Bitcoin (BTC) Perpetual Contract Price Analysis: June 3
- On June 03, the bullish BTC price analysis is at $32330.
- BTC’s bearish market price analysis for June 03, 2022, is $28350.
- Bitcoin’s 50MA shows a downward trend.
In Bitcoin Perpetual Future (BTC) price analysis on June 03, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency.
A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date.
Bitcoin (BTC)
Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers worldwide. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain.
Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin.
When Bitcoin was first launched it was possible almost instantaneously to mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive.
Bitcoin (BTC) Price Analysis
BTC price analysis on June 03, 2022, is explained below with an hourly time frame.
An ascending channel is a chart pattern formed from two upward trendlines and drawn above and below a price representing resistance and support levels. The ascending channel is also known as a rising channel and channel up. The lower line is identified first, as running along with the lows, defines the trendline. The upper line is identified as parallel to the trendline, running along with the highs. It is a bullish chart pattern defined by a trend line supporting the series of higher lows and a diagonal resistance level connecting the higher highs.
When the price is around the bottom trendline, look for long opportunities, although aggressive traders could trade long and short at both trend lines looking for a bounce or pullback. The breakout above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
Currently, the price of BTC is $30,289.22. If the pattern continues, the price of BTC might reach the resistance level of $32,330 and the buy level of BTC is $30,635. If the trend reverses, then the price of BTC may fall to $28,350, and the sell level of BTC is $29,435.
Bitcoin (BTC) Moving Average
The BTC’s Moving Average (MA) is shown in the chart below.
Currently, DOT is in a bearish state. Notably, the DOT price lies below 50 MA (short-term), but lies above 200 MA (long-term). Once it completely lies above both 50 and 200 MA it is said to be a bullish trend. Therefore, there is a possibility of a reversal trend of DOT at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/bitcoin-btc-perpetual-contract-price-analysis-june-3/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
