Price analysis 6/14: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

June 14, 2021 Coin Telegraph

Bitcoin’s surge above $40,000 and the breakouts from select altcoins may be signals that the bottoming process has begun.

Bitcoin (BTC) has risen above the psychological resistance at $40,000 following a series of positive news flow over the past week. The first bit of bullish news that impacted the price of Bitcoin was a tweet from Tesla CEO Elon Musk who said the carmaker wil accept Bitcoin payments if more than 50% clean energy is used by Bitcoin miners with a “positive future trend.”

Another piece of news that may have boosted the recovery in Bitcoin was Paul Tudor Jones' suggestion that 5% of every investment portfolio have exposure to Bitcoin, which is equal to that of gold, cash and commodities. Jones was al critical of the U.S. Fed’s view that the current rise in inflation numbers is transitory.

The recent bullish news is proof that the current drop has not altered the fundamentals of Bitcoin. Therefore, as the price stabilizes, Bitcoin may again attract institutional investment.

*Daily cryptocurrency market performance. Source:* *Coin360*

Meanwhile, MicroStrategy has completed its $500 million offering of secured notes, which the company plans to use for buying Bitcoin. After deducting various expenses, the business intelligence firm is left with $488 million that will be used to purchase Bitcoin. This will add to the company's existing stack of 92,079 Bitcoin.

With demand likely to return, could Bitcoin lead the recovery in the crypto markets? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned up on June 13 and soared above the resistance line of the developing descending triangle pattern. This move invalidated the bearish setup, which is a bullish sign. The buyers have continued their purchase today and pushed the price above $40,000.

The 20-day simple moving average ($36,779) has flattened out and the relative strength index (RSI) has risen into the positive territory, indicating that the selling pressure has reduced.

The BTC/USDT pair could now attempt a rally to the 50-day SMA ($44,571), which may act as a stiff resistance. If the price turns down from this resistance but finds support at the 20-day SMA, it will suggest the sentiment has turned bullish.

A breakout of the 50-day SMA will signal a possible change in trend and the pair could then rally to $51,483. This bullish view will be negated if the pair turns down and plummets below the $34,600.36 support. Such a move will suggest that traders are dumping their positions on minor rallies.

ETH/USDT

Ether (ETH) dropped below the support line of the symmetrical triangle on June 12 but the bears could not sustain the lower levels. This suggests that buyers are accumulating on dips.

The ETH/USDT pair rebounded off the trendline on June 13 and the bulls are now trying to push the price above the 20-day SMA ($2,581). If they succeed, the pair could rally to the resistance line of the triangle.

A breakout and close above the triangle and the 50-day SMA ($2,940) will indicate that the downtrend is over. The pair could then move up to the 78.6% Fibonacci retracement level at $3,806.91.

This positive view will invalidate if the pair turns down from the current level or the overhead resistance and breaks below $2,200. That could open the doors for a fall to $2,079 and then $1,728.74.

BNB/USDT

Binance Coin (BNB) bounced off the trendline on June 13 and the bulls have pushed the price above the 20-day SMA ($364). This suggests that the bulls are defending the trendline aggressively.

If the bulls sustain the price above the 20-day SMA, the BNB/USDT pair may move up to $433. This level may act as a resistance but if the bulls can push the price above it, the ascending triangle pattern will complete.

This bullish setup has a target objective at $609. The gradually rising 20-day SMA and the RSI above 46 suggest the buyers are trying to make a comeback.

However, if the price turns down from the current level and breaks below the trendline, it will suggest that supply exceeds demand. The pair could then drop to $291.06 and then to $211.70.

ADA/USDT

Cardano (ADA) slipped below the trendline on June 11 but the bears could not sustain the lower levels. This suggests that the bulls are buying on dips. The altcoin rose above the trendline on June 13 and the bulls are currently trying to push the price above the moving averages.

If they manage to do that, the ADA/USDT pair could rise to $1.94 where the bears are likely to pose a stiff challenge. However, a breakout and close above this resistance will suggest the correction is over.

Contrary to this assumption, if the price turns down from the moving averages, the pair could again drop to $1.33. A break below this support will indicate weakness and the pair could then plummet to $1.

DOGE/USDT

Dogecoin (DOGE) is attempting to rebound off the neckline of the head and shoulders pattern. This suggests the bulls are attempting to defend this support. If buyers push the price above the 20-day SMA ($0.34), the altcoin could start its journey to the 50-day SMA ($0.40).

The bears are again likely to mount a stiff resistance at the 50-day SMA. If the price turns down from this resistance, the DOGE/USDT pair could drop to the neckline and remain range-bound for a few days.

The flattening moving averages and the RSI just below 46 points to a range-bound action in the near term. This neutral view will invalidate if buyers push the price above $0.45 or bears sink the pair below the neckline.

XRP/USDT

XRP has been trading below the 20-day SMA ($0.92) for the past few days but the bears have not been able to sink the price below the $0.75 support. This suggests that bulls are accumulating at lower levels.

The 20-day SMA is flattening out and the RSI is above 44, indicating the bulls are trying to make a comeback. A breakout and close above the 20-day SMA will be the first sign of strength. It will indicate that traders have resumed their purchases.

That could push the price to $1.10 where the bears will try to defend the level aggressively. However, if buyers thrust the price above this level, the XRP/USDT pair could rise to the 50-day SMA ($1.19). This positive view will invalidate if the price turns down and plummets below $0.75.

DOT/USDT

Polkadot’s (DOT) price action of the past few days has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

The flattish 20-day SMA ($22.98) and the RSI above 48 points to a possible range-bound action in the short term. However, if bulls push the price above the resistance line of the triangle, the DOT/USDT pair may start a relief rally to $31.28 and then to $41.40.

On the contrary, if the price turns down from the resistance line, the bears will make one more attempt to sink the pair below $19.50. If they succeed, the pair could start its journey toward the next critical support at $15.

