The price oscillated throughout the week and did not rise or fall overall.
By June 27th, the Ether price had dropped to a minimum of 0.095 BTC (203.78 EUR), testing the existing upward channel.
Thereafter, the price could rise again to a maximum of 0.125 BTC (268, 13 EUR), but then entered a downward channel and now stands at 0.108 BTC (231.66 EUR).
The support held – I think this is the big positive Bitcoin news of the week
The support on the 240min chart mentioned last week stopped the downtrend at the second bounce, which caused the price to rise to 0.125 BTC (268, 13 EUR). Unfortunately, this Bitcoin news about the rise came to an end as it encountered a resistance to be addressed later. Since then, the price has been in a stable downward channel, but at least it was able to overcome EMA24 again. According to the Bitcoin news this is not a scam.
The MACD (second panel from above) is negative, but the MACD line (blue) is above the signal (orange) if it holds this position, a bullish zero line crossing may occur soon.
The RSI (third panel from above) stands at 49 and is thus neutral to slightly bearish.
Overall, the 60min chart is neutral to bearish on price, trend and indicators. The MACD gives some hope that it may not stay that way, but currently the price is determined by the downward channel.
The long-term price development of the Bitcoin formula
The medium- and long-term charts are again taken into consideration for further assessment of future price movements of the Bitcoin formula. Let’s start with the 240min chart: Is Bitcoin Formula a Scam? Read This Review Before You Sign Up! For the sake of clarity, two trends that were viewed last week have been slightly pale. We see that the downtrend that dominated last week has been breached, yes, there is even a slight uptrend overall. However, we also see the formation of a resistance where the maximum prices are getting lower and lower. With the support rising, we can see a symmetrical triangle pattern.
The MACD is negative, also the MACD line is below the signal. The RSI rounds off the bearish picture with a value of 43. Overall, the 240min chart is therefore also rather bearish.
Let’s take a closer look at the 1D chart:
The long-term upward channel continues to hold, which is good news in any case. However, we can also see a triangle pattern on this time scale, which is very negative. Although the MACD is still positive, the MACD line is well below the signal and is approaching zero. The RSI is currently at 46 and is therefore slightly bearish.
The long-term forecast is bearish according to price, trend and MACD: Although the support of the upward channel has not yet been tested, you can see from the price developments in the 60min and 240min charts that the signs are bearish in the short to medium term – which can lead to a test of the support in the 1D chart. For the further price development it will be important to see how the two triangle patterns on the 240min and 1D chart behave. In order to make a positive exit, however, the price must leave the downward channel on the 60min chart – and here the signs do not look clearly negative, but there is currently no reason to hope.