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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 15

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The Securities and Exchange Commission doesn’t consider Ether to be a security. This news led to a bounce in most of the top 100 cryptocurrencies pushing their total market capitalization from $265 billion on June 13 to $290 billion on June 15.

Bitcoin prices also recovered on June 14. In a study, Fundstrat’s head of research Thomas Lee noted that Bitcoin declines about 18 percent, leading to the Bitcoin futures expiration on the CBOE. The recovery happens by day six, following the expiration. So, if the theory holds good this time, we should see a recovery in Bitcoin from next week. We shall keep this in mind during the analysis, but we will not trade solely on this finding.

While many retail investors are waiting for lower prices, big money is unfazed by the fall and is ready to invest in digital currencies. To cater to this demand, US crypto exchange Coinbase has opened its Index fund to large-scale investors.

Stephen Bannon, a former Chief Strategist for U.S. President Donald Trump’s administration, is the latest to voice his support for cryptocurrencies. He also said that he holds a “good stake” in Bitcoin.

After the recent bounce, is it a good time to buy? Let’s find out.

BTC/USD

In the last two years, Bitcoin has always bounced sharply from the oversold levels on the RSI. This streak was broken when the most recent pullback from $7,106 on May 29 could only rally to $7,755.61. Hence, traders should avoid initiating long positions only on the basis of the RSI signal.

A number of analysts are advocating downtrend for the digital currency. We, however, have maintained that it is likely to remain range bound with the bottom being $6,075.04. The leading digital currency has not broken below the intraday lows made on February 06, and the moving averages have been crisscrossing each other frequently, which is a proof that the trend is not down but range bound.

BTC

The best way to trade a range is to buy, when the price is at the bottom of the range. However, we have introduced an added filter to increase our factor of safety.

In 2018, a break out of the 20-day EMA has been a short-term trading opportunity. If history repeats itself and the BTC/USD pair embarks upon a rally, we want to buy it once it breaks out and sustains above the 20-day EMA. The overhead resistances are $7,755.61, $8,566.4 and $8,888.

None of our assumptions are set in stone. We change them as and when the charts change. So, if the price breaks down and sustains below $6,075.04, we shall turn negative and avoid any fresh purchases.

ETH/USD

The breakdown of the $492.5 levels on June 13 proved to be temporary, as Ethereum rebounded sharply on June 14, following the good news. The pullback stalled at the resistance line of the descending channel. Today, the bears are trying to sink the digital currency back below $492.5 levels. If they succeed and break below the June 13 lows of $450.1, the decline can extend to the support line of the descending channel.

ETH

On the other hand, if the bulls hold the zone between $450.1-$492.5, then another pullback attempt is probable. On the upside, the ETH/USD pair can face selling at the resistance line of the descending channel, at the 20-day EMA and the downtrend line.

Hence, we shall propose a long position only on a breakout and close (UTC) above the downtrend line.

There is no buying opportunity at the current levels, hence, it is best to remain on the sidelines.

XRP/USD

The previous support at $0.56270 is acting as a resistance. If Ripple doesn’t break above this level quickly, it will continue to fall towards the final support at $0.45351. We anticipate a strong buying close to this level because if this breaks, the next support lies way lower at $0.24.

XRP

The XRP/USD pair will turn bullish only on a breakout of the downtrend line of the descending triangle. However, it will start to show signs of recovery once it sustains above the recent swing high of $0.70292.

There are no bullish formations or any signs of a confirmed bottom yet, hence, we are not recommending any long positions on it.

BCH/USD

Bitcoin Cash looks weak. Though it is close to the critical support zone of $777.5304-$736.0137, the pullback on June 14 did not even reach the downtrend line. This shows that the buyers are in no hurry to own the digital currency at these prices.

BCH

The first sign of strength will be when the price breaks out of the 20-day EMA and the downtrend line.

On the downside, any break below $736 levels can sink the BCH/USD pair to $620 levels. Currently, we don’t find any buy setups; hence, we are not suggesting any trade on it.

EOS/USD

EOS rebounded sharply from $9.0887 on June 13 and scaled above the $10.3384 level, which is a bullish sign.

EOS

The EOS/USD pair is correcting today, but if the bulls can stem the fall above the $9 levels, it will indicate that the retracement is over. We shall recommend a long position once the price breaks out of the 20-day EMA and the downtrend line.