UNI/USDT

Uniswap (UNI) is trading between the $21.50 support and the $30 resistance for the past few days. Although the bears pulled the price below $21.50 on June 12 and 13, they could not sustain the lower levels. This suggests that the bulls purchased the dip below $21.50.

The relief rally is likely to face stiff resistance at the downtrend line. This shows that the bears have not thrown in the towel yet. If the price turns down from the current level, the sellers will make another attempt to sink the UNI/USDT pair below the $21.50 to $20.23 support.

If they succeed, the pair could drop to $16.49 and then $13.04. Contrary to this assumption, if the bulls push the price above the downtrend line, the pair may move up to the 20-day SMA ($25.45).

If the price turns down from the 20-day SMA, it will suggest the sentiment remains negative. However, if the bulls push the price above the 20-day SMA, the pair could rise to $30.

LTC/USDT

Litecoin (LTC) has failed to break above or below the symmetrical triangle as the bulls are buying on dips to the support line and bears are selling at the resistance line. If the price reaches the apex of the triangle without breaking out, the pattern will be invalidated.

The bulls are currently attempting to push the price above the resistance line. If they succeed in sustaining the price above the triangle, it will suggest that buyers are back in the game. That could open the doors for a move to $225 and then to the 50-day SMA ($237).

Alternatively, if the price turns down from the current level, the bears will make one more attempt to sink the LTC/USDT pair below the support line. If that happens, the pair could drop to $140 and then to $118.03.

BCH/USDT

Bitcoin Cash (BCH) has been trading inside a descending triangle pattern for the past few days, which will complete on a breakdown and close below $538.11.

If that happens, the BCH/USDT pair could witness aggressive selling and may drop to $400 and then to $370. The gradually downsloping 20-day SMA ($656) and the RSI in the negative territory suggest the path of least resistance is to the downside.

This negative view will invalidate if the bulls propel the price above the downtrend line. Such a move could catch several aggressive bears off guard and may result in a short squeeze, pushing the price to the 50-day SMA ($894).

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

Market data is provided by HitBTC exchange.

Pensioners Pay Scottish Roofing Company in Cryptocurrency

June 13, 2021 Bitcoin.com

Price analysis 6/11: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

June 11, 2021 Coin Telegraph

Binance Coin

Bitcoin and most altcoins could be gearing up for a few days of range-bound action as bulls buy on dips and bears sell on rallies.

Bitcoin’s (BTC) failure to rise above the critical $40,000 to $42,000 resistance zone is keeping crypto traders on tenterhooks. Some analysts view the sharp rebound from $31,000 level as a sign of accumulation at lower levels while others believe the failure to cross above the overhead resistance indicates that Bitcoin is still not out of the woods yet.

JPMorgan’s cryptocurrency market analysts, led by global market strategist Nikolaos Panigirtzoglou, pointed out that after the recent fall, the Bitcoin futures market has shifted from contango to backwardation for the first time since 2018. The analysts believe this is a warning of a possible bear market, similar to the one seen in 2018.

While Bitcoin’s price remains subdued, one of the fundamental reasons to own Bitcoin received a shot in the arm when the U.S. inflation numbers rose to their highest levels since 2008. If inflation remains high, institutional investors may consider investing in Bitcoin to hedge their portfolios.

What are the levels that may suggest the downtrend could be over? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from the resistance line on June 10 but the bears have not been able to sustain the price down below the 20-day exponential moving average ($36,604). This suggests that buyers are attempting to defend the 20-day EMA.

If buyers propel the price above the resistance line, it will nullify the developing bearish descending triangle pattern. The failure of a bearish setup is a bullish sign as it traps several aggressive bears who are forced to close their short positions, resulting in a short squeeze.

That could result in a rally to $42,451.67 and then to the 50-day simple moving average ($45,271). Contrary to this assumption, if the price turns down from $42,451.67, the BTC/USDT pair could correct to $31,000 and consolidate in this large range for a few days.

The trend will shift in favor of the bears if the pair turns down from the current level and breaks below the $31,000 to $28,000 support zone.

ETH/USDT

Ether (ETH) rose above the 20-day EMA ($2,581) on June 9 but the bulls could not build upon this strength. The price again turned down on June 10, suggesting that bears are selling on every minor rally.

If bears sink and sustain the price below the triangle, the ETH/USDT pair could witness renewed selling that could pull the price down to $2,079 and then to $1,728.74.

However, the 20-day EMA has flattened out and the relative strength index (RSI) has been taking support near 40, suggesting a range-bound action in the short term.

If the price turns up from the current level, the pair may move up to the 20-day EMA and then extend its stay inside the triangle for a few more days. A breakout and close above the 50-day SMA ($2,929) will suggest the downtrend could be over.

BNB/USDT

Binance Coin (BNB) rose above the 20-day EMA ($358) on June 9 but the bulls could not sustain the breakout. The bears pulled the price back below the 20-day EMA on June 10. However, the positive thing is that the bulls successfully held on to the trendline support.

The bulls will now try to propel the price above $378.77. If they manage to do that, the BNB/USDT pair could rally to the stiff overhead resistance at $433. A breakout and close above this resistance could push the price to the 50-day SMA ($478).

A breakout and close above this level will suggest the downtrend could be over. This positive view will be negated if the price turns down from the current levels or the overhead resistance and plummets below the trendline. That could pull the price down to $291.06 and then to $211.70.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.61) on June 10, indicating that the sentiment remains negative. The bears will now try to sink and sustain the price below the trendline support.

If they succeed, the developing ascending triangle pattern will invalidate. This could result in a drop to $1.24 and then to the critical support at $1. A strong rebound off $1 could keep the ADA/USDT pair range-bound for a few days.

Alternatively, if the price rebounds off the current level and breaks above $1.63, the pair could rally to $1.94. A breakout and close above this resistance will signal that bulls are back in command. That could result in a retest of the all-time high at $2.47.

