Image credit: source

Bitcoin price regained bullish momentum above $9,000 and recently rallied above $9,500. BTC is in a strong uptrend and it is likely to accelerate above the main $10,000 resistance area.

Conversely, major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX struggled to gain momentum. However, if BTC continues to grind higher, altcoins are also likely to start a strong upward move.

Key Takeaways:

  • Bitcoin price settled above $9,000 and recently rallied towards the $9,800 level.
  • Ethereum price broke the $275 resistance and it is approaching the $288 barrier.
  • Ripple price is likely to rise in the near term towards the $0.4750 resistance area.
  • EOS price seems to be positioning for an upside break above the $7.250 resistance.
  • MSD and HERB rallied more than 500% in the past 7 days.

Bitcoin Price Analysis

Earlier this week, bitcoin price corrected lower and tested the $9,000 support area. Downsides were limited and BTC/USD formed a strong support near the $8,950-9,000 zone. Finally, there was a fresh increase and the rallied above the $9,300 resistance.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price gained bullish momentum above $9,300 and the 21 simple moving average (4-hours). As a result, the bitcoin broke the key $9,500 resistance (as discussed yesterday) and rallied further.

It even broke the $9,750 resistance and traded to a new yearly high at $9,822. It is currently retreating from highs, but remains well supported on the downside.

An initial support is near the $9,620 level or the 23.6% Fib retracement level of the recent upward move from the $8,950 low to $9,822 high. If there are more losses, the price could test the main support near the $9,400 level.

The 50% Fib retracement level of the recent upward move from the $8,950 low to $9,822 high is also near the $9,400 level to act as a support.

Moreover, there is a major bullish trend line forming on the same chart with support near $9,380. Finally, the 21 simple moving average (4-hours) is near the $9,280 level to act as a solid barrier for sellers.

On the upside, an initial resistance is near the $9,800 level, above which the price is likely to gain traction towards the key $10,000 level. If there are more gains, the price could test $10,400.

Overall, bitcoin price is placed in a strong uptrend, with many signs suggesting more gains above the main $10K resistance zone.

Ethereum Price Analysis

Ethereum price also remained in a positive zone and stayed above the $260 support area. ETH price traded higher and recently broke the key $268-270 resistance zone to follow bitcoin’s rise.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $275 resistance and settled well above the 21 simple moving average (4-hours). It opened the doors for more gains and recently the price surpassed a contracting triangle pattern with resistance near $272.

It traded above the $280 resistance and spiked towards $285. A swing high is formed near $285 and the price is currently retreating.

It is about to test the 23.6% Fib retracement level of the last wave from the $260 low to $285 high. The main supports on the downside are near $275 and $272. The broken resistance near $272 is likely to act as a buy zone.

Moreover, the 50% Fib retracement level of the last wave from the $260 low to $285 high is also near the $273 level. As long as the price is above the $270 level, it is likely to continue higher.

On the upside, an initial resistance is near the $285 level, above which the price could test the $288 barrier. If there are additional gains, the next stop for the bulls could be near the $300-305 zone.

Ripple Price Analysis

Ripple price settled above the $0.4000 level to move into a positive zone against the US Dollar. XRP/USD even traded above the $0.4200 level and it seems like it could steadily rise towards $0.4700 in the near term.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a swing low near $0.3900 and climbed above $0.4000. There was a break above the $0.4200 resistance and a major bearish trend line on the same chart.

It opened the doors for more gains and the price settled above $0.4250 plus the 21 simple moving average (4-hours). The recent rally was positive until sellers appeared near the $0.4640 level.

There was a downside correction and the price revisited the $0.4200 support. A swing low was formed at $0.4189 and the price is currently moving higher.

It broke the 50% Fib retracement level of the last drop from the $0.4638 high to $0.4189 low. However, the $0.4450 level is acting as a resistance.

Moreover, the 61.8% Fib retracement level of the last drop from the $0.4638 high to $0.4189 low prevented more gains. The price is currently consolidating, but the technical structure suggests more gains above the $0.4500 and $0.4600 levels. The next key resistance is near the $0.4740 level.

On the downside, there are many supports near the $0.4280 and $0.4250 levels. There is also a connecting bullish trend line forming with support near $0.4200 on the same chart.

If there is a downside break below $0.4200, it could decrease the chances of an upside break above the $0.4600 level in the near term.

EOS Price Analysis

After forming a support base near $6.000, EOS price started a decent recovery against the US Dollar. The price broke the $6.200 resistance level to move into a positive zone and avoid more losses.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price steadily climbed above the $6.500 resistance and positioned nicely above the 21 simple moving average (4-hours).

During the rise, there was a break above a contracting triangle pattern with resistance near $6.600 on the same chart. Besides, the price broke 23.6% Fib retracement level of the last decline from the $8.671 high to $5.927 low.

The price even traded above the $7.000 level, but the $7.250 level acted as a strong hurdle. Moreover, the 50% Fib retracement level of the last decline from the $8.671 high to $5.927 low is acting as a resistance.

The price is currently trading with a positive bias above $6.800 and it seems like it could make another attempt to surpass the $7.250 resistance. If it succeeds, there could be a strong upward move above the $7.400 and $7.500 levels.

On the downside, the main supports are near the $6.800 and $6.660 levels, followed by the $6.500 pivot level.

Top Gainers

During the past 7 days, a few small cap altcoins rallied sharply and gained more than 100%, including MSD, HERB, CL, M2O, QUAN, GST, BEAM, OWC, BOS and PINK (trading volume more than $50K). Out of these, MSD rallied around 630% and HERB gained nearly 520%.

Overall, bitcoin price remains in a strong uptrend and it could continue to rise above $9,800. BTC/USD could even rally above $10,000, which could lift the market sentiment for major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto

eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


(Excerpt) Read more Here | 2019-06-21 06:11:05

LEAVE A REPLY

Please enter your comment!
Please enter your name here