If the bears force a break below $9 levels, it will indicate weakness and the digital currency can slide to $8 and below that to $6 levels. We shall get a clear picture in the next couple of days.  

LTC/USD

Litecoin looks weak. Both the moving averages are sloping down. The rebound from $90.994 on June 13 did not even reach the breakdown levels at $107.102 even though the RSI was in a deep oversold territory. This shows that the buyers are still not keen to own the virtual currency at these levels.

LTC

The downtrend will resume once the digital currency breaks below $90.994 levels. The next levels to watch out on the downside are $84.708 and $75.131.

The LTC/USD pair will gain some strength if it breaks out and sustains above the $107.102 levels for a few days. Until then, all rallies are likely to be sold.

ADA/USD

Cardano has turned down just after a day’s pullback on June 14. If history repeats itself, it might spend a few days near the $0.15 levels, frustrating the traders.  

ADA

We consider $0.13 to be major support. If this holds, our view of a large range in the ADA/USD pair will be validated, which will offer us a low-risk and high-reward trading opportunity.

However, if the support at $0.13 breaks, the decline can extend to $0.078 levels. We shall get better clarity in a few days.

XLM/USD

Stellar bounced from just above the $0.2 levels on June 13, but higher levels are attracting selling. This shows that it is still not out of the woods.

XLM

If the bulls hold the next decline above the $0.2 levels and bounce off strongly from there, it will indicate a likely bottom, and we might recommend a long position.

On the other hand, if the bears sink the XLM/USD pair below the $0.2 levels, a retest of $0.184 is likely.

As the next move is still not clear, we recommend waiting for a few more days before entering any long position.

IOTA/USD

The pullback from the lows of June 13 was short lived as it could not rise above the $1.33 levels. The previous support will now act as a resistance. IOTA will fall to $0.9150 levels if it breaks below $1.22.

IOTA

We anticipate buyers to return close to the $0.9150 mark. By then, the RSI will also be in the oversold territory, which will elicit a pullback.

If the bulls fail to hold the $0.9150 levels, the IOTA/USD pair can decline to $0.666 levels. Therefore, we shall wait for a confirmation of a bottom before suggesting any new trades.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 13

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The crypto markets are tumbling, and their total market capitalization is down to $265 billion from about $380 billion that we saw May 22. This means that the selling momentum has picked up. After a prolonged downtrend, sharp falls indicate that panic has gripped the investors and they just want to sell at any given level. This seems to be the state of the crypto markets right now.

We were skeptical of the bull run in December and had called for the traders to sell their positions. Did we get the exact top? No. But our general direction and analysis proved to be correct.

Similarly, we believe that the bear run is in its last legs. Can we or in fact anyone pinpoint the bottom? No.

We can only make a calculated prediction about the bottom after careful analysis. The market can easily overshoot on the downside, but after such a large decline, the recovery from the bottom is also likely to be very strong. Hence, we have been advising long-term investors to gradually build positions on weakness. A few other traders are also advising the same for the long-term ‘hodlers.’

If cryptocurrencies were a bad investment, the large institutional players would not be willing to enter the game. Their increasing interest shows that they see long-term value in it. Once they make an entry, prices are unlikely to remain low.

Trading, on the other hand, is a different ball game because its goal is to capitalize on short-term price action. We propose trades in our analysis only when we find a reliable buy setup with an attractive risk to reward ratio. Let’s see if we can locate any buy setups today.

BTC/USD

Selling in Bitcoin is gathering momentum, as it continues to slump towards its critical support at $6,075.04. Though many traders and analysts are forecasting lower levels, we shall take it one level at a time.

Until $6,075.04 breaks, we shall continue to hold our view that the leading digital currency is in a large range. The frequent crisscrossing of the 20-day EMA and the 50-day SMA also supports our view of a range bound action.

BTC/USD

However, if the bears break below the $6,075.04 level, we will change our view to bearish. The next support on the downside is the zone between $5,450.86-$5,356.95.

We are also keeping an eye on the RSI. It is already in the oversold territory but this is not a reason in itself to buy because, during panic selling, the RSI can get deeply oversold and remain there for some time.

We suggest traders wait for the BTC/USD pair to stop falling and show a decent rebound before entering fresh long positions.