DOGE/USDT

Dogecoin’s (DOGE) rebound off the neckline of the head and shoulders pattern turned down from the 20-day EMA ($0.34) on June 10, suggesting that bears are selling on every minor relief rally.

If bears sink the price below the neckline, it will complete the bearish head and shoulders pattern that could result in a drop to $0.21. The bulls are likely to defend this support aggressively.

If the price rebounds strongly off this level, the DOGE/USDT could retest the neckline. If the price turns down from this resistance, the possibility of a break below $0.21 increases. That could result in a drop to $0.10.

This negative view will invalidate if the price rebounds off the current level and rises above the moving averages. That could open the gates for a rally to $0.47.

XRP/USDT

XRP turned down from the 20-day EMA ($0.93) on June 10 but the positive sign is that the bulls have not given up much ground. This indicates that bulls are buying on every minor dip.

The 20-day EMA is flattening out and the RSI is trying to sustain above 40, indicating that the selling pressure is reducing. If buyers thrust the price above the 20-day EMA, the XRP/USDT pair could rally to $1.10.

A break above this resistance could challenge the 50-day SMA ($1.20). This view will invalidate if the price fails to break above the 20-day EMA. Such a move will suggest that bears are not willing to relent. That could result in a drop to the $0.75 to $0.65 support zone.

DOT/USDT

The bulls tried to push Polkadot (DOT) back into the ascending channel on June 10 but failed. This shows that bears are selling at higher levels. The bears will now try to sink the price below $19.60.

If they manage to do that, the DOT/USDT pair could start its decline to $17.50 and then to the critical support zone at $15 to $13.63. A bounce off this zone could keep the pair range-bound for a few more days.

Contrary to this assumption, if the price bounces off the current level and rises above the 20-day EMA ($22.81), a retest of $26.50 is possible. A breakout and close above this overhead resistance could result in a rally to $31.28.

UNI/USDT

The bulls tried to propel Uniswap (UNI) above the 20-day EMA ($25.58) on June 9 and 10 but failed. This shows the bears have not thrown in the towel yet. The sellers will now try to sink the price below the $21.50 to $20.46 support zone.

If they succeed, it will suggest that supply exceeds demand and the UNI/USDT pair could be on its way to $16.49 and then $13.04.

On the contrary, if the price rebounds off $21.50, the pair may again try to rise above the 20-day EMA. If that happens, a move to $30 is likely. If the pair turns down from this resistance, the range-bound action may continue for a few more days.

The bulls will have to push and sustain the price above $30 to signal the end of the downtrend.

LTC/USDT

Litecoin (LTC) has been trading close to the 20-day EMA ($176) for the past few days but the bulls have not been able to push the price above it. This suggests that bears are defending the 20-day EMA aggressively.

The price action of the past few days has formed a symmetrical triangle, indicating indecision among the bulls and the bears.

If buyers drive the price above the resistance line of the triangle, the LTC/USDT pair could rally to the 50-day SMA ($241). The 20-day EMA is flattening out and the RSI is attempting to sustain above 40, suggesting the selling pressure is reducing.

This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below the triangle. That could sink the pair to $118.03 and then to $100.

BCH/USDT

Bitcoin Cash (BCH) is witnessing a tough tussle between the bulls and the bears near the critical level at $616.04. The bulls are buying the dip below $616.04 but the bears are defending the 20-day EMA ($667).

The 20-day EMA is flattening out but the RSI is in the negative territory, suggesting the bulls are trying to make a comeback. A breakout and close above the downtrend line will indicate that demand exceeds supply. That may result in a rally to the 50-day SMA ($905).

Conversely, if the price turns down from the current level or the downtrend line, it will suggest that bears are selling on every minor rally. A break below $542.63 will open the gates for a further fall to $468.13.

Market data is provided by HitBTC exchange.

Price analysis 6/9: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, SOL, BCH

June 9, 2021 Coin Telegraph

Binance Coin

Bitcoin’s sharp rebound from its recent swing low suggests traders are aggressively accumulating BTC and altcoins on major dips.

Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin (BTC) is more likely to rally to $40,000 than slump to $20,000. This bullish outlook seems to be shared by traders as Bitcoin initiated a sharp recovery today.

On-chain data also suggests that long-term holders (LTH) have again started accumulating Bitcoin after booking profits during the rally from $10,000 to $64,000.

The total number of Bitcoin held by these long-term holders is 2.3 million more than what they held at the peak of the 2017 bull market. This shows the veteran traders remain bullish about the future prospects of Bitcoin.

CoinShares' Monday “Digital Asset Fund Flows Weekly” report shows institutional investors pulled out $141 million from Bitcoin investment products last week. However, Ether (ETH), XRP and Cardano (ADA) products witnessed net inflows, suggesting money is exiting Bitcoin and entering select altcoins.

However, the outflow from Bitcoin products is minuscule compared to the massive $4.2 billion that was pumped into them in 2021. This shows that most investors have held their positions despite the recent fall.

Let’s analyze the charts of the top-10 cryptocurrencies to determine whether the correction is over or if the prices could fall further.

BTC/USDT

Bitcoin broke below the trendline of the symmetrical triangle on June 7, indicating the uncertainty resolved in favor of the bears. However, the long tail on the June 8 candlestick shows strong buying at lower levels.

The bulls continued their purchase today, which seems to have trapped the aggressive bears who may have sold on June 7. However, the BTC/USDT pair is still not out of the woods yet because the relief rally is likely to face resistance at the 20-day exponential moving average ($37,925).

If the price turns down from this resistance, it will suggest that the sentiment remains negative and traders are selling on rallies. The next leg of the downtrend could begin after the bears sink the price below the $31,000 to $28,000 support zone. Such a move may open the doors for a decline to $20,000.

However, the relative strength index (RSI) has formed a bullish divergence, indicating the bearish momentum is weakening. The first sign of strength will be a breakout and close above the 20-day EMA, which could extend the relief rally to the 50-day simple moving average ($45,896).

