BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin bulls and bears show a very strong battle between each other as the price is trading between its 20-day exponential moving average and the symmetrical triangle resistance past three days. The bulls tried to push BTC above the symmetrical triangle, making a high of $9865 on Friday, 5th June 2020. The day's candle made a low and closed at the same level of $9620. The bulls are buying the dips, again and again, proving positive momentum. They haven't let the price fall below the 20-day EMA from a long which is another huge positive. Traders and investors in the market remain to have bullish sentiment and are looking forward to the higher levels.
Key points to watch out for:
The immediate resistance remains $10,000. If bulls sustain increasing momentum and successfully push BTC above the crucial $10,500 resistance, we can expect a rally towards $12,000.
If bears win the battle and push BTC below the convergence of the basis (middle line) of Bollinger Bands and the 20-day EMA at $9440, it will directly fall at the support line of the symmetrical triangle at $9000 level, followed by a test of its 50-day moving average (MA) at $8800 level.
Indicators
The market capitalization of the largest cryptocurrency was seen to be $177.8 Billion with a $23.5 Billion trading volume on Friday. Bitcoin's market dominance was 64.8% yesterday.
The moving average convergence divergence (MACD) has a slight deceleration with the MACD line overlapping the signal line. RSI has slightly sloped down to 54.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum remains to swing in the same range for the past three days, just like Bitcoin. The price of Ether is not able to go above $250, nor is it falling below $230. The battle between the bulls and bears seem to stay strong. ETH made a high of $248 and a low of $239 on Friday, 5th June 2020. The bulls closed the price at $240 satisfying the bullish momentum. Ethereum is trading well within the ascending channel as seen in the daily chart below.
Key points to watch out for:
The bulls are struggling to push ETH above its immediate resistance of $250. If ETH successfully breaks it and goes above $253, we can expect a rally towards $278 resistance level.
If bears win the battle and push ETH below the support line of the ascending channel at $227, its 20-day EMA will be tested at $223, followed by the convergence of the upper trendline and the neckline of the inverse head & shoulder pattern, around $211-$213. Further below, ETH might test its 50-day moving average (MA) at $205 level.
Indicators
The market capitalization of the second-largest cryptocurrency was seen to be $26.8 Billion with a reduced trading volume of $9.2 Billion on Friday. Ethereum's market dominance was 9.7% yesterday.
MACD has maintained its acceleration with the MACD line above the signal line. RSI is standing at 60.7, indicating bulls have the upper hand.
