A widely followed crypto analyst thinks XRP and Litecoin (LTC) can rally if Bitcoin (BTC) can overcome a key price level. Crypto trader Michaël van de Poppe tells his 657,400 Twitter followers that BTC must rise above $26,800 to have a chance of rallying. “The lower timeframe picture for BTC is quite simple. We need to break […]
The post XRP and Litecoin (LTC) Breakouts on the Horizon? Here’s How Bitcoin (BTC) Can Help: Crypto Analyst appeared first on The Daily Hodl.
Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment.
Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase.
After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging, as the markets have not collapsed, indicating the growing maturity of the crypto space.
Glassnode data shows a decline of 12,600 Bitcoin (BTC) from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November.
What are the critical support levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level. However, the recovery is facing selling near the moving averages.
The bears will make another attempt to tug the price to $25,250. This remains the key level to keep an eye on because a break and close below it may open the doors for a potential fall to $20,000. Such a deep fall may delay the start of the next leg of the up move.
The bulls are expected to aggressively purchase the dips to the zone between $25,250 and the support line of the channel. On the upside, buyers will have to thrust the price above the resistance line of the channel to signal the end of the corrective phase. The BTC/USDT pair may then rally to $31,000.
Ether (ETH) dipped below the resistance line of the falling wedge pattern on June 5, but the bears could not build upon the strength. This shows demand at lower levels.
The bulls propelled the price back above the moving averages on June 6 but were met with heavy selling pressure from the bears. The sellers will again try to sink the price into the wedge. If they manage to do that, the ETH/USDT pair could extend the decline to the support line of the wedge.
On the contrary, if the price rebounds off the resistance line of the wedge, it will suggest that the bulls have flipped the line into support. Buyers will have to drive the price above $1,928 to start the northward march to $2,000 and subsequently to $2,200.
BNB (BNB) plummeted sharply on June 5, which yanked the price below the strong support at $280. There was a meek attempt to start a recovery on June 6, but the bears did not allow the price to sustain above $280.
The selling resumed on June 7, and the bears have dragged the price below the crucial support at $265. This is a negative sign, as it suggests the start of a new downward move to $240 and then to the vital support at $220.
If bulls want to make a comeback, they will have to push the price back above the breakdown level of $265. If they can pull it off, the BNB/USDT pair could pull back to $280 and later to the 20-day exponential moving average (EMA) of $299.
In an up move, traders generally buy the dip to the 20-day EMA ($0.49), and they did just that in XRP (XRP) on June 5 and 6 as seen from the long tail on the candlesticks.
However, the bears are not ready to give up easily. They continue to sell on rallies to the resistance zone between $0.56 and $0.59. If the price turns down sharply and breaks below the 20-day EMA, it will suggest that the bears want to keep the range between $0.30 and $0.56 intact.
Meanwhile, buyers are likely to have other plans. They will try to clear the overhead hurdle, and if they do that, it will indicate the start of a new uptrend. The XRP/USDT pair could rally to $0.60 and then to $0.80.
Cardano (ADA) tumbled below the uptrend line of the ascending triangle pattern on June 5, invalidating the bullish setup.
The bulls purchased the dip on June 5 but could not kick the price back inside the channel. This suggests that bears are trying to flip the uptrend line into resistance. The selling continued on June 7, and the bears yanked the price below $0.33. The ADA/USDT pair could descend to the strong support at $0.30.
On the upside, the first sign of strength will be a close inside the channel. Such a move will suggest that the break below the channel may have been a bear trap. The pair could attract strong buying above $0.39.
Dogecoin (DOGE) broke below the immediate support at $0.07 on June 5 but rebounded sharply off the support near $0.06.
The bulls tried to propel the price above the 20-day EMA ($0.07) on June 6, but the bears sold the rally. This indicates that the bears have not given up and they continue to sell near stiff resistance. The downsloping moving averages and the relative strength index in the negative territory indicate that bears have an edge. The bears will attempt to sink the price below $0.06.
If bulls want to make a comeback, they will have to push the price back above the 20-day EMA. The DOGE/USDT pair could then attempt a rally to $0.08.
Polygon (MATIC) slipped below the $0.82 support on June 6, but the bulls aggressively purchased the dip as seen from the long tail on the day’s candlestick.
Buyers tried to sustain the price above the breakdown level of $0.82, but the bears had other plans. They sold aggressively on June 7 and pulled the price below the June 6 low of $0.79. This suggests the resumption of the downtrend. The MATIC/USDT pair could next drop to the strong support at $0.69.
