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Weekly Crypto Market Wrap: Price Analysis of Several Cryptocurrencies 2 June – 8 June 2019

Facebook’s stablecoin is what most are eagerly waiting for as the white paper soon to be released by 18th June 2019, as known through different sources. Undoubtedly, the reason behind the eagerness of wait is due to the fact that Facebook along with WhatsApp and Instagram can connect to millions of people through the Blockchain Cryptocurrency. “The value of Facebook Coin will be secured with a basket of fiat currencies,” said Laura McCracken who is the Head of Financial Services and Payment Partnerships for Northern Europe at Facebook.

The interesting news is Igor Sechin who is the head of Rosneft; a Russian Oil Company stated that this project under Facebook can be used to pay to buy crude oil in future. Although once Venezuela, the largest oil reserves in the world, tried to link Cryptocurrency with crude oil but failed brutally. Keeping aside what happened in the past, Rosneft could bring a big boost to the oil sector with accepting Cryptocurrency payment for oil. With time, there is a great improvement in the Blockchain Cryptocurrency, but how does its price going to benefit the development. Let us look at the price analysis of Cryptocurrencies such as BTC, BCH, BNB, BSV, ETH, EOS, LTC, TRX, XLM and XRP.

BTC/USD

In the past two days, Bitcoin (BTC) has been traded between $7,413.46 and 20-day EMA. At present, the 20-day EMA is being constant and RSI nears to 50. Chart also shows the ability to form a head and shoulder pattern. At present, the BTC / USD pair may form the right shoulder. The template will get finish when the neckline is destroyed. The target of this collapse is of $5,371.12. It is not well to say that the pattern formed with the sloping upward neckline is not that much trustworthy as expected but we must not be negative about it and have to be alert.

If the pair comes out of the head at $9,053.12, the model will no longer be perpetual and has to be cancelled. If bulls keep the price above 20-day EMA, there is a strong possibility of retesting of the highest values ​​at $9,053.12. It is the bullish sign if the negative pattern fail, therefore, If bulls keep the price high, i.e., above $9,053.12, the possibility of the head is to upsurge to about $10,000.

BCH/USD

Bitcoin Cash (BCH) is trading in the upward channel. Cryptocurrency finds sustenance close to $360, but bulls struggle to keep the price above the 20-day EMA. Higher level demand thus demolished. The 20-day EMA is aligned and RSI is close to the centre. This implies that a balance is maintained between bulls and bears. The bull will surely try to thrust BCH/USD pair to the channel’s resistance line if the pair is maintained beyond 20-day EMA. On the other side, if the pair falls below $360, it may fall to the channel support line. This is a critical viewing level. Breaking the channel will incline the trend in favour of the bears. We are not finding currently, reliable purchase settings, so we remain neutral with Cryptocurrency.

BNB/USD

On 4th June 2019, Binance Coin (BNB) broke the 20-day EMA but our expectation can’t be fulfilled as the price did not drop to the 50-day SMA. It jumped sharply from $28.0639659. This is a sign of positivity. At present, the price is beyond 20-day EMA. If the bulls maintain that level, it may rally up to $36.

On the other hand, if the BNB / USD pair fails to stay above the 20-day EMA, the bears will again try to immerse it in the 50-day SMA. Since it wasn’t resolutely disrupted without being allowed on 9th May 2019, thus it is great to support. Now it totally depends on the trade with good risk-to-reward ratio, that we can offer long positions to it or not.

BSV/USD

On 6th June 2019, Bitcoin SV (BSV) sank but found support close to Fibonacci’s level of 38.2% of the last rally. This is the second time bulls have protected the level and now it has become a significant level to keep an eye on its shortcoming. Rebounding from $172,910 implies a strong purchase of dips. If the bulls accumulate on a bounce, the BSV / USD pair can move up to $240 and can act as a resistance. The breakthrough of the $240-$254 Resistance Area will resume the upward trend, which can carry the Cryptocurrency to $307,789 and above it to $340,248. If the pair get sink below $172,910 then our supposition will not be taken into consideration. Under this level, the drop could reach $152,015, which is the 50% level of the current rally. Because the risk is high, we do not offer to trade with it.

