BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin welcomes the month of June with a heavily bullish sentiment of an impressive leap from a $9400 low to a splendid $10,400 high on Monday, 1st June 2020. Bitcoin finally broke out above the symmetrical triangle, busting its way through all the resistances below the psychological $10,000 level. BTC's price confirmed its upside by closing above both, the symmetrical triangle and the upper Bollinger Band, at $10,200 level. Bitcoin bulls are literally smashing all its previous resistances and the bears along the upside path. These bulls bought the dip just above the basis (middle line) of Bollinger Bands ($9395) and the bears failed to push BTC below its 20-day EMA ($9322), as can be seen in the daily chart below.
Key points to watch out for:
If the bulls successfully maintain the rising momentum, the next price target will be $10,490 followed by the next immediate resistance of $10,900 to rally towards the $11,500 - $13,000 resistance range.
If Bitcoin witnesses a price reversal after this breakout, the $9300 support level will be tested again. If bears push BTC below its 20-day EMA, we can expect a drop to the symmetrical triangle support around $8800 level.
If BTC falls out below the symmetrical triangle, its 50-day moving average (MA) will be tested at $8600 level, followed by a downtrend.
Indicators
The market capitalization of the largest cryptocurrency boomed to $186.9 Billion along with its trading volume of $35 Billion on Monday. Bitcoin's market dominance remains 65.2% yesterday.
The moving average convergence divergence (MACD) is accelerating well with the MACD line crossing above the signal line. RSI also shows bullish divergence sloping up at 63.75.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum continues to perform bullish with the price rising above the middle line of the ascending channel on the first day of the month of June. After the breakout of the inverse head & shoulder pattern, Ether bulls did not let the price fall below the breakout level of $226.8. This is a positive sign for traders and investors in the market. Ethereum made a high of $251.7 on Monday, 1st June 2020, breaking above the key resistance of $250. It also closed above the middle line of the ascending channel at $248.8, the bulls not letting ETH fall below $230, as seen in the daily chart below.
Key points to watch out for:
As the bulls broke above the $250 resistance, we can expect Ether to reach $266, followed by the next target of $278 to witness a rally towards $300.
If bears push the price below $226, ETH will test the support line of the ascending channel at $220. If it falls out of the ascending channel, both the neckline and 20-day EMA will be tested at a $215 support level.
Further below, ETH's support levels will be the uptrend line around $207, followed by a decline to its 50-day moving average (MA) at $199.
Indicators
The market capitalization of the second-largest cryptocurrency increased to $27.4 Billion along with a $13.9 Billion trading volume on Monday. Ethereum's market dominance increased to 9.8% yesterday. MACD has increased its acceleration with the MACD line sloping much above the signal line, indicating bullish divergence. RSI is also bullish sloping up at 67.
