BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin continues to recover from its $8900 drop this week with the bulls trying their best to push the price above $9600 level. The bears pushed BTC below the symmetrical triangle support making a low of $9260, but the bulls bought the dip and got BTC back inside the symmetrical triangle making a high of $9566 and closing at $9473 level on Wednesday, 17th June 2020. The 20-day exponential moving average (EMA) has flattened, but the 50-day moving average (MA) is still sloping upwards parallel to the symmetrical triangle support line, as seen in the daily chart below. Also, note that the Bollinger Bands have begun to contract which foreshadows a significant advance or decline in the price soon.
Key points to watch out for:
The basis (middle line) of Bollinger Bands at $9600 is acting as the current resistance, followed by the symmetrical triangle resistance at $9800. If bulls are able to push BTC above this level, we can expect a retest of $10,000 followed by $10,500.
Both the symmetrical triangle support and the 50-day MA are acting as immediate support at $9300 level. If bears push BTC below the $9000 mark, we can expect a sharp decline towards $8100.
Indicators
The market capitalization of the first largest cryptocurrency ranked by CoinMarketCap remains in the same range the entire last week and was seen to be $174.5 Billion with a $20.1 Billion trading volume on Wednesday. Bitcoin's market dominance was 64.99% yesterday.
The moving average convergence divergence (MACD) seems to reduce its deceleration with the MACD line moving parallel to the signal line above 0. The relative strength index stands at 50.5, indicating that there's a good balance between supply and demand.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum is recovering and trying its best to enter back inside the ascending channel. After testing its 50-day moving average (MA) low, the bulls have managed to close the price above the uptrend line. Ether made a high of $237 just touching the basis of Bollinger Bands and closed the day's candle at $234 on Wednesday, 17th June 2020. The bulls bought the dip from a low of $228 yesterday. We can see in the daily chart below that the 20-day exponential moving average (EMA) at $233 has flattened just like in the case of Bitcoin. As traders and investors closely watch out for the important uptrend line support, they wait for the bulls to push Ethereum back inside the ascending channel to witness higher levels with the bears losing their grip.
Key points to watch out for:
If bulls are able to push ETH above the basis line at $238 level, it will test the support line of the ascending channel at $247 to rally towards $253.
If bears push ETH below the immediate support of the uptrend line at $231, it will again test the 50-day MA at $218. If bulls fail to sustain this level, we can expect a decline to $196 followed by lower levels.
Indicators
The market capitalization of the second largest cryptocurrency ranked by CoinMarketCap was seen to be $25.9 Billion with a $7.7 Billion trading volume on Wednesday. Ethereum's market dominance was 9.69% yesterday.
MACD has reduced its deceleration with the MACD line sloping down below the signal line, but still above the 0 level. RSI stands at 52.9 level indicating bullish potential.