ETH/USDT

Ether once again turned down from the resistance line of the symmetrical triangle on June 7, indicating the bears are aggressively defending the zone between the resistance line and the 50-day SMA ($2,927).

However, the long tail on the June 8 candlestick shows the bulls are buying on dips to the support line of the symmetrical triangle. This suggests the ETH/USDT pair could remain stuck inside the triangle for a few more days.

The next trending move could start after the price breaks above or below the triangle. The buyers will have to propel the price above the 50-day SMA to gain the upper hand. Alternatively, a break below $2,079.94 could signal advantage to the bears.

BNB/USDT

Binance Coin (BNB) broke below the trendline on June 8 but the bears could not sustain the lower levels. The long tail on the daily candlestick suggests that bulls are attempting to defend the trendline.

If buyers push the price above the 20-day EMA ($389), the BNB/USDT pair could rise to the overhead resistance at $433. A breakout and close above this level will complete a bullish ascending triangle pattern, which has a target objective at $608.60.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the trendline, it will suggest that bears have overpowered the bulls. That could result in a drop to $257.40 and then to $211.70.

ADA/USDT

Cardano dropped below the 50-day SMA ($1.57) on June 8 but the bears could not capitalize on this weakness. The long tail on the June 8 and June 9 candlestick shows strong buying at lower levels.

The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand.

This balance will shift in favor of the bears if the price breaks below the trendline. The ADA/USDT pair could then drop to $1.24 and then to $1.

On the contrary, if the buyers propel the price above the 20-day EMA ($1.64), the pair could rise to the overhead resistance at $1.94. A breakout and close above this level could push the pair to the all-time high at $2.47.

DOGE/USDT

Dogecoin (DOGE) broke below the 20-day EMA ($0.36) on June 7 and fell to the neckline of the head and shoulders pattern. The bulls are trying to defend this level as seen from the long tail on the June 8 candlestick and the strong rebound today.

However, unless the bulls push the price above the moving averages quickly, the bears will once again try to sink the DOGE/USDT pair below the neckline. If they succeed, the pair could decline to $0.21 and then to $0.10.

The marginally downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. This negative view will invalidate if the bulls drive the price above the 50-day SMA ($0.39). The pair could then move up to $0.47.

XRP/USDT

XRP broke below the $0.88 support on June 7, suggesting supply exceeds demand. However, the long tail on the June 8 candlestick indicates that bulls are trying to defend the $0.75 to $0.65 support zone.

The downsloping 20-day EMA ($0.99) and the RSI in the negative territory suggest that bears are in control. The relief rally is likely to face stiff resistance at the 20-day EMA. If the price turns down from this resistance, the possibility of a break below the support zone increases.

If that happens, the XRP/USDT pair could drop to $0.45 and then to $0.39. Conversely, if the bulls push the price above $1.10, it will suggest the buyers are back in the game and a rally to the downtrend line is possible.

DOT/USDT

Polkadot (DOT) turned down from the 20-day EMA ($24.99) on June 7 and broke below the trendline of the ascending channel. This suggests that the sentiment remains negative and traders are selling on rallies.

If the bulls fail to push the price back into the channel within the next few days, further selling could be expected. The gradually downsloping 20-day EMA and the RSI in the negative territory indicate the path of least resistance is to the downside.

If the DOT/USDT pair breaks below $19.60, the next stop could be the critical support at $15. Conversely, if the pair re-enters the channel, it will suggest strong accumulation at lower levels.

A breakout and close above the resistance line of the ascending channel will signal that bulls are back in the game.

UNI/USDT

Uniswap (UNI) dipped below the $21.50 support on June 8 but the bears could not sustain the lower levels. The long tail on the day’s candlestick shows the bulls are defending the $21.50 level aggressively.

The buyers will now try to push the price above the 20-day EMA ($26.81). If they succeed, the UNI/USDT pair could rally to the overhead resistance at $30. This level may act as a stiff resistance and if the price turns down from it, the pair could remain range-bound between $21.50 and $30 for a few days.

On the contrary, if the price turns down from the 20-day EMA, it will suggest the sentiment is negative and traders are selling on every minor rally. That will increase the possibility of a break below $21.50. If that happens, the pair could start its journey toward $16.49 and then $13.04.

SOL/USDT

Solana (SOL) turned down from the 61.8% Fibonacci retracement level at $43.38 on June 7 but the bears could not pull the price below the trendline. The altcoin rebounded off the trendline on June 8, indicating strong buying on dips.

The rising moving averages and the RSI in the positive zone suggest that bulls have the upper hand.

If buyers thrust and sustain the price above $43.38, the SOL/USDT pair could move up to the 78.6% retracement level at $49.97. Such a move will suggest the recent correction is over. A break above $49.97 could clear the path for a retest of the all-time high at $58.38.

This positive view will nullify if the price turns down and plummets below the trendline. A break below $33.60 could result in a decline to $25.70.

BCH/USDT

Bitcoin Cash (BCH) broke below the $616.04 support on June 7, suggesting the bears are in command. However, the long tail on the June 8 candlestick indicates that bulls are trying to defend the $500 to $468.13 support zone.

If the bulls can sustain the price above $616.04, the BCH/USDT pair could make one more attempt to rise above the downtrend line. If that happens, the pair could rally to the 50-day SMA ($917).

On the other hand, if the price turns down from the current level or the downtrend line, then the bears may challenge the critical $468.13 support. A break below this level could extend the decline to the next support at $400.

Market data is provided by HitBTC exchange.

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

June 9, 2021 Bitcoin.com

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

June 8, 2021 Bitcoin.com

Price analysis 6/7: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, ICP, BCH

June 7, 2021 Coin Telegraph

Binance Coin

Bitcoin and altcoins are likely to remain under pressure for a few days but lower levels could attract buying.

United States Treasury Secretary Janet Yellen defended President Joe Biden’s latest massive spending package while speaking to Bloomberg. Yellen said it would be “a plus” for society even if it resulted in a higher interest rate environment.

