June 4 BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA Price Analysis
Blockstream CEO Adam Back recently said that corporate money was not needed to increase Bitcoin (BTC) to $ 300,000 in five years. This is partly because the current financial situation can force traders to seek alternative investments to preserve the value of money at a time when there is a lot of money printing worldwide.
This will create enough demand from traders to start the next mega bull run in the top ranked cryptocurrency in CoinMarketCap.A strong level of resistance, which is held in two or more cases and results in a large reversal, can be a difficult stage to overcome.
Such resistors make the bulls nervous because they are not willing to risk their profits, so short-term traders tend to make a profit close to the resistance level. On the other hand, traders can use hard resistance levels to create short positions with a stop-loss just above the resistance.
While short-term investors do not have a clear idea whether BTC will go above the $ 10,000 level, Michael Novogratz from Galaxy Digital believes that the unrest and bottomless financial situation in the US will send BTC above the key resistance level soon. Novogratz expects Bitcoin to gain momentum after rising above $ 10,000, so it says traders need to “get on the train”.
BTC / USD
Bitcoin (BTC) emerged from the symmetrical triangle and rose to $ 10,362.42 on June 1. However, the bulls were unable to maintain momentum and could not scale the price above the critical resistance of $ 10,500.
This was the third case where the BTC / USD pair dropped from the $ 10,500 level. The two previous events (marked as ellipses on the graph) resulted in a reversal of a sharp trend.
However, on June 2, the bulls bought the drop to the 20-day exponential moving average level ($ 9,362). This indicates that traders continue to take low levels while expecting higher levels in the future.
If the pair remains above the 20-day EMA, the bulls will try to push the price above the resistance line of the symmetrical triangle. Above this level, the last hurdle will be $ 10,500. If momentum can rise to this level, it is likely that there will be a new continuous upward trend.
If the pair drops below the current levels and falls below the 20-day EMA, this bullish view will be overridden. In such a situation, a drop to the support line of the triangle is likely. Breaking the triangle will reveal a major negative situation that could drag the dry down to $ 8,130.58. The only improvement in favor of sellers is the downward trend in the relative strength index.
ETH / USD
On June 2, Ethereum (ETH) reached $ 253.5 and encountered significant resistance at $ 257. This was the goal of breaking the pattern of the head and shoulders. From there, the biggest altcoin fell to $ 225,873.
The bulls bought the drop for $ 227,097 on June 3, which is a positive sign. Currently, the bulls are trying to continue their upward trend again. If the second cryptocurrency in CoinMarketCap rises above $ 253,556, a rally to the resistance of the rising channel is possible towards $ 265.
A trend change will be reported if the ETH / USD rate drops from the current levels and falls below the 20-day EMA ($ 219). If this support breaks, it is possible to drop the price to the 50-day simple moving average ($ 202).
XRP / USD
On June 1, XRP closed above the general resistance of $ 0.20570. This was an indication that the bulls left the bears behind.
However, on June 2, the cryptocurrency, which ranked third in CoinMarketCap, fell below $ 0.20570. This indicates that the purchase has dried at higher levels.
Currently, bulls are trying to keep the price above the moving averages. If successful, it is likely that another attempt will be made to add the XRP / USD pair to the resistance zone of $ 0.23612 – $ 0.24770.
Conversely, if the bears cut the price below the moving averages, the exchange could correct it to $ 0.19 and then to $ 0.17372. Traders with long positions can continue to keep their stop at $ 0.19. Stop levels may be higher after the pair has exceeded $ 0.215.
BCH / USD
Bitcoin Cash (BCH) rose above the sudden resistance of $ 255.46 on June 2, but the bulls could not maintain higher levels.
Altcoin returned from $ 269.17 and returned to the $ 217.55- $ 255.46 range.
The fifth-ranked cryptocurrency in CoinMarketCap is currently trying to return from the moving averages. If the bulls can raise the price above $ 255.46, it raises the probability of a rally to $ 280.47.
A breakout of $ 280.47 is likely to begin a new uptrend with a target target of $ 350. Therefore, traders can make a comeback on this possible ride after the price has closed above $ 280.47 (UTC time).