If bears want to prevent the decline, they will have to quickly push the price back above $0.82. That may trap the aggressive bears, resulting in a short squeeze, which could push the price back toward $0.94.
Related: ARK Invest buys Coinbase shares the same day SEC serves lawsuit
Solana (SOL) rebounded off the strong support at $18.70 on June 5 and 6 as seen from the long tail on the day’s candlesticks, but the bulls could not clear the hurdle at the 20-day EMA ($20.50).
This indicates that the bears remain active at higher levels. If the price continues lower and breaks below the $18.70 support, the SOL/USDT pair may start a down move toward the next support at $15.28.
Alternatively, if the price rebounds off the current level or $15.28, it will indicate demand at lower levels. The bulls will then try to drive the price above $22.30. If they succeed, the pair may climb to $24 and later attempt a rally to $27.12.
Polkadot (DOT) collapsed below the crucial support of $5.15 on June 5 but bounced back sharply on June 6 and rose above the breakdown level.
The bulls could not continue the recovery on June 7, as the bears sold the minor rally. Sellers will try to strengthen their position further by pulling the price below $4.90. If they manage to do that, the DOT/USDT pair may nosedive to $4.22.
On the upside, the first crucial resistance to watch out for is the 20-day EMA ($5.29). A rally above this level will be the first indication that the selling pressure may be reducing. The pair may pick up momentum above $5.56.
Litecoin (LTC) plunged below the moving averages on June 5 and recovered sharply on June 6, but the bulls could not sustain the price above the 20-day EMA ($90). This suggests that bears are selling on rallies.
The bears will try to drag the price to the uptrend line. This is an important level for the bulls to defend because a break and close below it will signal the start of a potential downward move. The LTC/USDT pair could first fall to $75 and thereafter to $65.
Contrarily, if the price turns up from the current level or the uptrend line, it will suggest that the pair may remain stuck inside the triangle for a while longer. The bulls will have to catapult the price above the triangle to start the next leg of the up move.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
A widely followed crypto strategist believes that both Litecoin (LTC) and Ethereum (ETH) are on the verge of igniting breakout rallies. In a new strategy session, Michaël van de Poppe says that Litecoin’s halving narrative could push the peer-to-peer payments network to a level last seen in December 2021. According to the crypto strategist, LTC […]
The post Popular Analyst Says Litecoin on the Edge of Breaking Out, Updates Outlook on Ethereum – Here Are His Targets appeared first on The Daily Hodl.
A trader who skillfully rode this year’s crypto rally says he has considerably trimmed his exposure in the digital asset markets following Bitcoin’s (BTC) price doldrums over the last few days. In a new strategy session, analyst DonAlt tells his 50,900 YouTube subscribers that Bitcoin’s correction from about $28,500 to around $27,000 last week was […]
The post Trader Who Caught Crypto 2023 Rally Abruptly Unloads Bitcoin and Altcoin Positions – Here’s Why appeared first on The Daily Hodl.
Blockchain analytics platform Santiment is saying that Bitcoin (BTC) has mostly stayed flat amid the recent bounce in the stock market. Santiment says that the stock market has climbed to its highest level in about 10 months as the US government resolves the debt ceiling issue. While Bitcoin has fallen behind the strong performance of […]
The post Analytics Firm Santiment Says Bitcoin To Catch Up With Rallying Stocks, Updates Outlook on XRP and Litecoin appeared first on The Daily Hodl.
A widely followed crypto analyst is updating his followers on the state of altcoins, looking at Litecoin (LTC) and Chainlink (LINK) specifically. Crypto trader Michaël van de Poppe tells his 657,300 Twitter followers that the total market cap for altcoins has “heavy” support on the 200-week moving average (MA) and the exponential moving average (EMA). “Total market […]
The post Top Crypto Analyst Gives Altcoin Update, Says Litecoin (LTC) Looks ‘Bueno’ appeared first on The Daily Hodl.
Bitcoin and most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players.
The United States equities markets rallied sharply on June 2 even though the nonfarm payrolls in May rose 339,000, blowing past economists’ expectations of a 190,000 increase. A few analysts pointed out that the market was possibly encouraged by the slower growth rate of hourly earnings which was slightly below estimates and an uptick in the unemployment rate.
The rally in the equities markets failed to act as a tailwind to the cryptocurrency markets, which remain stuck in a range. Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that the lack of enthusiasm in the crypto markets was due to absence of institutional buying.
Bitcoin’s (BTC) historical performance in June does not give a clear advantage either to the bulls or the bears. According to CoinGlass data, between 2013 and 2022, there have been an equal number of positive and negative monthly closes in June.