If rates inch higher, traders will explore the best possible options to hedge their portfolios. While gold is down about 2.5% year-to-date, Bitcoin (BTC) is still up 22% during the same period, even after the massive plunge in May.

Bitcoin’s outperformance may not go unnoticed and several institutional investors are likely to make it a part of their portfolio along with gold.

London-based asset management firm Ruffer booked a profit of more than $1 billion on an investment of $600 million in Bitcoin. Ruffer’s investment director Hamish Baillie in an interview with The Times said the company bought in November and sold its “last tranche in April.” Baillie said institutional investors, including Ruffer, are likely to continue buying Bitcoin.

This suggests that Bitcoin is likely to attract huge institutional interest at lower levels, which may act as a strong floor. The larger the purchases by institutions at lower levels, the higher the price is likely to rally during the next bull phase.

Let’s analyze the charts of the top-10 cryptocurrencies to determine their next possible trending move.

BTC/USDT

Bitcoin dropped to the trendline of the symmetrical triangle on June 5 but the bears could not break this support. The bulls successfully defended the trendline for the past two days and are attempting a rebound off it today.

The buyers will have to push the price above the resistance line of the triangle to gain the upper hand. If they manage to do that, the BTC/USDT pair could extend the relief rally to the 50-day simple moving average ($46,784).

A breakout and close above the 50-day SMA will be the first indication that the downtrend could be ending.

However, the downsloping moving averages and the relative strength index (RSI) in the negative territory suggest advantage to the bears.

If the price turns down from the current level or the overhead resistance and breaks below the triangle, the pair could witness panic selling. That may pull the price down to the critical support zone at $30,000 to $28,000.

ETH/USDT

Ether (ETH) turned down from the resistance line of the symmetrical triangle on June 4 but the shallow correction shows the bulls are buying on dips. The price has risen back above the 20-day exponential moving average ($2,743) and the bulls are challenging the resistance line of the triangle.

If buyers propel the price above the triangle and the 50-day SMA ($2,918), it will suggest the start of a rally to the 61.8% Fibonacci retracement level at $3,362.72. This level may act as stiff resistance but if the bulls arrest the next decline above the 20-day EMA, it will suggest the downtrend could be over.

Contrary to this assumption, if the price turns down from the current level and slides below $2,550, the ETH/USDT pair could drop to the support line of the triangle. A bounce off this support could extend the stay of the pair inside the triangle.

The first sign of weakness will be a break and close below the support line of the triangle. Such a move could clear the path for a decline to $2,180.53 and then $1,728.74.

BNB/USDT

Binance Coin (BNB) turned down from $433 on June 4 and the bears thwarted another attempt by the bulls to clear the resistance on June 5. This suggests the bears are aggressively defending the $433 level.

Although the price traded below the 20-day EMA ($398) for the past two days, the bears could not sink the BNB/USDT pair to the trendline. This suggests that bulls may be regrouping to make another assault at the $433 level.

If buyers succeed in driving the price above this resistance, the BNB/USDT pair could rally to the 50-day SMA ($492) and then to the 78.6% retracement level at $589.04.

Alternatively, if the price turns down from the current level or the overhead resistance and drops below $365, the pair may correct to the trendline. A break below this support will suggest the bears are back in the game.

ADA/USDT

Cardano (ADA) turned down from $1.88 on June 3 but the bulls have not allowed the price to sustain below the 20-day EMA (1.67). This suggests the sentiment is turning positive and the bulls are buying on dips to the 20-day EMA.

The buyers will now have to push the price above $1.94 to gain the upper hand. If that happens, the ADA/UDST pair could rally to the all-time high at $2.47. A breakout and close above this resistance will suggest the start of the next leg of the uptrend.

Contrary to this assumption, if the price turns down from the overhead resistance, it will suggest aggressive selling at higher levels. That could keep the pair range-bound between the 50-day SMA ($1.56) and $1.94 for a few days.

The first sign of weakness will be a break below $1.33. That could open the doors for a further slide to $1.

DOGE/USDT

Dogecoin (DOGE) had formed a Doji candlestick pattern on June 5 and 6 near the 20-day EMA ($0.37), indicating indecision among the bulls and the bears.

If bears sink the price below $0.35, the DOGE/USDT pair could drop to the neckline of a large head and shoulders pattern. A breakdown and close below the neckline will be a huge negative as that could increase the possibility of a drop to $0.10.

However, the moving averages are flat and the RSI is just below the midpoint, indicating a few days of range-bound action. If the price turns up from the neckline, the pair could rise to $0.47 and remain stuck between these levels for a few days.

A breakout and close above $0.47 will be the first sign of strength. It will clear the path for a northward march toward $0.59.

XRP/USDT

XRP’s price is getting squeezed between the 20-day EMA ($1.03) and $0.88 for the past few days. The downsloping moving averages and the RSI below 44 indicate advantage to the bears.

If the price turns down from the current level or the 20-day EMA and breaks below $0.88, the XRP/USDT pair could drop to $0.79 and then to the May 23 low at $0.65.

This negative view will invalidate if the bulls propel the price above $1.10. If that happens, the pair could rally to the 50-day SMA ($1.23) and then to the downtrend line.

This is an important resistance to watch out for because a break above it will suggest the downtrend is over.

DOT/USDT

Polkadot (DOT) has been trading inside an ascending channel for the past few days. The altcoin is attempting to bounce off the trendline of the channel and rise above the overhead resistance at $26.50.

If that happens, the DOT/USDT pair could rise to the 50-day SMA ($31.68) and then to the resistance line of the channel. If the price turns down from the resistance line, the pair may continue to trade inside the channel.

However, if the bulls thrust the price above the channel, the momentum could pick up. That will also suggest an end to the downtrend.

Conversely, if the price turns down from the 20-day EMA or the 50-day SMA, it will suggest that traders are selling on rallies to the moving averages. A break below the trendline of the channel will increase the possibility of a drop to $18.41 and then to $15.

