BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin is having a very sluggish performance these past five days with a heavy consolidation range between its 20-day exponential moving average (EMA) and the resistance line if the symmetrical triangle. The bulls tried their best to push BTC above the symmetrical triangle resistance but made a high exactly at the line of $9800 on Monday, 8th June 2020. The price closed almost at the same level at $9784. The bulls did not let BTC fall below the $9600 level, as shown in the daily chart below. This stipulates a positive price accumulation by the bulls showing huge positive signals. Bitcoin is standing at a crucial level with traders and investors anticipating a bull rally, but if the rejection from the $9800 level continues to happen, again and again, we can expect a decline in the price.
Both the moving averages, 20-day EMA, and 50-day MA are sloping upwards with increasing momentum.
Key points to watch out for:
If the bulls successfully push Bitcoin above the symmetrical triangle resistance of $9800, we can expect the price to retest $10,500 level.
If the bears take over and push Bitcoin below its 20-day EMA of $9500 level, it will first test the basis (middle line) of Bollinger Bands at $9400, followed by the support line of the symmetrical triangle at $9100. The price will then test BTC's 50-day moving average (MA) at $8900 level.
Indicators
The market capitalization of the first ranked cryptocurrency slightly increased to $179.7 Billion with a $21.4 Billion trading volume on Monday. Bitcoin's market dominance was 64.8% yesterday.
MACD has a slight deceleration with the MACD line almost trying ti overlap the signal line but slightly below it. RSI slightly corrected itself and stands at 56 level, indicating bulls are in a positive area.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum also seems to be stuck in a consolidation range just like Bitcoin. The battle between bulls and bears still continues to stay strong between $233 - $248 past five days. The bulls are struggling to push ETH above $250, but could only make a high of $247.9 on Monday, 8th June 2020 and closed just below it at $246. They did not let the price of Ether fall below $241 level, again showing positive signs. The price remains to trade in the uptrend, as shown in the daily chart below. The bulls are still dominating and both the moving averages, 20-day EMA, and 50-day MA are sloping upwards.
Key points to watch out for:
The bulls aim to break the immediate $250 resistance, followed by $253. ETH will then test the middle line of the ascending channel at $256 level before rallying towards $278 resistance.
If the bulls take over and push ETH below the ascending channel support at $232, it will test the 20-day EMA at $229, followed by the basis of Bollinger Bands at $225. Further below, ETH will test the line of uptrend at $217 and its 50-day MA at $209 in the downside.
Indicators
The market capitalization of the second-largest cryptocurrency was seen to be $27.4 Billion with a reduced trading volume of $8 Billion on Monday. Ethereum's market dominance was 9.8% yesterday. The moving average convergence divergence (MACD) has a slightly reduced acceleration with the MACD line nearing the signal line but still above it. RSI is sloping upwards at 63 level, indicating bulls have the upper hand.
