Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

Weekly Crypto Forecast 6/21/2021

6/21/2021

Recent News

China cracks down:

China's attempt to ban mining comes to fruition as their grip gets tighter around this policy. These digital miners now have no choice but to stop everything they're doing in China or move elsewhere which is temporarily hurting the coin's hash rate. Banks are now being told to cut all crypto transactions in the country where most of the mining is happening. The price of bitcoin fell over 8% so far this week on the bad news.
This could be good news, however. It might actually be better for crypto to move from China and migrate to various parts of the world such as America. This could lead to America serving as the central hub where most digital assets move through, giving the US a leg up on other countries. There have been talks of major mining entities moving from China to Texas.

Bitcoin's Death Cross:

Within the past couple days, the 50 and 200 day moving averages crossed, in the bearish sense. The 50 crossed under the 200 DMA marking what investors call a death cross or a significant bearish technical signal for upcoming price action. Since the cross, bitcoin's price has fallen over 10% to as low as $31,600s in a possible consolidation zone.

Retail is Now Net Long...:

The majority of retail investors are now net long on bitcoin for the first time since October of last year. Mind you, that period of time between then and the coin's all time high moved price up as much as 530%. And now that we're starting to see this crypto in a steady downtrend since April 18, over half of retail investors are buying. This could be a good sign for crypto bulls, but usually when the majority of people are buying, big money has already locked in several short positions to push price lower. Although this could be a good sign, it's important that we watch for a potential downtrend so we know how to protect our money.

BTCUSD

BTCUSD 1D

The 50 crossing below the 200 DMA looks gloomy right now, but a bigger level is at play. Price is now in a consolidation zone between $28,920 and $34,762 which could serve as tremendous support. This key level will likely help determine the coin's overall direction for the mid to long term as in a break under would probably mean a big fall to the $20,000s and a break could mean a move back up to the $46,000s.

DOGEUSD

DOGEUSD 1D

I often like to cover doge with bitcoin because they are closely tied in price action. Similar to bitcoin, doge has dipped its toes in stagnant water. Between 15 and 20 cents roughly is our zone of consolidation, and will be our biggest player to take part in the coin's direction. Around the 15 cent mark lies doge's 200 day moving average. If price can come down to this level, it might actually be a good place to look for entries, if you are a believer in this meme coin.

BNBUSD

BNBUSD 1D

Price looks like it's fond of the 200 DMA for Binance coin on the 1D chart. It also appears that price will test that moving average one more time. If price can bounce up from that, it will create a higher low, suggesting a bullish move will happen. But, if the coin breaks under, it can find support at its previous recent bottom around $210.60s. BNBUSD is currently down 10.93% on the day at the time of writing this.

want trade alerts sent to you?

Join The VIP Community!

Our entries, exits, & analysis
Live webinar coaching calls
Trading chatrooms
Strategy library
Use Code "READER" for $5 OFF!
Join Now

Need a Better Broker?

Need Trading Help? (FREE!)

Headlines That Will Make You Want To Invest In Crypto Right Now

10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]

Read More
Inflation: Why Now and Will it Increase?

Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]

Read More
What Could Make Gold Shoot To $1830 This Week?

10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram