Bitcoin, SafeMoon and Terra – European Wrap 7 June

Bitcoin price is back to trading at its favorite psychological level and a level that it has traded at for the last month. From a macro perspective, intraday volatility does not matter, since the chances of a massive sell-off that pushes BTC to 2017 levels are high.


SafeMoon price is approaching a potential reversal area and hoping for a quick turnaround. This buy area could trigger another rally that could result in a similar uptrend as that seen between April 18 and May 26.


SAFEMOON/USDT 1-day chart

Terra (LUNA) price is ripe for the taking as its bear cycle is almost coming to an end. The completion of a bearish triangle means LUNA price is now poised for a break to the downside, with bulls waiting at a double belt of support, ready to trigger a bear trap and squeeze sellers all the way back towards levels from the beginning of June. With that move, just shy of 47% of gains are ripe for the plucking. 


LUNA/USD hourly chart