There have been enormous movements in the market since last month.
While Bitcoin’s insane profits surprised the entire crypto community, Litecoin’s price upliftment clearly depicted its potential.
Well to keep a track of what the present scenario of the market is, let’s have a proper look at the price analysis of Bitcoin as well as some imperative altcoins.
It might have been a historic achievement of Bitcoin to reach to the ultimate heights of more than $8,000 this year but things don’t seem to be the same now.
As of 3rd and 4th June, the price lies around the critical support of $7,413.46. Moreover, there has been a clear negative sign too as the rebound lacks strength.
Well, as far as the prediction for the bitcoin price is concerned, it can clearly be said that there two possible paths from here on:
Either the bears will make the most of it and push the BTC price below $7,413. If this happens, the pair can plummet to the 50-day SMA.
Or the bulls might show up and defend the threshold of $7,413. In such a case there is a high probability of consolidation between $7,41 and $9,053. This might end up giving the cryptocurrency enormous momentum which will shift it to an insane height of $9,053.12.
Well, 3rd June witnessed an prodigious increase in the numbers of buyers and ETH was able to correct back close to the support of $225.39.
As far as the prediction for this currency is concerned, there are again two possible paths it might go for:
If the bulls are able to defend the support of $225.39, the currency might rally upwards to near about $280.
However, if it anyhow breaks, it will depict weakness and can surely plummet the ETH/USD to the 50-day SMA.
Well looking at the data for this firm, it can possibly be said that traders might have been able to book a profit closer to $0.45.
However, because of its debilitating inability to overhead the resistance of $0.45, Ripple has been terribly dragged to the critical support of $0.37835.
It can, therefore, be clearly said that the incapability of the bulls to defend the 20-day EMA is actually a negative sign.