BTCUSD Coinbase
Source: tradingview.com
Bitcoin managed to find support around the 4h chart 200 moving average and since 9th of June is started to climb higher impulsively, recently breaking above the $9,000 key resistance area. Since the price managed to make a new 2019 high, we think there some more upside potential.
The next important resistance levels to watch are located around $9,500 and the psychological $10,000 area. We think the lather will be a strong one to breach, but we must wait and see how the price action will unfold.
On the flipside, it will be important to watch if the market will treat the $9,086 level as support, instead of resistance. Only a strong breakout back below could suggest sellers returned and $8,400 would be the next potential target for Bitcoin. Right now, the order flow is in the buyers’ favor, but things can change fast, considering that we are during the weekend at the time of writing.
ETHUSD Bitfinex
Source: tradingview.com
Since mid-May, Ether seems to be trading a range formed by $227 and the $279 level. However, since March the price had been communicating in a bullish way with the 4h chart 200 moving average. Since the structure did not change, the upside is still favored and we believe a breakout above the range is the most likely scenario.
If that will happen, traders should watch for the $301 and $320 resistance levels, which are located around two swing highs from 2018.
On the other hand, If the top of the range will contain the bullish momentum, a new retracement back towards the 200 moving average could be seen.
Ether goes hand to hand with Bitcoin, which is another reason supporting the upside and a breakout above the range. We also have a parabolic structure on the Ether chart, so lots of details supporting a continuation higher right now.
XRPUSD Kraken
Source: tradingview.com
During 2019, XRP had a pretty choppy performance, which is why it has not been included in our weekly analysis for a decent amount of time. Still, the buyers seem to have won the order flow and right now the price action is building on the upside.
The 37.9 cents level is very interesting as it represents a broken previous resistance. The sellers were unable to break back below the level and the setup looks like a breakout and retest scenario. Since the market is treating a previous resistance as support that’s a powerful bullish signal.
We expect XRP to move higher towards the 45.1 cents resistance. A breakout above the current 2019 high will unlock further upside potential, towards the 55 cents area.
If the price will break back below the 37.9 cents area, the daily 200 moving average is next on our list. Still, the buyers are the ones favored right now and there no change in the price action structure that could signal a reversal.
Briefings about ICOs
One project currently active is 3DChain, which will raise funds until June 30th. It is an open-source protocol based on a collection of smart contracts, aimed at becoming a key ecosystem for manufacturers, designers, and customers.
In terms of upcoming ICOs, Reef is a project for gamers who want to be rewarded for game time. Gamers and developers will have the ability to earn Squid Tokens by interacting with the platform.
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