Will buyers defend the respective support levels and start a strong recovery in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin has been trading inside a descending channel pattern for the past few days. The price closed below the 20-day exponential moving average ($27,239) on May 31 but the bears are struggling to maintain the lower levels.
The bulls will try to push the price back above the 20-day EMA. If they do that, the BTC/USDT pair could reach the resistance line where the bears are expected to mount a strong defense.
If the price turns down from the resistance line, it will signal that the pair may extend its stay inside the channel for some more time. The crucial support to watch on the downside is $25,250 because a break below it will indicate that bears are in control.
The first sign of strength on the upside will be a break and close above the channel. The pair could then start its journey toward $31,000.
The bulls have successfully thwarted attempts by the bears to pull Ether (ETH) back into the falling wedge pattern. This suggests that the bulls are trying to flip the resistance line into support.
The ETH/USDT pair has rebounded off the 20-day EMA ($1,855), indicating a change in sentiment from selling on rallies to buying on dips. The bulls will next try to propel the price above $1,927 and retest the stiff overhead resistance at $2,000.
This positive view will invalidate in the near term if the price turns down and re-enters the wedge. That could trap the aggressive bulls resulting in a long liquidation. The pair may then slump toward the support line of the wedge.
BNB (BNB) has been consolidating in a tight range between $300 and $317 for the past few days. This shows indecision among the bulls and the bears about the next directional move.
The gradually downsloping 20-day EMA ($310) and the relative strength index (RSI) below the midpoint give a slight advantage to the bears. If the price turns down from the 20-day EMA, it will enhance the prospects of a break below $300. If that happens, the BNB/USDT pair could collapse to the next support at $280.
If bulls push the price above the 20-day EMA, the pair may reach the overhead resistance at $317. A break and close above this level will indicate the start of an up-move to $334 and then $350.
Buyers are trying to arrest XRP’s (XRP) pullback above the 38.2% Fibonacci retracement level of $0.49. A shallow correction is a positive sign as it shows that traders are keen to buy on minor dips.
The bulls will try to drive the price above the immediate resistance at $0.53 If they manage to do that, the XRP/USDT pair could attempt a rally to $0.56. This level is expected to act as a major hurdle but if bulls overcome it, the pair may start a new uptrend toward $0.80.
Alternatively, if the price turns down from the current level and slips below $0.49, it will suggest that the bulls are booking profits. The pair could drop to the 20-day EMA ($0.48) and then to the 50-day simple moving average ($0.47).
Sellers tried to sink Cardano (ADA) below the uptrend line of the ascending triangle pattern on June 1 but the bulls held their ground.
The ADA/USDT pair has risen above the 20-day EMA ($0.37) and the bulls will try to thrust the price above the 50-day SMA ($0.38). If they succeed, the pair could gradually climb to $0.42 and thereafter to the overhead resistance at $0.44.
Contrarily, if the price turns down from the current level or the 50-day SMA, it will indicate that bears are selling on rallies. That will increase the likelihood of a break below the uptrend line. The pair may then start its descent to the next support at $0.30.
The bulls again managed to sustain Dogecoin (DOGE) above the horizontal support at $0.07 but they are finding it difficult to push the price above the 20-day EMA ($0.07).
This tight range trading is ripe for a breakout. If buyers kick and sustain the price above the 20-day EMA, the DOGE/USDT pair could rally to $0.08. This level may again act as a strong barrier. If the price turns down from it, the pair may trade inside the range between $0.07 and $0.08 for some time.
If the price turns down from the 20-day EMA, it will suggest that bears are selling on every minor rally. The bears will then try to yank the price below $0.07 and extend the correction to $0.06.
Polygon (MATIC) fell below the 20-day EMA ($0.90) on May 30 but the bears could not sustain the lower levels. This suggests buying on dips.
The flattish 20-day EMA and the RSI near the midpoint signal a balance between supply and demand. If bulls push the price above the 20-day EMA, the MATIC/USDT pair will once again try to surmount the resistance at $0.94. If that happens, the pair could start its northward march toward the downtrend line.
On the contrary, if the price turns down from $0.94 and dips back below the 20-day EMA, it will suggest that bears are trying to flip the level into resistance. That could keep the pair stuck inside the $0.82 to $0.94 range for a few more days.
Related: Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
Solana (SOL) has been trading between the moving averages for the past few days. The bears tried to tug the price below the 20-day EMA ($20.58) on May 31 and June 01 but the bulls did not budge.
