In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for June 19, 2024.
Key Takeaways
- Retail sales data in the US: The recent decline in gasoline and car prices affects the revenue of gas stations and car dealers, leading to a 0.1% increase in May’s retail sales, lower than the forecasted reading of 0.3%. Likewise, the data for April was revised down from 0% to -0.2%.
- Fed member speech: Members of the Federal Reserve emphasized that there is still a possibility of reducing interest rates by only once for the year.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator：The indicator enters the oversold region, suggesting possible change in trend direction. However, it is suggested to wait for a clear formation of bullish signal by waiting for the indicator to leave the oversold region.
- Stepping back MA: Bitcoin descend lower following prior formation pin bar candlestick formation yesterday. While its price has a higher possibility to extend its downside bias, it is worth noting that it has completed retracement by up to 50% of the Fibonacci retracement.
4-hour Chart Analysis
- Stochastic oscillator: Bitcoin slumped even though the indicator has yet to enter the overbought region. For the time being, due to possible formation of divergence signal, its price may experience a rebound in the short-term.
- The boundary point: There is a possibility for a rebound and its reversal will depend on 65891.56, which is the highest price of previous pin bar. A closure above this level may solidify the hypothesis further.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 65360,
- Bullish Scenario: Bullish sentiment prevails above 65360, first target 66360, second target 66960;
- Bearish Outlook: In a bearish scenario below 65360, first target 62860, second target 62270.
Conclusion
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Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