Long-term investors should not be in a hurry to add below $6,075.04 levels. The next level where they can add is closer to $5,450.

Any attempt to pullback will face resistance at the 20-day EMA and the downtrend line.

ETH/USD

The bulls have failed to hold the $492.5 support levels on Ethereum. It can now slide to the support line of the descending channel at $380. We anticipate strong support between the zone of $358-$380.

ETH/USD

The first sign of a change in trend will be indicated when the ETH/USD pair climbs above the $492.5 levels and sustains it for a couple of days.

We shall turn bullish once the bulls succeed in breaking out of the downtrend line. Until then, all rallies are likely to be sold into. Therefore, we suggest waiting until the virtual currency forms a new buy setup.

XRP/USD

Ripple continues to move lower towards its critical support of $0.45351. This is the final support below which the decline can extend to $0.24 levels, erasing the complete up move that started on December 12 of last year.

XRP/USD

We expect the bulls to defend the support zone of $0.45351-$0.56270. The RSI is near the oversold levels, which suggests that the selling has been overdone.

The XRP/USD pair will become bullish only above the downtrend line of the descending triangle, but we shall propose long positions once it climbs above $0.56270 levels and sustains it for a couple of days.

BCH/USD

Bitcoin Cash has broken below the minor support at $878. It should now take support in the zone of $736.0137-$777.5304.

BCH/USD

Any attempt to pullback will face resistance at the 20-day EMA, which is near the downtrend line. Additionally, the BCH/USD pair has a history of entering into small trading ranges for a few days, before moving out of it.

Therefore, we shall wait for it to stop falling, enter into a trading range and then buy if we get a reliable setup.

EOS/USD

EOS has broken below the support at $10.3384 and the 78.6 percent Fibonacci retracement of the rally from $5.9610-$23.0290. The fall can now extend to $8 levels.

EOS/USD

The 20-day EMA has turned down, however, the 50-day SMA is still holding close to flat levels. If the bulls quickly rise above the $10.3384 levels, it will indicate that the markets have rejected the breakdown.

We shall wait for the EOS/USD pair to stop falling before recommending any long positions.  

LTC/USD

Litecoin broke down of the critical support at $107.102 on June 12, which completes the bearish descending triangle pattern. The pattern targets of this breakdown are off the charts; hence, we shall take it one step at a time.

LTC/USD

The first support is at $84.708 and below this, the next support is at $75.131. It is difficult to forecast which one of the two supports will hold.

The RSI is deep in the oversold territory; hence, recovery can’t be ruled out. Notwithstanding, we shall not suggest any long positions until the LTC/USD pair trades below $107.102 levels.

ADA/USD

Cardano continues to slide towards its next major support at $0.13. This support had held between March 18-April 06 on a closing (UTC) basis.

ADA/USD

Hence, we believe that buying will again emerge near the $0.13 levels. The RSI is also close to the oversold levels, which points to the possibility of a bounce off the major support.

The bounce will face resistance at the 20-day EMA. We shall turn bullish only if the bulls succeed in breaking out of the 20-day EMA and sustain it for a couple of days. Until then, we shall not suggest any long positions on the ADA/USD pair.  

XLM/USD

Stellar is moving towards its next lower target objective of $0.1840. Though this level has been breached on an intraday basis on a few occasions since mid-December, it has always managed to close (UTC) above it.

XLM/USD

Hence, we believe that $0.184 level will again act as strong support. So, should the traders buy the fall to $0.184 right away?

No. We suggest traders wait for a couple of days and buy only when the fall in the XLM/USD pair is arrested. Any break of the support on a closing basis (UTC time frame) can extend the decline to $0.1 levels.

IOTA/USD

The bulls could manage to hold the $1.33 levels only for a day on June 11, post which, IOTA continued its journey southwards. It easily broke the support and is now on target to sink to the major support at $0.9150.

IOTA/USD

We expect a strong buying close to the bottom of the probable range. If we find the buying sustain for a couple of days near the lows, it might offer the traders a low-risk entry opportunity.

However, we suggest waiting until the IOTA/USD pair stops falling because if the bears break below $0.9150, the fall can extend to $0.666 levels.

On the upside, any recovery attempt will face resistance at the $1.33 levels.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.