.5k - representing a buying opportunity.

Hold positioned longs.