BTCUSD Coinbase
Source: tradingview.com
The Bitcoin bull run took a break last week, as the price action continued to hover around the 4h chart 200 moving average. Sellers tried to break below it twice, but buyers were strong enough to keep the price action above it. However, the rejection is very weak, if we compare it to the performance we had in the last few weeks.
We suspect Bitcoin will retrace lower and the first sign of weakness will be a break below our support area highlighted on the chart. If that will take place, more downside towards $6,700 or $6,500 is expected.
On the other hand, if Bitcoin buyers will accumulate again around the support, we could see a new upward move towards $8,300 or even a retest of the key $9,000 area. At this point in time, sellers seem to be slightly in advantage, so let’s see how the price action will continue to unfold.
ETHUSD Kraken
Source: tradingview.com
Ether is also under pressure after the price broke below our ascending channel formation mentioned last week. Following the break, the market retested the broken structure and selling resumed, which is not a very encouraging sign for the buyers.
The next area to watch is located around the 4h chart 200 moving average, which is where buyers resumed several times in the past few months. Strong selling driving the price well below the line will mean a retest of the $206 or $187 support level will be the next likely scenario.
If the price will rebound higher after reaching the MA, we could see the buyers attempting to break back inside the channel, but right now we believe sellers are in advantage and a deeper retracement is due for Ether this month.
LTCUSD Coinbase
Source: tradingview.com
Since mid-December, Litecoin had an impressive run higher, but two days ago the price action stalled for the second time around the $121.5 key resistance area. There could be a double top formation pending since this is the first time since last year when the LTC price finds resistance twice around the same place.
If selling will continue to unfold, we suspect $107 and the $100 support levels are due to be hit, while a break below the lather will unveil much stronger selling pressure. Conditions are extremely overbought right now and it should be normal to see a setback in price.
Buyers, on the other hand, will need to break above $121.5 and above the current 2019 high in order to open more room towards $127.6, which is where renewed selling pressure is expected to resume. From our point of view, the upside for LTC is limited at the present time, and only a strong break above $128 will negate that.
Briefings about ICOs
Guider is an IEO which will raise funds until June 11th and represents a project that aims to facilitate and speed up the search for a suitable guide for travelers. It uses the blockchain technology to offer transparent services and to ensure compatibility between the guide and the traveler.
Dayta is another interesting ICO project which will start to raise funds on the 12th of July. The Dayta’s vision is to solve multiple data protection, consent, and privacy issues all at once. The team working for the project wants to build a secure and easy-to-use personal information Dapp and exchange mechanism within an integrated digital system.
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