Price analysis 6/6: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ
Many cryptocurrencies are showing strength by moving near their recent highs even as gold is selling off.
US stock markets are in tears as traders cheer on the biggest jobs to date. This report has improved sentiment because it shows that the blip in the economy due to the pandemic is temporary.
Many traders who have sat on the sidelines are likely to jump in stocks for fear of missing out on what might be the early stage of a strong rally. The shift to this stock has led to a decline in the price of gold, which is considered a safe haven against market volatility.
However, it is important to note that the cryptocurrency market has not been negatively impacted and is holding quite well. This shows that traders are not moving away from cryptocurrencies because they expect the price to rise further. After the excitement in the stock market declines, traders are likely to turn their focus back to the cryptocurrency.
Daily crypto market performance
Daily crypto market performance. Source: Coin360
While the short-term seems uncertain, a Bloomberg report said that Bitcoin (BTC) will retest the all-time highs and may even reach a new high of $ 28,000 this year. The report points to an increase in demand from institutional investors as indicated by the increase in the assets under management at the Grayscale Bitcoin Trust.
The top-ranked cryptocurrency on CoinMarketCap is close to key resistance. Will it break or decline from here? Let's study the charts to find the path of least resistance.
BTC / USD
Bitcoin (BTC) has been trading between the resistance line of the symmetrical triangle and the 20-day exponential moving average ($ 9,441) for the past two days. This shows a struggle between bulls and bears for supremacy.
Daily BTC / USD chart. Source: Tradingview
A breakout of the triangle will be the first sign that the bulls have conquered the bears. On the triangle, a rally to $ 10.5 is likely. This level will be an acid test for the bulls because if the $ 10,500 is shrunk, the next leg of the uptrend is likely to begin.
Conversely, if the BTC / USD pair turns down from the current levels and drops below the 20-day EMA, a drop to the support line of the triangle is possible. The simple 50-day moving average ($ 8,322) is just below the triangle, so the bulls have the ability to strongly defend this support zone.
However, if the pair slides below the 50-day SMA, it is likely to fall to $ 8,135.58 and below to $ 6,752.
ETH / USD
For the past two days, Ether (ETH) has been stuck in a large range for the day formed on June 2.
Daily ETH / USD chart. Source: Tradingview
The moving averages are skyrocketing and the RSI above 60 shows the bulls have the upper hand. However, if the cryptocurrency ranked second on CoinMarketCap turns around from the current level and plummets below the 20-day EMA ($ 224), the rally will weaken.
The bears will gain the upper hand after the ETH / USD pair plunges below the 20-day SMA. Below this level a drop to the 50-day SMA (205) and then to $ 176,112 is possible.
XRP / USD
XRP has been trading close to the moving average for the past two days. The failure of the bulls to achieve a strong recovery from this support indicates a lack of demand at these levels.
Daily XRP / USD chart. Source: Tradingview
If the bears sink the cryptocurrency ranked third on CoinMarketCap below the moving averages, the fall to $ 0.19 and then to $ 0.17372. A breakdown below this support will complete the descending triangle pattern, which will be a huge negative.
On the other hand, if the XRP / USD pair gains momentum and breaks out of the downtrend line, the bulls will attempt to bring the price to the overhead resistance zone of $ 0.23612 $ 0.24770.
The bears have the ability to protect the area positively, so traders can book profits when prices are near it. Currently, the stops can be held at $ 0.19 but can be extended after the pair sustains above the downtrend line.
BCH / USD
The bulls have once again pushed the price of Bitcoin Cash (BCH) above the overhead resistance of $ 255.46. If the bulls can sustain this level, altcoin is likely to rise to the critical resistance of $ 280.47.
Daily BCH / USD chart. Source: Tradingview
A breakout of $ 280.47 could start a new uptrend that can bring the fifth-ranked cryptocurrency on CoinMarketCap to $ 350. Traders can buy close (UTC time) above $ 280. , 47 with a stop below $ 235.
However, if the BCH / USD pair turns down from the current levels and slides below the moving averages, it can drop to $ 217.55 and then to $ 200. can start if $ 200 gives way.
BSV / USD
Bitcoin SV (BSV) has clung to moving averages for the past two days. This shows that neither the bulls nor the bears show any interest in trading altcoins at the current levels.