The tight range trading is unlikely to continue for long. Buyers will try to thrust the price above the 50-day SMA ($21.50). If they can pull it off, the SOL/USDT pair may rally to $24 and subsequently to $27.12.
Instead, if the price turns down from the 50-day SMA and plummets below the 20-day EMA, it will suggest that supply exceeds demand. The pair could then drop to the vital support at $18.70. The bulls are likely to defend this level fiercely.
Polkadot (DOT) has been consolidating in a tight range between $5.15 and $5.56 for the past several days.
The price rebounded off the $5.15 support on June 2 but the bulls are facing selling at the 20-day EMA ($5.37). This suggests that every relief rally is being sold into. If the price continues lower and plunges below $5.15, the DOT/USDT pair could start the next leg of the downtrend toward $4.22.
Buyers have a difficult task ahead of them. If they want to prevent a decline, they will have to shove the price above the 50-day SMA ($5.69). The pair could then attempt a recovery to $6 and eventually to the downtrend line.
Litecoin (LTC) dipped below the moving averages on May 31 but the bulls purchased at lower levels as seen from the long tail on the day’s candlestick.
Buyers propelled the price above the overhead obstacle at $95 on June 1 but they haven’t achieved a close above it yet. If they do that, the LTC/USDT pair could rise to the resistance line of the symmetrical triangle pattern.
If the price turns down sharply from the resistance line, it will suggest that the pair may continue to oscillate inside the triangle for some more time.
On the other hand, a break and close above the triangle will indicate the start of a new uptrend. The pair could first reach $115 and then start its march toward the pattern target of $142.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin and most major altcoins are struggling to hold on to their higher levels, indicating that the bears have not given up yet.
After rising for four successive months, Bitcoin (BTC) is on track to end May with losses of about 7%. Another noteworthy thing in May is that Bitcoin’s 30-day volatility dropped to 1.52%, which is far below the yearly average 4% and higher. Glassnode data shows that Bitcoin’s low volatile periods have only lasted for 19.3% of its total price history. Hence, there is an expectation for volatility to pick up in June.
In an exclusive interview with Cointelegraph, Glassnode lead on-chain analyst James Check said that Bitcoin could rally to $32,000, which is its “true cost basis.” Analysts at Glassnode arrived at this level after focusing on active Bitcoin investors and removing coins that are lost forever.
In the near term, the outcome of the vote on the debt ceiling in the United States House of Representatives could provide direction. If the vote succeeds, as is widely accepted, it could lead to a knee-jerk reaction to the upside. But if the vote fails, then Bitcoin is likely to break below $25,000.
The short-term charts of Bitcoin and select major altcoins suggest that the bulls may be losing their grip. What are the important support levels that the bulls need to hold to avoid a collapse? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin reversed direction from the downtrend line on May 29, indicating that the bears continue to sell near crucial resistance levels.
The flattish 20-day exponential moving average ($27,273) and the relative strength index just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains below the 20-day EMA, the BTC/USDT pair could drop to the $25,250 support.
Buyers are expected to defend the zone between $24,000 and $25,250 with all their might because if it cracks, the pair may nosedive to $20,000.
On the upside, the bulls will have to surmount the downtrend line to signal the start of a new up-move. The pair may first rise to $30,000 and later to $31,000.
The bulls are struggling to maintain Ether (ETH) above the 50-day SMA ($1,883). This suggests a lack of demand at higher levels.
The bears are trying to sink the price back into the falling wedge pattern and trap the aggressive bulls. If that happens, the ETH/USDT pair may fall to $1,762 and then to the support line of the wedge.
Conversely, if the price rebounds off the resistance line of the wedge, it will suggest that the bears have flipped the level into support. The pair may then rise to the psychological resistance at $2,000 and subsequently to $2,142.
BNB (BNB) climbed and closed above the 20-day EMA ($311) on May 28 but the bulls could not continue the momentum and challenge the 50-day SMA ($319).
The bears used the opportunity and pulled the price back below the 20-day EMA on May 31. Sellers will try to retest the psychological support at $300. If this level gives way, the BNB/USDT pair may descend to the support line.
Contrarily, if the price rebounds off $300, it will suggest that lower levels are attracting buyers. That may keep the pair inside the upper half of the channel for a few more days. A new up-move could begin after bulls kick the price above the channel.
XRP’s (XRP) rally is facing profit-booking near the overhead resistance of $0.54. The first support is at the 38.2% Fibonacci retracement level of $0.49 and then at the 50% retracement level at $0.48.