ETH/USD

Currently, Ethereum (ETH) ranges between $225.39 down and $280 upwards. The 20-day EMA is uniform and the RSI is just above the middle. As it suggests, the Cryptocurrency may be consolidated for the next few days. ETH/ USD pair may get the sink to $167.20 if there is any failure of $225.39 and a 50-day SMA. Contrary to this, if the bulls move the pair over the resistance of the $280 range, it could move up to $322.06, which is probably to act as a solid resistance. For the best trade in a range, it is better to buy nearby to the support and sell nearer to the resistance. So before offering fresh long positions, we’ll wait for the pair to jump from $225.39.

EOS/USD

For these 3 days, EOS trades between 50-day SMA and 20-day EMA. On an advantage, the bulls will likely to face a solid resistance of the 20-day EMA and above it at $6.8299. The pair EOS /USD may get the dump to the ascending channel’s uplink line if the pair sinks below the 50-day SMA. It can be seen as strong support because bulls have again and again protected this line in the last few months. Breaking the channel will signal a deeper adjustment to $4.4930.

On the contrary, if the bulls are priced above $6.8299, it is possible to rally up to the line resistance of the channel and above it to $8.6503. Merchants can wait for a closing (UTC time frame) over $6.8299 to buy with a stop loss of $5.80. If the price explodes with force and closes (UTC timeframe) near the uplink channel resistance line, merchants have to wait for the download to enter long positions. We do not offer the pursuit of a higher price.

LTC/USD

Litecoin (LTC) bounced off the 20-day EMA. It shows a positive sign as it confirms that bulls protect the first line of support and they don’t wait for lower levels to buy. Now the bulls will try to push the LTC / USD pair above the headline drag area of ​​$121.9018- $127.6180. If succeeded, the next goal you will be watching is $158.91. There are insignificant resistances at $140 and $147. It is recommended to close the remaining long position if the pair fights at any of the levels. By then, stop losses can be upheld at $90. We will move to the higher levels to $98 if we get the opportunity over the next few days. We carefully observe the negative divergence of RSI, which is the only bearish formation of the chart. Our ascending view will be void if the Cryptocurrency turns the direction of the resistance zone and falls below $91.

TRX/USD

Tron (TRX) is traded in the ascending channel. On 4th and 6th June 2019, the price bounced off the Channel Support Line. This shows a positive sign. But 6th June cut may have led to the suspension of the long position if traders bought it on 15th May 2019.

Now the bulls will try to return the price back to the resistance of $0.040. The TRX/USD pair can move upward to $0.050 if this level is reduced. If the pair turns down and breaks under the channel support line then the ascending view will be cancelled. Such a move could lead to a Cryptocurrency hit to the critical support of $0.02815521.

XLM/USD

Stellar (XLM) has a limit between $0.11507853 and $0.14861760. On 4th and 6th June 2019, it found support at the bottom of the range. The bulls will try to get it to the resistance of the $0.14861760 if the price is kept above the 20-day EMA. Breakout and close (UTC timeframe) over the range will complete a reverse pattern of the head and shoulders that has a target of $0.22466773. Before recommending a long position, we will wait for a breakout.

 On the contrary, the bears will again try to sink under support at $0.11507853, if the XLM / USD pair fails to stay above the 20-day EMA. Interrupting this critical support will be a negative sign and may cause a deeper fall to $0.08558676.

XRP/USD

The Ripple (XRP) forms a symmetrical triangle. Breakthrough overhead resistance at $0.45 and the triangle resistance line is $0.57259. If this level passes, the rally can increase to $0.62. On the contrary, it gives the model a goal of $0.26741, if the bears sink into the XRP / USD pair below the triangle support line. However, the pair has strong support of $0.35660 and below it at $0.27795. The 20-day EMA is gradually rising and the RSI is over 50, indicating that the bulls have little advantage. Hence, stop loss of the left out the long position at $0.35 can be retained by the traders. In the next few days, we will continue the higher stops.   

About Anushree Goswami

Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

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