BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin is facing a heavy battle between bulls and bears and with the bears getting more aggressive as they strongly mount themselves at $10K. The bears pushed Bitcoin's price below its 20-day exponential moving average (EMA), but the bulls held the symmetrical triangle support and did not let BTC fall below it. On Friday, 12th June 2020, Bitcoin made a high of $9544 just touching both its 20-day EMA and the basis (middle line) of Bollinger Bands. Bears tried to push it below the symmetrical triangle support which made BTC fall to a low of $9246, but the bulls held the price just before it. The day's candle closed at $9468 level well within the symmetrical triangle range, as seen in the daily chart below.
Key points to watch out for:
If bulls are able to push BTC above its 20-day EMA of $9500 level, the $10,000 resistance will be retested again, followed by a retest to $10,500.
If bears continue to stay strong and push BTC below the support line of the symmetrical triangle at $9200 level, its 50-day moving average (MA) will be tested at $9100. If Bitcoin falls below $9000, we can expect a decline towards $8100.
Indicators
The market capitalization of the largest cryptocurrency was seen to be $174.4 Billion with a $22.6 Billion trading volume on Friday. Bitcoin's market dominance was 64.8% yesterday.
The moving average convergence divergence (MACD) has an increasing deceleration with the MACD line below the signal line, indicating bears took over.
The relative strength index (RSI) has slightly corrected itself and is sloping up at 50, initiating some bullish divergence.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is behaving just like Bitcoin by following its price movement. Ethereum fell out below its ascending channel. The bears pushed its price below both its 20-day exponential moving average and the basis (middle line) of Bollinger Bands ($231-$232 level), but the bulls bought the dip at $228.4 and closed the price much above at $237.6, making a high of $239.4 on Friday, 12th June 2020. The bulls need to increase the price momentum to push Ether back into the ascending channel and above its 20-day EMA to reach higher levels and stay in the safer zone. Traders and investors are closely keeping an eye on the uptrend line which is currently acting as vital support.
Key points to watch out for:
Bulls aim to push ETH above the support line of ascending channel at $240 to witness a rally towards $250 again.
If bears stay strong and, the next support will be tested at the uptrend line at $233, followed by ETH testing its 50-day moving average (MA) $214. If bulls fail to hold the important support levels, we can expect Ether to decline below $200.
Indicators
The market capitalization of the second largest cryptocurrency was seen to be $26.4 Billion with a reduced trading volume of $8.8 Billion on Friday. Ethereum's market dominance was 9.8% yesterday.
MACD began to increase its deceleration and the MACD line fell below the signal line, just like the movement of Bitcoin.
RSI is showing some bullish divergence by sloping up at 55, as seen in the ETH/USD daily chart below.