If the price rebounds off this support zone, it will suggest that the sentiment has changed from selling on rallies to buying on dips. That will enhance the prospects of a rally above $0.54. The XRP/USDT pair may then rise to $0.58.
Contrarily, if the price breaks below $0.48, it will suggest that the bullish momentum has weakened. That could tug the price to the moving averages and keep the price stuck inside the range for a few more days.
Cardano (ADA) turned down from the 50-day SMA ($0.38) on May 29, indicating that the bears are protecting this level aggressively.
The sellers will try to pull the price below the uptrend line. This is an important level for the buyers to defend because a break below it will invalidate the bullish ascending triangle pattern. That could then start a downswing to $0.30.
Alternatively, if the price turns up from the current level or the uptrend line, it will suggest that bulls are buying on dips. The bulls will then make one more attempt to thrust the price above the 50-day SMA. If they can pull it off, the ADA/USDT pair may surge toward the $0.42 to $0.44 resistance zone.
Dogecoin’s (DOGE) recovery stalled at the 20-day EMA ($0.07), indicating that the sentiment remains negative and relief rallies are being sold into.
The bears will try to strengthen their position by yanking the price below the immediate support at $0.07. If they manage to do that, the DOGE/USDT pair may start its journey toward the next support at $0.06.
Time is running out for the bulls. If they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. The pair could then rally to the overhead resistance of $0.08. A break above this level will suggest that the bulls are on a comeback.
Polygon’s (MATIC) recovery fizzled out near the overhead resistance at $0.94, indicating that the bears are not willing to let go of their advantage.
The bears are trying to sustain the price below the 20-day EMA ($0.90). If they do that, the MATIC/USDT pair could drop to the vital support at $0.82. This remains the key level to watch out for on the downside because if it cracks, the selling may intensify and the pair is likely to plunge to $0.69.
The first sign of strength will be a break and close above the 50-day SMA ($0.96). Such a move will open the doors for a possible rally to the downtrend line.
Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints
Solana (SOL) has been stuck between the moving averages for the past four days. This suggests that the bulls are buying the dips to the 20-day EMA ($20.50) but the bears remain active at higher levels.
The 20-day EMA is flattish and the RSI is near the midpoint, indicating a range-bound action in the near term. If the price dips below the 20-day EMA, the SOL/USDT pair could slide to the solid support at $18.70. A bounce off this level will suggest a consolidation between $18.70 and the 50-day SMA.
If the price bounces off the 20-day EMA, the bulls will again try to overcome the obstacle at the 50-day SMA. If they succeed, the pair could start a rally to $24 and then to $27.12.
The bulls pushed Polkadot (DOT) above the 20-day EMA ($5.40) on May 28 but they could not build upon this breakout. This shows that demand dries up at higher levels.
The bears have pulled the price back below the 20-day EMA. Sellers will next try to yank the price below the critical support at $5.15. If they manage to do that, the DOT/USDT pair could start a downward move toward $4.22.
If the price rebounds off $5.15, it will suggest that bulls continue to defend this level aggressively. The pair could then consolidate between $5.15 and $5.56 for a few more days. The bulls will gain the upper hand in the short term if they clear the 50-day SMA ($5.74).
The price action of the past few weeks has formed a symmetrical triangle pattern in Litecoin (LTC). This indicates indecision among the bulls and the bears about the next directional move.
The price action inside a triangle is generally random and volatile. If the price sustains below the moving averages, the LTC/USDT pair could drop to the uptrend line. This line is likely to attract buying from the bulls.
Another possibility is that the price turns up from the moving averages. In that case, the pair will attempt to rise to the resistance line. A break and close above this level will indicate the start of a new up-move. The pattern target of this setup is $142.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
A crypto strategist who nailed Bitcoin’s (BTC) bear market bottom in 2018 says he has his radar locked on two low-cap altcoins. Pseudonymous crypto analyst Bluntz tells his 223,100 Twitter followers that the blockchain-indexing protocol The Graph (GRT) appears to be mirroring Bitcoin’s price action earlier this year when it rallied from $17,000 to above […]
The post Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined appeared first on The Daily Hodl.
A trader who skillfully rode this year’s crypto turnaround is updating his outlook on the peer-to-peer payments network Litecoin (LTC). Pseudonymous crypto strategist DonAlt tells his 486,900 Twitter followers that he believes that the time is ticking for Litecoin to make a move. According to the crypto analyst, Litecoin could rapidly surge by over 100% […]
The post Trader Who Accurately Called 2023 Crypto Rally Predicts Massive Litecoin (LTC) Surge – Here’s His Forecast appeared first on The Daily Hodl.
