Critical Bitcoin Price Levels and Dates To Watch

🍻 Here’s what’s on tap 🍺 

I’m back! A week off for our yearly trip to Minnesota for some fishing on Leech Lake proved to be an awesome time for my wife, myself, and the kids. But I caught zero fish. Fucking mayflies.

Today’s issue is short and sweet and focuses on Bitcoin’s price action. The rest of the week we’ll be looking at the opportunities for those who like the long and short side of the market. Good to know what each side is looking at.

 Beer Goggle Charts 🥸 

First things first, let’s look at this analysis for Bitcoin that we looked at in the June 5 HODL My Beer:

Let’s do some Gann Analysis for Bitcoin that indicate possible turning points for Bitcoin in June and August.

Key Dates to Watch for Bitcoin

• June 12 - 90 days from the March 14, 2024 ATH.

• June 15 - 45 days from May 1 swing low. 144 days from January 23 low.

• June 17 - 90-degree Gann Square of 9 angle.

• June 21: End of Gann period for annual highs and lows.

• June 22 - Gann date; Summer begins.

• July 21 - 180 days from January 23 low.

• Week of July 22 - 45 weekly bars from September 11, 2023 swing low.

• August 11 - 180-degree Gann Square of 9 angle.

• Week of August 12 - 90 weekly bars from November 21, 2022 swing low.

• August 14-22 - Astronomical cluster range.

Key Price Levels

•  June - $66,564 $57,121 $44,944 $81,225 $93,025 $110,224

• August - $64,516 $54,289 $41,616 $84,100 $96,721 $115,600

Watch these dates and levels for rapid Bitcoin market movements. 👀 

And here’s what Bitcoin’s chart looks like right now:

Key Observations For Bitcoin’s Current Daily Chart

1. Bitcoin has trended lower ever since June 5, falling as much as -8.4%.

2. There is a strong probability of the Kumo Twist on June 15 acting letting us know sellers aboot to get fooked.

3. The $66,564 price level is proving to be a critical zone for bulls and bears to duke it out.

4. Primary support for Bitcoin is the weekly Tenkan-Sen (not shown) at $64,232 and the daily Senkou Span B at $64,639. A close on any of those time frames below those levels could be ugly for bulls.

There are still five more days in this June cluster. The last two days, June 21 and June 2022, may be fooking crazy. There’s a Full Moon on the 21st, so the warning for the bulls here is: shit could get even uglier.

The next important Gann Square of 9 price level for is $57,121, which is very close to the weekly Kijun-Sen at $56,126.

Oscillator Levels

Bitcoin’s daily oscillators are looking fairly supportive for a bounce.

The Composite Index continues to respond to a historical support level, most recently bouncing off that level on June 15.

The Optex Bands oscillator is dipping into overbought territory. It’s currently at a 3-month low.

The oscillator I am going to watch very, very carefully, is the 7-period Detrended Price Oscillator. If it crosses and closes above the zero-line, Bitcoin will likely rip higher. If it tests the zero line and continues lower - look out below.

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Cluster Dates 📅 

Derived from NASA's Jet Propulsion Laboratory data and analyzed through the lens of Gann Analysis, the ensuing date intervals warrant close observation, particularly when a market or specific instrument exhibits strong directional momentum. In such instances, there's a substantial likelihood of witnessing a sharp reversal in trend around these pivotal dates.

In other words: put these in your calendar in ALL CAPS and write something like PAY THE F*CK ATTENTION KK THNX.

• May 17-28

• July 15

• August 14 -22

• September 7-17

• November 17-19

Gann Stuffs - Don Thy Tinfoil Hat 🧙 

The following dates and prices come from Gann’s Square of 9. The Square of 9 was one of Gann’s tools that he used to identify when and at what price levels major changes in an instrument could occur.

Pay special attention if Bitcoin trades at any of the price levels on/near any of those dates, especially if they share the same degree.

For example, if Bitcoin is trading near 52,441 on March 30, 2024 (both are 180-degree levels), watch for major moves to occur.

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See You Next Time 👋