June 6 BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ Price Analysis
US stock markets started the day with nice increases with the incoming employment report.This report increased sensitivity because it suggested that the fluctuation in the economy was temporary due to the pandemic.
Now many traders will jump on stocks because they are afraid of missing the first stages of a strong rally. This change in stocks caused the price of gold to fall, which is considered to be a safe haven against volatility in the market
However, it is important to note that the crypto markets are not negatively affected and look pretty good. This shows that traders are not shifting from cryptocurrencies as they expect prices to rise further. Once the euphoria in the stock markets has subsided, traders are likely to shift their focus back to cryptocurrencies.
Although uncertain in the short term, a report by Bloomberg says that Bitcoin (BTC) will retest the all-time high and even reach a new level of $ 28,000 this year. The report marks the aggregation of demand from institutional investors, as indicated by the increase in assets under management in the Grayscale Bitcoin Trust.
The top ranked cryptocurrency in CoinMarketCap is close to critical resistance. Will it break from here or will it come back? Let’s look at the graphs to find the least resistance path.
BTC / USD
Bitcoin (BTC) has been trading between the resistance line of the symmetrical triangle and the 20-day exponential moving average ($ 9,441) for the past two days. This shows that there is an endeavor for superiority between bulls and bears.
Breaking the triangle will be the first sign that the bulls cross bears. Above the triangle, a rally of $ 10,500 is possible. This level will be a resistance test for bulls, because if $ 10,500 is scaled, it is likely that the next leg of the bullish trend will begin.
Conversely, if the BTC / USD rate goes down from the current levels and falls below the 20-day EMA, a drop to the support line of the triangle is possible. The 50-day simple moving average ($ 8,322) is just below the triangle, so bulls are likely to aggressively defend this support zone.
However, if the pair drops below the 50-day SMA, the price is likely to drop to $ 8,130.58 and below $ 6,752.
ETH / USD
Over the past two days, Ethereum (ETH) remained within the broad intraday range that occurred on June 2. If the bulls could raise the price above $ 253,556, the biggest altcoin could rise to $ 270 to the resistance of the rising channel.
Rising moving averages and over 60 RSI show that bulls have the upper hand. However, if the second cryptocurrency in CoinMarketCap returns from current levels, drops below the 20-day EMA ($ 224) will weaken the bullish momentum.
After the ETH / USD rate drops below the 20-day SMA, the bears will take the lead. Below this level, it is possible for the price to drop to the 50-day SMA (205) and then $ 176,112.
XRP / USD
XRP has been trading close to moving averages over the past two days. Failure of the bulls to recover from this support strongly indicates a lack of demand at these levels.
If the bears drop the third-place cryptocurrency in CoinMarketCap below the moving averages, the price will be able to drop to $ 0.19 and then $ 0.17372. A drop below this support will complete a downward triangle pattern, which will be a major negative.
On the other hand, if XRP / USD gets dry momentum and breaks off the downtrend line, the bulls will try to move the price to the resistance zone at $ 0.23612 – $ 0.24770.
Bears will aggressively protect this area, so traders can book a profit when the price approaches. Currently, the stops can be kept at $ 0.19, but higher levels can be tracked after the pair remains above the bearish trend line.
BCH / USD
The bulls once again pushed the price of Bitcoin Cash (BCH) above the general resistance level of $ 255.46. If the bulls could maintain this level, the altcoin is likely to rise to the critical resistance of $ 280.47.
A $ 280.47 break could start a new bullish trend on CoinMarketCap, which could move the fifth place cryptocurrency to $ 350. However, if the BCH / USD pair drops from the current levels and falls below the moving averages, the price is likely to drop to $ 217.55 and then to $ 200. If it gives $ 200 a path, the next leg of the down move can start.
BSV / USD
Bitcoin SV (BSV) has been sticking to moving averages over the past two days. This shows that neither bulls nor bears are interested in the trading of altcoin at current levels.
As the trading interval has been in place for more than two months, a strong momentum is required to start the next trend movement.
Traders may point out that a new uptrend will begin at close to the $ 227 level (UTC time). Such a break could offer investors an opportunity to buy, with a target of $ 326.80.
On the other hand, if the sixth-ranked cryptocurrency in CoinMarketCap drops below $ 170, a new downtrend seems to begin.
LTC / USD
Although Litecoin (LTC) bounces from the moving averages, the bulls are struggling to reach the target’s resistance at $ 50.7864 – $ 52.2803. This indicates a lack of power among buyers.
Without an increase in momentum, bulls will find it difficult to scale on overall resistance. This indicates that CoinMarketCap may extend the seventh place cryptocurrency’s stay in the range for a few more days.
If the LTC / USD pair goes above $ 52.2803 and closes (UTC time), the bullish scenario is activated. Such a move could offer investors an opportunity to buy, as suggested in the previous analysis.
Conversely, the trend will return in favor of the bears in between, under the support of the $ 39 range.
BNB / USD
Binance Coin (BNB) continues to be traded between the 20-day EMA ($ 17) over the past few days and the overall resistance of $ 18.1377. This is seen as a positive sign, as it shows that the bulls did not allow the price to drop below the 20-day EMA.
A break and close (UTC time) above $ 18.1377 seems to start the next recovery on CoinMarketCap, which could carry the eighth place crypto asset to $ 21.50. Therefore, traders can buy at a close (UTC time) above $ 18.1377.
If the bears reduce the BNB / USD pair below the moving averages, this bullish view will be rejected. Under this support, it is possible for the price to drop to $ 15.80 and then to $ 13.65.
EOS / USD
EOS is promising today after two days of warm trading. Altcoin reached general resistance at $ 2.8319. If the bulls could raise the price above this resistance, it is likely to rise to $ 3,1104.
The cryptocurrency, which ranks ninth in CoinMarketCap, seems to gain momentum with a break above $ 3,1104. A closing (UTC time) above this resistance may offer investors a purchase opportunity. The goal to look out for is $ 3,8811 levels.
If the EOS / USD rate drops from the current levels and falls below the moving averages, this bullish scenario will be overridden. Below this support, a drop to $ 2.3314 is likely.
ADA / USD
Cardano (ADA) is in a strong uptrend. Altcoin continued to rise on June 4 after surpassing the $ 0.0865169 sudden resistance. The next goal is aimed at a rally in the general resistance zone of $ 0.1–0.10652.
Although the trend is on the rise, the relative strength index is in the overbought territory. This suggests that the 10th cryptocurrency in CoinMarketCap can correct for one to three days. This dive can offer investors an opportunity to buy.
On the upside, it will be a difficult obstacle to pass between $ 0.1 and $ 0.10652, so profits can be booked in this region.
If the bears drag the ADA / USD pair to $ 0.072, this bullish momentum will be invalid. Such a sharp retreat will show investors’ profit reservation.
XTZ / USD
The bulls raised Tezos (XTZ) above $ 3,074 on June 4, but they could not bear higher levels. This suggests that the bears aggressively defend this resistance.
If the bears drop below the 20-day EMA ($ 2.83), a drop to the 50-day SMA ($ 2.68) is possible. The trend is likely to return in favor of the bears in between.
Conversely, if the XTZ / USD pair returns at current levels or bounces off the bullish trend line, the bulls will attempt another move to move the price above the $ 3,073 – $ 3,1384 resistance zone. If successful, the couple is likely to start their journey towards the $ 3,3367 target and then $ 3.80. Traders can track stop-loss in long positions below the 50-day SMA.