UNI/USDT

Uniswap (UNI) turned down from the 20-day EMA ($27.64) on June 4 but the bulls did not allow the price to drop below $25. This suggests a positive sentiment because traders are not waiting for a deeper correction to buy.

If buyers thrust the price above the 20-day EMA and the overhead resistance at $30, the UNI/USDT pair could rise to the 50-day SMA ($32.79). This level may again act as a stiff resistance.

However, if the bulls arrest the next decline at the 20-day EMA, it will suggest the sentiment has turned positive. That will enhance the prospects of a rally to the 78.6% retracement level at $38.15.

This bullish view will invalidate if the price turns down and plummets below $21.50. Such a move will suggest the bears have overpowered the bulls.

ICP/USDT

Internet Computer (ICP) is struggling to rebound off the $103.71 support for the past two days, which indicates a lack of buyers even at these levels. This increases the likelihood of a break below the support.

If that happens, the ICP/USDT pair could drop to the all-time low at $86.01. This is an important support to watch out for because if this level cracks, the pair could extend its decline to $60.

The negative view will invalidate if the price turns up from the current level and rises above $120. That will indicate strong buying at lower levels. A break above $136.60 could open the door for a rally to $168.

BCH/USDT

Bitcoin Cash (BCH) is currently trading between the downtrend line and the support at $616.04. The downsloping 20-day EMA ($747) and the RSI in the negative zone suggest bears have the upper hand.

If the price dips below the $616.04 support, the bears will try to pull the price down to the May 23 support at $468.13. This is an important support to watch out for because if it cracks, the decline could extend to $400.

Conversely, if the price turns up from the current level and breaks above the 20-day EMA, it will suggest buyers are attempting to make a comeback. The BCH/USDT pair could then rally to the 50-day SMA ($930).

Market data is provided by HitBTC exchange.

Price analysis 6/4: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, ICP, BCH

June 4, 2021 Coin Telegraph

Binance Coin

Continued selling at overhead resistance levels suggests that Bitcoin and altcoins could remain range-bound in the short term.

Bloomberg senior commodity strategist Mike McGlone believes Bitcoin (BTC) is more likely to turn up and rally to $100,000 rather than correct to $20,000. In the June edition of the Bloomberg Galaxy Crypto Index report, McGlone said that Bitcoin’s correction had not dented its foundation and it was "stronger, greener and less extended" than in April.

While Bitcoin has yet to witness a surge in demand, data from Coinshares show crypto funds have turned the corner and after two weeks of outflows, investors have pumped $74 million into cryptocurrency.

Ether (ETH) products were leading the inflows with $47 million being pumped into them. Altcoins such as Cardano (ADA), Ripple (XRP) and Polkadot (DOT) each experienced more than $3 million in inflows.

Novice traders seem to be in a hurry for the next leg of the bull move to begin. However, that is unlikely to happen quickly because after the recent market reset, the transfer of assets from weaker hands to stronger hands will take time. The reactions to Elon Musk’s tweets show some froth still remains.

The crypto market may remain volatile as long-term investors are accumulating on lower levels but stopping their purchases at higher levels. Let’s analyze the charts of the top-10 cryptocurrencies and determine the critical support and resistance levels to watch out for.

BTC/USDT

Bitcoin rose above the resistance line of the symmetrical triangle on June 3 but the bulls could not push the price above the 20-day exponential moving average ($39,856). This suggests the sentiment remains negative and traders are selling on relief rallies.

The bears have pulled the price back into the triangle and they will now try to sink the price below the support line of the triangle. If they succeed, the BTC/USDT pair could retest the critical support zone at $30,000 to $28,000.

If this zone cracks, panic selling may set in and that could result in a drop to the next major support at $20,000. Such a deep fall could delay the start of the next leg of the uptrend.

The first sign of strength will be a breakout and close above the 20-day EMA. That will suggest the sentiment has improved and bulls are buying at higher levels. The rally could then extend to the 50-day simple moving average ($48,192).

ETH/USDT

Ether broke above the resistance line of the symmetrical triangle on June 3 but the bulls could not push the price above the 50-day SMA ($2,895). This may have attracted selling from short-term traders and the price dipped back into the triangle today.

The flat moving averages and the relative strength index (RSI) near the midpoint suggest a few days of consolidation. The pair could remain stuck inside the triangle for a few more days.

A breakout and close above the 50-day SMA will signal the start of an up-move that could reach the 61.8% Fibonacci retracement level at $3,362.72. Conversely, a break below the triangle may result in a retest of the critical support at $1,728.74.

BNB/USDT

Binance Coin’s (BNB) relief rally hit a wall near the overhead resistance at $423.83 on June 3. This suggests the bears are defending this level and the bulls will have to push the price above it to gain the upper hand.

If the BNB/USDT pair rebounds off the trendline, it will suggest the formation of an ascending triangle pattern, which will complete on a breakout and close above $433. This bullish setup has a target objective at $586.

The flattening 20-day EMA ($400) and the RSI just below the midpoint suggest a few days of range-bound action. This view will invalidate if the bears sink the price below the trendline. That could open the doors for a drop to $211.70.

ADA/USDT

Cardano turned down from just under the $1.94 resistance today, suggesting the bears are defending this level aggressively. However, the long tail on today’s candlestick suggests the bulls are buying on dips to the moving averages.

The buyers will now make one more attempt to drive the price above the overhead resistance. If they succeed, the ADA/USDT pair could pick up momentum and challenge the all-time high at $2.47.

Alternatively, if bears sink the price below the trendline, the ADA/USDT pair could slide to $1.59 and then to $1. A strong rebound off this support will suggest the pair could trade inside the large range between $1 and $1.94 for a few days.

The flattish moving averages and the RSI near the midpoint also suggest a few days of consolidation.

DOGE/USDT

Dogecoin (DOGE) turned down from $0.44 on June 2, suggesting that traders are closing their positions on rallies. The bears have pulled the price below the 20-day EMA ($0.37) today, indicating weakness.