Daily chart BSV / USD. Source: Tradingview
Since the trading range has been going on for more than two months, a strong incentive is needed to start the next trend.
Traders can keep an eye on the $ 227 level when closing (UTC time) above it will signal the probable start of a new uptrend. Such a breakout can provide a buying opportunity for traders with a target objective of $ 326.80.
On the other hand, if the cryptocurrency ranked sixth on CoinMarketCap plummets below $ 170, a new downtrend is likely to start.
LTC / USD
Although Litecoin (LTC) has bounced off the moving averages, the bulls are struggling to reach the overhead resistance at $ 50.7864 $ $ 52,2804. This shows a lack of persuasion among buyers.
Daily LTC / USD chart. Source: Tradingview
Without a pick-up pick, bulls will have trouble expanding above the overhead resistance. This indicates that the seventh ranked cryptocurrency on CoinMarketCap could extend its lifetime to within a few days.
The bullish scenario will take effect if the LTC / USD pair breaks out and closes (UTC time) above $ 52,2804. Such a move could provide a buying opportunity for traders as suggested in the previous analysis.
On the contrary, the trend will turn to favoring bears that are resting below the support of the range at $ 39.
BNB / USD
Binance Coin (BNB) has continued to trade between the 20-day EMA ($ 17) and the overhead resistance of $ 18.1377 for the past few days. This is a positive sign as it shows that the bulls do not allow the price to slide below the 20-day EMA.
Daily chart of BNB / USD. Source: Tradingview
A breakout and close (UTC time) above $ 18.1377 is likely to start the next rally which could bring the eighth-ranked cryptocurrency asset on CoinMarketCap to $ 21.50. Therefore, traders can buy on a close (UTC time) above $ 18.1377.
This bullish view will be negated if the bears sink the BNB / USD pair below the moving averages. Below this support, it drops to $ 15.80 and then to $ 13.65.
EOS / USD
After two days of warm trading action, EOS is showing its promise today. Altcoin has reached an overhead resistance at $ 2.8319. If the bulls can push prices above this resistance, a rally to $ 3,104 is likely.
Daily chart of EOS / USD. Source: Tradingview
The ninth-ranked cryptocurrency on CoinMarketCap will likely gain momentum when it surpasses the $ 3,104 level. A close (UTC time) above this resistance can provide buying opportunities for traders. The target objective to watch out for is $ 3.8811.
This bullish scenario will be invalidated if the EOS / USD pair turns down from the current levels and breaks below the moving averages. Below this support, it is likely to drop to $ 2,3314.
ADA / USD
Cardano (ADA) is in a strong uptrend. Altcoin continued to move up on June 4 after it broke the immediate resistance of $ 0.0865169. The next target is a rally to the overhead resistance zone of $ 0.10652 $ 0.10652.
Daily chart of ADA / USD. Source: Tradingview
Despite the uptrend, the relative strength index is in the overbought area. This shows that the 10th ranked cryptocurrency on CoinMarketCap can be corrected in one to three days. This dip may provide a buying opportunity for traders.
On the other hand, $ 0.1 beer $ 0.10652 can be a difficult obstacle to overcome, so profits can be set in this area.
This momentum will be invalidated if the bears pull the ADA / USD pair to $ 0.072. Such a sharp pullback will indicate the profit of traders.
XtZ / USD
The bulls pushed Tezos (XTZ) above $ 3,074 on June 4 but they could not hold the higher. This indicates that the bears are actively protecting this resistance.
Daily chart of XTZ / USD. Source: Tradingview
If the bears sink the cryptocurrency to rank 11th on CoinMarketCap below the 20-day EMA ($ 2.83), a fall to the 50-day SMA ($ 2.68) is possible. The trend is likely to turn to favor bears when breaking below $ 2.24.
Conversely, if the XTZ / USD pair turns around from the current level or bounces off the uptrend line, the bulls will make another attempt to move the price above the resistance zone of $ 3,073 $ 3,134.
If successful, the pair is likely to start the journey towards the target target of $ 3,367 and then $ 3.80. Traders can track the stop loss on long positions below the 50-day SMA.
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