Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple: Price Analysis, 3rd Week- 21st June
The Road Ahead?
Despite the negative sentiments in the market, The Flag-Bearer of the cryptocurrency world has been consistently holding above it’s February low of $6,000 from a week. Though the dark clouds have not yet faded away, still, the President of Blue Line Futures believes that Bitcoin has entered the phase of making a bottom for the upcoming bull-run.
However, the above hypothesis does not determine the exact lows and there might be retest or creation of new lows in the coming time seeing the present market sentiment. Meanwhile, the hacking of the world’s 6th largest exchange Bitthumb resulting about $31 million theft gave a sudden jolt to the markets which was short-lived.
On the other side of the coin, the traditional financial markets exchange NASDAQ have successfully tested a blockchain-based Proof-of-Concept that provides 24/7 security collateral solution.
Considering all of the above hypothesis, the drawbacks, and the rising acceptance of this industry, what lies ahead is something everyone would be curious about. The road ahead certainly looks promising but it will have to crossover major challenges to establishing a firm identity.
Bitcoin is representing a gain of about 1.7% in last 24-hours.
BTC has been holding above its major support of $6,000 since a week and we have seen multiple buy-candles over the week. The important aspect here to realize is the volumes during this trading week has been staggering low.
Hence, the pull-back is not backed up by real buying is what we assume here. Currently, BTC is under a bearish zone and it is difficult to analyze which side it will surely be heading from here. A breach over the intraday resistance above $7,000 will get BTC momentum to touch $7,500 – $7,800. But, a retest of $6,000 against the same resistance seems more likely.
Looking into a mid-term objective, BTC, in order to validate its pull-back will have to gain momentum above $8,000 and close above the same for a day. Till then, BTC will ideally face selling pressure on multiple levels to ultimately test new bottoms. The multiple levels of resistance can be given at $ 7,000, $7,550, $7,800 and $8,050 respectively. On the lower side, there is a pennant support $6,250 followed by the top-most major support at $6,000.
Our bearish view will be invalidated if BTC gains above $8,000 and closes for a day.
Ether is trading at $541 and is representing a gain of about 2.17% in last 24-hours.
ETH in comparison to all other major cryptocurrencies have shown strength and has been defending it’s crucial supports by consolidating well-over the respective levels. However, the 2nd ranked crypto still seems to be at the mercy of market sentiments.
Ether has been trading inside a descending channel and is trying to just move out of the same but, is facing resistance against our mentioned level of $550 which also is representing the 20-day EMA.
ETH has been looking the most positive but needs relevant support from the flag-bearer currency to continue its momentum. A breach and close above $550 today will instill confidence among traders for an upward momentum up to $635. The relative path will face multiple resistance from day’s EMAs.
ETH ideally to validate its mid-term bullish momentum has to breach the most resilient level of $650 and until then, it will face selling pressures on every rise following the overall market sentiments.
ETH if unable to breach above its critical resistance might fall back to its previous lows. ETH has strong support at $415 and $355 where the latter is unlikely to be broken. ETH still is bearish and is more likely to turn its head down unless the flag-bearer supports it.
Currently trading around $881, BCH is representing a gain of 1% in last 24-hours
BCH has been the most sluggish among all the major cryptocurrencies and Bears haven’t lost any opportunity to sell the relative asset on any rise. As even seen in the chart above, BCH is facing resistance against the downtrend line and has already started to turn down.
BCH is bearish with resistance against the downtrend line and even if breached, will face further resistance between $950 – $1,000 range which is the 20-day EMA and also is the resistance formed from the pattern of Lower Highs and Lows.
BCH will turn positive only if it maintains a breach and day-close above the level of $1,050 for achieving mid-term objectives. At present state, BCH will ideally face selling pressures and might test the above-depicted supports given in charts. A fall from here will be halted around $730 levels with bulls defending the respective level.
Litecoin post the fall hasn’t been able to show any signs of strength and as we mentioned in our previous analysis that it will continue to be under the bearish sentiment which proved accurate.
Currently, Litecoin is representing a rise of about 1% in previous 24-hours but lacks substantial volumes. Our outlook still remains the same we spoke about in our previous analysis and LTC is likely to retest its previous low of $89 which if broken, will open the falling spree to test $71.
XRP has been the least attractive cryptocurrency over time. Trading at $0.54, XRP is representing a gain of 1.4% in previous 24 – hours.
XRP post forming tweezer bottom has created a subtle support at $0.5 but didn’t attract any buying against the level irrespective of the reverse pattern. Thus, XRP is still under the control of the Bears and is likely to break the respective subtle support. There is a major support that lies at $0.45 which is likely to hold. If XRP doesn’t hold above the $0.45 crucial level, it can sink down to $0.34 and $0.25 where only the latter forms crucial support.
Our bearish view will be invalidated if XRP moves above it the mid-ranged resistance of $0.72.
* S – Support, R – Resistance*
* EMA – Exponential Moving Average*
Weekly Price Pointers :
Traders can smartly use their skills and can refer to the technical levels above to make optimized trade decisions. Happy Trading!
If you missed our previous week report, please read here.
This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choice when deciding if an investment is appropriate.
The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purpose only and should not be treated as an investment advice. This report is for educational purpose only.