Bitcoin (BTC) / US Dollar
After achieving a level above the $40,000 mark, the bulls failed to maintain this level after the Bitcoin price fell to retest the $37,000 support level.
The price fall is said to be triggered by the comments made by Jerome Powell, Federal Reserve Chairman, stating a hike in interest rates and inflation rates. The aftermath of these comments includes the fall in the price of Bitcoin and Gold as several individuals sold these assets to hold cash.
Before this, hesitancy on the part of investors taking large crypto bets was seen, all in anticipation of the release by the Federal Reserve, which illustrates the economic status.
On the 18th of June, BTC traded at a 6.12% loss in 24 hours corresponding to a price tag of $35,451 per coin, showing failure by the bulls to push over the $40,000 resistance.
The bearish momentum triggered by a drop below the $36,000 support level leads to uncertainty within the crypto market. With this action of the bears, a breakout to the downside places the next price target at $31,000.
As of the writing of this article (19th June), the price of BTC per token stands at $35,721 per coin, reflecting a 3.96% price change over 24 hours.
In the short term, we can observe the push by the bulls to reestablish a position over the $36,000 mark. However, from the above chart, a visible push by the bulls is seen, but an apparent push back by the bears occurs at the $35,800 mark.
It is crucial for the market as a break to the downside can indicate a bearish trend to the $31,000 mark.
Indicators
The RSI index remains fluctuant between the 45 and 50 range but currently maintains a level above 49, and this indicates that the BTC price will remain stable for a few days. However, a possible downward action is not off the table.
Observation of the trends occurring in the next few days is crucial. For this downtrend to be considered over, the bull has to regain a position above the $40,000 price mark.
Ethereum (ETH) / US Dollar
Although BTC is experiencing a possible downward action, Ethereum seems to be in the midst of a sideways motion, with the bulls maintaining the price above the $2,200 mark. As previously stated, the bulls will be targeting the $2500 mark.
Ethereum has since fallen below the initial 20 days EMA as of 15th June ($2,528), keeping a trading price between the symmetrical triangle illustrated in previous reports. The current ETH price stands at $2,239, indicating a 0.40% price change.
As of the writing of this article, it can be observed that the amount of ETH in circulation far outweighs the demand for the tokens. In the short term, the bulls are seen to attempt a price recovery to the 20-day EMA; a success on their part could signify the possible beginning of an uptrend.
Indicators
The RSI index currently stands at 54, indicating price stability with a possible upside action. However, in any case of a downward action, a price target of $2,079. From prior days the RSI has seen an increase from below 50, changing the initially anticipated downward outlook of the charts.
The bulls seem to be in possible control by this current RSI, and a push for the $2500 mark is in play.
Ripple (XRP) / US Dollar
The Ripple (XRP), as of the writing of this article, is trading at $0.79 per coin, which from previous price analysis shows that it is trading below the 20 days EMA of $0,91 per coin. By this, it is apparent the lack of the necessary demand required to initiate a price increment.
Nevertheless, the support of $0.75 is still in play, signifying the struggle by the XRP bulls to maintain this level.
With its current trading price, a breakout to either the upside or downside is possible. An upward breakout could see the bulls target a $1 XRP or above. However, a downward breakout could see the bears take control and a price drop to the region of $0.65 being imminent. A further fall could see XRP go even lower.
Indicators
Although the RSI index yesterday (18th JUNE) was below 50, indicating overselling of XRP by hodlers, the current RSI of 55 show an increased volume of investors purchasing the Ripple XRP (signifying a period of accumulation), with this, the price is expected to remain stable for a few days with a positive outlook on the price action.
Litecoin (LTC)/ US Dollar
Similar to Bitcoin, litecoin has also experienced a significant price drop, with the bulls failing to get the price of LTC to the 20 days EMA target of $176. Currently, LTC trades at $158 per coin, indicating a minute 24 hour gain of 1.01%. However, charts illustrate the bears to still be in control of the market. Therefore, further downward action is still expected, which could see a $118 LTC.
Indicators
There has been little change in the RSI index of LTC, with it being in negative figures (36). Therefore, investors are selling most of their stores of LTC, and the negative price action is more likely to extend by a few more days.
Although the RSI is negative, a bull move can still occur, which will completely invalidate this analysis.
Bitcoin cash (BCH) / US Dollar
Also on the downtrend is the BTC fork, Bitcoin cash. Currently trading at $572, indicating a price gain of only 0.81% as at the writing of this article. Although this gain is considered very little in the green and coupled with other indicators on the chart, further downward action is expected of the cryptocurrency.
By this current price tag, we can observe that Bitcoin Cash continues its pull from the 20 days EMA of $648, which was seen as 15th June.
In the short term, the bears have the upper hand with the price set to go lower if a response by the bulls is not made. With this said, prices below the $500 mark could be seen.
Indicators
The RSI index of BCH has made a brief recovery from the negative zone although plummeting back down below the 50 (40), indicating tremendous sellouts by investors and traders. With such as RSI, a downward perspective is still looming over Bitcoin Cash.
