BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin witnesses heavy volatility in its price movement for a couple of days now. The battle between bulls and bears seem to grow stronger as bears try their best to pull down BTC's price momentum. The bulls are unable to push the price of Bitcoin above its 20-day exponential moving average (EMA) since Friday last week. On Monday, 15th June 2020 the bears pushed BTC to a low of $8914, but the bulls bought this lower dip and made a high of $9530, just touching the 20-day EMA line. Even after breaking out below the support line of the symmetrical triangle yesterday, bears were unable to sustain the selling pressure at lower levels, as seen in the daily chart below.
This shows bulls are fighting back with good momentum and that both traders and investors are showing enough patience and trust in the asset waiting for its higher price levels to book profit. The price of Bitcoin has gone back inside the symmetrical triangle closing the day's candle at $9435 yesterday. This is again a positive signal by bulls during the negative price trends taking place since few days.
Key points to watch out for:
If bulls can successfully take BTC above its current 20-day EMA resistance at $9500 level, the basis (middle line) of Bollinger Bands will be tested at $9600 for a retest towards $10,000 - $10,500 resistance range.
The support line of the symmetrical triangle is acting as an immediate support level at $9300. If bears push BTC below it, the 50-day moving average (MA) will be tested at $9200. If the price closes below the symmetrical triangle, a decline to $8600, followed by $8100 can be expected.
Indicators
The market capitalization of the largest cryptocurrency was seen to be $173.9 Billion with a slight increase in trading volume of $26.6 Billion on Monday. Bitcoin's market dominance was 65.2% yesterday.
MACD has slightly reduced its deceleration with the MACD line still below the signal line. The relative strength index (RSI) shows bearish divergence but has slightly corrected itself to 49.9 level, as seen in the daily chart below.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is experiencing bearish momentum since Friday last week and has been trading below the ascending channel. On Monday, 15th June 2020, Ether broke below the uptrend line as well. The bulls held the price at the 50-day moving average but failed the push ETH back to the ascending channel, as seen in the daily chart below. Ether made a low of $218 but the bulls bought the dip and pushed it to a high of $233 and closed at $231 yesterday. Traders and investors are closely watching out for the uptrend line as an important support level. Bulls need to gain back some good momentum to get Ethereum back into the ascending channel to win this battle against the bears.
Key points to watch out for:
If bulls push ETH above its 20-day EMA at $232 level, the basis of Bollinger Bands will be tested at $236, followed by the next resistance level at the support line of ascending channel at $243.
The immediate support can be seen at the uptrend line at $227, followed by the 50-day MA support at $217 level. Further below, ETH might decline to $196 level if bulls fail to hold the 50-day moving average support.
Indicators
The market capitalization of the second largest cryptocurrency was seen to be $25.6 Billion with a slight increase in trading volume of $10.5 Billion on Monday. Ethereum's market dominance was 9.7% yesterday.
MACD continues its deceleration with the MACD line still below the signal line. The relative strength index (RSI) stands at 51 level, as seen in the daily chart below.
