BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin has stalled the past few days and is trading inside a narrow range, consolidating below resistance on low volume. While the asset makes higher lows, bulls incessantly apply pressure towards $10K. Bears are not allowing the price to go above the basis (middle line) of 20-day Bollinger Bands since last week and its 20-day exponential moving average (EMA) past two days. Bitcoin could only make a high of $9444 just touching its 20-day EMA and closed at its 50-day moving average (MA) at $9315 on Friday, 19th June 2020. The bulls bought the dip at a low of $9237 yesterday. We can see an ascending triangle pattern developing in the daily chart below. If this bullish consolidation triangle performs well, we can expect a rally towards $12K. But if the triangle falls to the downside, Bitcoin will witness a price decline to $8000 or below.
The 50-day MA has been tested multiple times and seems to support the price well. The market remains intact in its bullish form considering its overall technical analysis.
Key points to watch out for:
If bulls are able to take BTC above its 20-day EMA at $9470, the immediate resistance will be at the basis of Bollinger Bands at $9600 level before it retests the $10,000 - $10,500 range.
The immediate support is at $9200 level, followed by the trendline of the ascending triangle formation at $8900. If bears push BTC below the trendline, we can expect a decline to $8100.
Indicators
The market capitalization of the first largest cryptocurrency ranked by CoinMarketCap slightly reduced to $170.9 Billion with a $19.6 Billion trading volume on Friday. Bitcoin's market dominance was flat at 64.99% yesterday.
The moving average convergence divergence (MACD) is decelerating causing the price to move sideways, with the MACD line below the signal line but above 0 level. RSI at 47 indicates a bearish slope down showing bulls losing their hold.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is swinging in the lower half of the Bollinger Band past few days, between $225 - $239. The battle between bulls and bears is growing stronger with a balance in the supply and demand levels. Bulls are trying their best to push Ether above its 20-day exponential moving average (EMA) but could make a high of $231, just touching it and closing at $229 level on Friday, 19th June 2020. The bears could not push Ether below $226 low yesterday. The 20-day EMA has flattened out and the 50-day moving average (MA) has supported the price well. But if this support fails, Ether will witness a sharp decline. Traders and investors are closely looking at the basis of Bollinger Bands at $239 level to see an increasing price momentum and a rally to higher levels. The best decision would be to wait for Ether to initiate a trending momentum.
Key points to watch out for:
If bulls push ETH above its 20-day EMA at $233, the next resistance will be faced at the basis of Bollinger Bands at $239 to rally towards $253.
If ETH falls below the support of Bollinger Bands at $226, the 50-day MA will be tested at $219. If bears push Ether below $200, we can see a decline to $196 followed by $176.
Indicators
The market capitalization of the second largest cryptocurrency ranked by CoinMarketCap was seen to be $25.3 Billion with a reduced trading volume of $6.9 Billion on Friday. Ethereum's market dominance was 9.65% yesterday.
MACD has slightly increased its deceleration with the MACD line sloping down below the signal line but above 0 level. RSI standing at 49, almost at the midpoint indicates a balance between supply and demand.