The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.

If the DOGE/USDT pair continues its slide and breaks below the neckline of the head and shoulders pattern, the selling could intensify. The bulls may try to arrest the decline at $0.21 but if they fail to do so, the pair may drop to $0.10.

This negative view will nullify if the price bounces off the neckline and rises above $0.47. Such a move will indicate the bulls are back in the driver’s seat and the pair could then rally to $0.59.

XRP/USDT

XRP’s failure to rally above the 20-day EMA ($1.06) suggests the sentiment remains negative and traders are selling on rallies. If the bears sink the price below the trendline, the decline could extend to $0.79 and then to $0.65.

The downsloping 20-day EMA and the RSI below 44 suggest the bears have the upper hand. A break below $0.65 could clear the path for a drop to $0.56 and then to $0.45.

Contrary to this assumption, if the price rebounds off the trendline, it will signal strength. If the bulls push and sustain the price above $1.10, the XRP/USDT pair could rise to the 50-day SMA ($1.27) and then to the downtrend line.

DOT/USDT

Although Polkadot rose above $26.50 on June 3, the long wick on the day’s candlestick suggested selling by traders at higher levels. The altcoin has turned down today and broken below the $26.50 level.

The bears will now try to pull the price down to the trendline. If this support holds, the DOT/USDT pair could again rally to $26.50. If the bulls sustain the price above this resistance, the pair may rise to the 50-day SMA ($32.64).

Conversely, if the bears sink the price below the trendline, the pair could drop to the $15 support. If the price rebounds off this support, the pair could remain range-bound between $15 and $26.50 for a few days.

The flat 20-day EMA ($26.45) and the RSI below 46 also point to a few days of consolidation.

UNI/USDT

Uniswap (UNI) has again turned down from the 20-day EMA ($28.14) today, indicating the bears are aggressively defending this resistance. The sellers will now try to pull the price down to the support at $21.50.

The bulls are likely to defend $21.50 aggressively as they had done on May 30. A strong rebound off this support will confirm the formation of a higher low. The UNI/USDT pair could then remain range-bound between $21.50 and $30 for a few days.

This neutral view will be negated if the bears sink the price below $21.50. That will suggest the sellers have overpowered the buyers, resulting in a drop to $16 and then to $13.04.

On the contrary, a break above $30 could push the price to the 50-day SMA ($33.27) and then to the 78.6% retracement level at $38.15.

ICP/USDT

After trading in a tight range between $103.71 and $120 for a few days, Internet Computer (ICP) broke above the overhead resistance on June 3. However, the long wick on the day’s candlestick shows the bears used this rally to sell and trap the aggressive bulls.

The ICP/USDT pair turned down sharply today and the bears are now trying to pull the price below the $103.71 support. If they succeed, the pair could drop to the all-time low at $86.01. This is an important support to watch out for because if it cracks, the pair could decline to $60.

However, if the bulls defend the $103.71 support, it will suggest accumulation at lower levels. The buyers will have to sustain the price above $120 to signal the possibility of a consolidation between $103.71 and $168.

BCH/USDT

The relief rally in Bitcoin Cash (BCH) turned down from the downtrend line today, indicating the bears are defending this level aggressively. The downsloping 20-day EMA ($780) and the RSI in the negative territory suggest the bears are in control.

If bears sink the price below $616.04, the altcoin could drop to $468.13. This level may act as a strong support. If the price rebounds off this level, the bulls will make one more attempt to propel the price above the downtrend line.

If they succeed, the BCH/USDT pair could rally to the 38.2% Fibonacci retracement level at $919.60. A break above this resistance could open the doors for a rally to the 50% retracement at $1,059.07.

Market data is provided by HitBTC exchange.

Price analysis 6/2: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, ICP, BCH

June 2, 2021 Coin Telegraph

Binance Coin

Altcoins are picking up steam as the relief rally in Bitcoin and Ether gains traction.

Bitcoin’s (BTC) active supply — coins that have moved in the past two years or earlier — dropped to a five-month low of 44.5% on June 2, according to data from Glassnode. This indicates that investors who had purchased Bitcoin more than two years ago are not keen to sell after the 40% drop.

Even miners, who sold during the May correction have since reversed their decision. The outflows from miner addresses are at the lowest level in seven months, which suggests that miners are holding on to their Bitcoin.

Veteran trader Peter Brandt believes that Bitcoin’s correction could extend below $30,000. Brandt said that every 50% fall in Bitcoin’s history has stretched to 70%. He also highlighted that according to past precedence, Bitcoin is unlikely to hit a new all-time high within seven months of a 50% correction.

However, PlanB, creator of the stock-to-flow-based Bitcoin price models, believes a further sharp fall below $30,000 is unlikely. He also remains positive on the prospects of Bitcoin hitting a new all-time high this year.

At the moment, analysts are divided in their opinion on Bitcoin’s short-term price action. Let’s analyze the charts of the top-10 cryptocurrencies to determine the path of least resistance.

BTC/USDT

Bitcoin continues to trade inside a symmetrical triangle pattern as the bulls and the bears battle it out to establish their supremacy. Although the symmetrical triangle generally acts as a continuation pattern, it is difficult to predict with certainty until the price breaks out of the triangle.

The downsloping moving averages and the relative strength index in the negative territory suggest that bears have the upper hand. If the BTC/USDT pair breaks below the triangle, the bearish momentum could pick up. There is a minor support at $28,000 but if that also cracks, the pair could retest the $20,000 level.

This negative view will invalidate if the bulls push and sustain the price above the resistance line of the triangle. If that happens, it will suggest that bulls have overpowered the bears. The pair could then attempt a rally to the 50-day simple moving average ($49,201).

This level may again act as a stiff resistance but if the bulls propel the price above it, the pair will signal that the downtrend could be over.

ETH/USDT

Ether (ETH) turned down from the 20-day exponential moving average ($2,762) on June 1 but the positive sign is that the bulls did not give up much ground. This suggests that the buyers did not hurry to close their positions.

