Blocksmith Says: BTC Stuck at 20K Mark

30 June 2022

Bitcoin’s price continues to drift lower within what still looks like a base formation. We talked about the importance of the 18 June low in Ethereum in yesterday’s note and although we looked at a chart quite similar to the one shown here recently its worth revisiting the Bitcoin near-term chart. 

Its price is still well within the range of the bullish engulfing candle and these two very wide days with the up session completely enveloping the prior down session should act as a barrier. The preferred view is that Bitcoin toys with the US$20,000 handle for a while longer.. 

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

Newsletter graphic

Info Blocks In Your Inbox.

If you want relevant updates occasionally, sign up for the private newsletter. Your email is never shared.

Subscribe to our newsletter