However, if the BCH / USD pair changes direction from $ 255.46 and falls below $ 236, it can correct for $ 217.55. A break below this support could drag the dry $ 200.
BSV / USD
Bitcoin SV (BSV) has been swinging near the $ 200 level for the past few days. Straight moving averages and the near-midpoint RSI show a balance between bulls and bears.
In CoinMarketCap, the sixth-ranked cryptocurrency is free and can reach the highest level from $ 227 if it exceeds $ 209. Breaking this level could start a new uptrend that could offer investors the opportunity to buy.
Conversely, if the BSV / USD rate drops and falls below $ 187, the price may drop to $ 170. A break below this support could start a new downtrend. There is no reliable trading setup at the current levels.
LTC / USD
Litecoin (LTC) shifted from $ 49.9445 on June 3, indicating that the bears aggressively defended the resistance zone at $ 50.7864 – $ 52.2803. If the bears lower the altcoin below the moving averages, the price could fall to $ 39.
However, if the seventh-ranked cryptocurrency in CoinMarketCap returns to current levels, the bulls will make another attempt to scale over the overhead resistance zone.
If successful, the LTC / USD pair is likely to start a new uptrend with a target of $ 64. Therefore, traders can watch an opportunity to buy at a close above $ 52.2803 with a stop-loss below $ 44.2.
BNB / USD
Binance Coin (BNB) has been trading near the $ 18.1377 resistance level for the past four days. This is a positive sign. It shows that bulls do not aggressively close their positions in range resistance.
This increases the likelihood of a break at the $ 18.1377 level. Both moving averages are rising gradually and the RSI is above the 50 level. This shows that bulls have a small advantage.
If the price rises above $ 18.1377, the eighth-ranked crypto asset on CoinMarketCap may initiate a new bullish trend that could offer investors the opportunity to buy. A rally for $ 21.50 is possible above $ 18.1377.
However, if the BNB / USD rate cannot exceed $ 18.1377, the bears will try to drop below $ 15.80. If successful, the exchange rate could fall to $ 14.9586 and then to $ 13.65.
EOS / USD
The bulls tried to raise EOS above the $ 2,3314 range – $ 2,8319 range on June 2, but markets quickly declined higher levels. Altcoin reversed the direction and plunged back into the range.
Flat moving averages and the near-midpoint RSI show the balance between supply and demand. This points to consolidation for a few more days.
The first power indicator will be a close (UTC time) above $ 2.8319. If CoinMarketCap’s ninth-ranked cryptocurrency stays above this level, the bulls will take another attempt to recover from $ 3,1104. If successful, it can initiate a new bullish trend and offer traders an opportunity to buy.
Conversely, if the pair falls below $ 2.3314, it may start a new downtrend with a price target of $ 1.5524.
XTZ / USD
Tezos (XTZ) made an outside candlestick on June 2. Altcoin left the general resistance zone at $ 2,963 – $ 3,073 and reached $ 3,1384. He returned quickly and fell below the 20-day EMA ($ 2.79).
However, the positive thing is that bulls bought the declines below the 20-day EMA showing lower levels of demand. Currently, CoinMarketCap’s 10th cryptocurrency is above the 20-day EMA, and the bulls are trying to rise above $ 3,1384.
If successful, the uptrend will continue. The upside target is $ 3,3367 and then $ 3.80. Investors can continue to hold their long positions with stops of $ 2.57. Stop levels may be higher after the XTZ / USD rate goes above $ 3,1384.
If the pair drops out of resistance and falls below $ 2.60, the bearish scenario will come into play. Below this level, the price may drop to $ 2.24.
THERE IS / USD
The bulls have kept Cardano (ADA) above critical support for $ 0.0722 over the past three days. This is a positive sign, as it predicts that the bullish trend will continue, indicating that bulls are buying on declines.
Breaking the $ 0.0830 – $ 0.0866 region could move the 11th place cryptocurrency in CoinMarketCap to the $ 0.1-0.10652 target.
If the bears drop the ADA / USD pair below $ 0.0722722, this bullish view will be threatened. Under this support, a drop to 50-day SMA will be possible. Although overbought reading on the RSI requires attention, it does not point to the reversal of the trend until the price drops and breaks the $ 0.0722722 support.