The 20-day EMA is flattening out and the RSI has risen near the midpoint, indicating that the selling pressure has reduced.

If buyers drive and sustain the price above the resistance line of the symmetrical triangle, the ETH/USDT pair could start a relief rally that may reach the 61.8% Fibonacci retracement level at $3,362.72 and then the 78.6% retracement level at $3,806.91.

Contrary to this assumption, if the bulls fail to sustain the price above the triangle, the pair may consolidate inside the triangle for a few more days. A breakdown and close below the triangle will indicate advantage to the bears.

BNB/USDT

Binance Coin (BNB) has risen above the 20-day EMA ($399) but it could face stiff resistance at $423.83. If the price turns down from this overhead resistance, the bulls will try to arrest the decline at the trendline.

If they succeed, it will suggest the bulls are attempting to form a higher low. This will increase the possibility of a break above $423.83. The BNB/USDT pair could then rally to the 50-day SMA ($505). A breakout of this resistance will suggest the downtrend may be over.

On the contrary, if the price turns down from the current level and plummets below the trendline, it will suggest the sentiment remains negative and traders are selling on rallies. The pair could then retest the critical support at $211.70.

ADA/USDT

Cardano (ADA) broke above the downtrend line on June 1 and the bulls are trying to extend the relief rally above $2 today. The 20-day EMA ($1.64) has started to turn up and the RSI is trading above 54, suggesting that the bulls have the upper hand.

If buyers succeed in pushing the price above $2, the ADA/USDT pair could rally to the all-time high at $2.47.

On the other hand, if the price turns down from $2, the bears will try to pull the price back below the downtrend line. If that happens, it will suggest that buying dries up at higher levels. The pair could then drop to the 50-day SMA ($1.52).

A breakdown and close below the 50-day SMA could attract further selling and the pair may drop to $1.33 and later to $1.

DOGE/USDT

Dogecoin (DOGE) broke above the downtrend line on May 31 and cleared the 20-day EMA ($0.37) hurdle today. The RSI has jumped into the positive territory and the 20-day EMA has started to turn up, suggesting the bulls are making a comeback.

If buyers propel the price above $0.47, the DOGE/USDT pair could pick up further momentum and rise to $0.59.

Conversely, if the price turns down from $0.47, the pair could correct to the 20-day EMA. If this support holds, it will suggest the sentiment has turned positive and traders are buying on dips. The bulls will then make one more attempt to push the price above $0.47.

However, if the price turns down and breaks below the 20-day EMA, the pair could drop to $0.28 and then to $0.21.

XRP/USDT

The bulls tried to push XRP above the 20-day EMA ($1.07) on June 1 but met with stiff resistance from the bears. However, the buyers did not give up much ground, indicating strength.

The bulls will again try to thrust and sustain the price above the 20-day EMA. If they manage to do that, the XRP/USDT pair could start its relief rally to the 50-day SMA ($1.30) and then to the downtrend line.

Alternatively, if the price turns down from the 20-day EMA, the pair could again drop to the $0.88 to $0.80 support zone. A break below this zone could result in a retest of the May 23 low at $0.65.

DOT/USDT

Polkadot (DOT) is inching towards the overhead resistance at $26.50. The price had turned down from this resistance on May 28, hence the bears are again likely to defend this level aggressively.

If the DOT/USDT pair turns down from $26.50 but bounces off the trendline, it will suggest that bulls are accumulating on dips.

That could result in the formation of a bullish ascending triangle pattern, which will complete on a breakout and close above $26.50. The pattern target of this setup is $35.91.

Alternatively, if the bears sink the price below the trendline, the pair could drop to the support at $15. A strong rebound off this support will suggest a few days of range-bound action between $15 and $26.50.

UNI/USDT

Uniswap (UNI) turned down from the 20-day EMA ($28.41) on June 1 but the positive sign is that the bulls did not allow the price to drift down. The buyers are again trying to push the price above the 20-day EMA today.

The repeated retest of a resistance level tends to weaken it. The 20-day EMA is flattening out and the RSI has risen above 48, indicating the selling pressure has reduced.

If buyers thrust the price above the 20-day EMA and $30, the UNI/USDT pair could rise to the 50-day SMA ($33.67). A breakout of this resistance could signal an end of the downtrend.

Conversely, if the price turns down from the 20-day EMA and plunges below $25.94, the bears will attempt to pull the pair down to $21.50. A breakdown and close below this support will suggest that the bears have reasserted their supremacy.

ICP/USDT

Internet Computer (ICP) remains weak as the bulls have not been able to push the price back above $120 in the past five days. This suggests a lack of aggressive buying even at the current levels.

If the bears sink and sustain the price below the $103.71 support, the ICP/USDT pair could resume its downtrend and challenge the May 19 low at $86. If this support cracks, the pair may drop to $60.

On the contrary, if bulls propel and sustain the price above $120, it will suggest accumulation at lower levels. That may clear the path for an up-move to $168.

If the price turns down from this resistance, a few days of range-bound action is likely. The pair could pick up bullish momentum on a breakout and close above $168.

BCH/USDT

Bitcoin Cash (BCH) rose above $685.36 on May 31. The bears tried to pull the price back below the level on June 1 but they could not sustain the lower levels. This suggests buyers are trying to form a higher low.

The relief rally is likely to face stiff resistance at the 20-day EMA ($801). If the price turns down from this resistance, the bears will make one more attempt to sink the BCH/USDT pair below the $685 to $600 support zone. If they succeed, the pair could retest the May 23 low at $468.13.

Conversely, if bulls drive the price above the 20-day EMA, the momentum could pick up and the pair may rally to the 50-day SMA ($958). This level may again act as a stiff resistance but if the bulls can thrust the price above it, the rally may extend to the 61.8% Fibonacci retracement level at $1,198.53.

Market data is provided by HitBTC exchange.

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June 2, 2021 Bitcoin.com

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