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📈 Price Predictions
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Bitcoin, Ethereum, EOS, NEO Suffer Big Losses: Price Analysis, June 11

  • Andrew Strogoff
    📈 Price Predictions

    Bitcoin and the other cryptos fall significantly, EOS is day’s loser

Bitcoin, Ethereum, EOS, NEO Suffer Big Losses: Price Analysis, June 11

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin and altcoins have started this new week with significant losses meaning buyers are still unable to take the initiative and change the situation. Many experts think that this is a delayed reaction of investors to CFTC requirement for the most significant exchanges like Coinbase, Kraken, Bitstamp and itBit to provide US regulatory body with all trading operations data since the moment of launch of Bitcoin futures.

What does this mean for the whole crypto community? First of all, CFTC will be able to have all necessary information on traders’ activities, which “kills” privacy. The crypto community reaction to this requirement is reasonable as a huge amount of traders and investors will have to change platforms in order to maintain a high level of confidentiality.

There is another event that was likely to push Bitcoin and other cryptos down. A small exchange in South Korea was hacked and nearly $40 mln coins were taken. It is not a huge attack like we have seen when hacked have attacked MTGox, but it erodes confidence towards the crypto community, which is vulnerable.

Bitcoin (BTC/USD) Price Analysis, June 11

Bitcoin has lost more than seven percent in the past 24 hours meaning the cryptocurrency has ended its upside correction and returned to downtrend. BTC price is consolidating currently but we have a clear bearish flag, which may lead to further BTC/USD downtrend in the nearest future.

Lets’ have a closer look at what is happening on the hourly chart. The currency pair has broken through several support areas at $7,565, $7,341, $7,181 and $6,943 during the weekend and stopped close to the next support area at $6,718. BTC/USD fluctuates there in the moment of writing. The possible ways for the currency pair are the following:

1.    Red scenario (bearish). BTC/USD will develop its downside tendency after breaking the closest support area at $6,718. The next support area will be at $6,510 (our midterm target).

2.    Orange scenario (neutral). Bitcoin will stay within the current range, limited by the resistance area at $6,943 and the support area at $6,718 without significant price changes.

3.    Green scenario (bullish correction). The currency pair will break through the closest resistance area at $6,943 targeting the next resistance area at $7,181.

Ethereum (ETH/USD) Price Analysis, June 11

The currency pair has lost nearly six percent in the past 24 hours. Ethereum seems to end its upside correction and return to its downtrend. ETH price is consolidating currently. It looks like ETH/USD is ready to make an upside correction after a huge downside momentum.

Let’s have a closer look at what is happening on the hourly chart. ETH/USD has broken through several support areas including $566.90, $540.69 and touched the support area at $500.36. The price jumped off this level starting a bullish correction. The possible ways for ETH/USD are the following:

1.    Red scenario (bearish). Ethereum will break through the closest support area at $500.36 and move lower, targeting the next support area at $473.39.

2.    Orange scenario (neutral). ETH/USD will stay within the current range, limited by the support area at $500.36 and the resistance area at $540.69.

3.    Green scenario (bullish correction). The currency pair will break through the closest resistance area at $540.69 and move higher, targeting the next resistance area at $566.90.

Ripple (XRP/USD) Price Analysis, June 11

The currency pair has lost almost six percent in the past 24 hours. Ripple seems to end its upside correction and return to the downtrend. XRP/USD is consolidating in the moment of writing and it is likely to start a bullish correction.

Let’s have a closer look at XRP/USD on the hourly chart. The currency pair has broken through several support areas including $0.6216, $0.5914 and almost reached $0.5444 support area. XRP/USD jumped off this level later and reached $0.5914 again. The possible ways for XRP/USD are the following:

1.    Red scenario (bearish). Ripple will break through the closest support area at $0.5444 and move lower targeting the next support area at $0.5088.

2.    Orange scenario (neutral). XRP/USD will stay within the current range limited by the support area at $0.5444 and the resistance area at $0.5914.

3.    Green scenario (bullish correction). The currency pair will break through the closest resistance area at $0.5914 targeting the next resistance at $0.6216.

EOS (EOS/USD) Price Analysis, June 11

The currency pair has lost nearly 15 percent in the past 24 hours. EOS has broken through the green ascending trend line meaning the currency pair has ended its upside tendency and returned to downtrend. EOS seems to establish a bearish flag, which may result in further EOS/USD decline.

Let’s have a closer look at what is going on the hourly chart. The currency pair has broken through several support areas and reached $10.54 support area. EOS/USD stopped there and started to consolidate. The possible ways for EOS/USD are the following:

1.    Red scenario (bearish). The currency pair will break through $10.54 support area and move lower targeting the next support area at $9.91.

2.    Orange scenario (neutral). The currency pair will stay within the current range limited by the resistance area at $11.41 and the support area at $10.54 without significant price changes.

3.    Green scenario (bullish correction). EOS/USD will break through the closest resistance area at $11.41 targeting the next resistance at $11.92.

NEO (NEO/USD) Price Analysis, June 11

The currency pair has lost nearly nine percent in the past 24 hours. NEO looks like ending its upside correction and return to the bearish tendency. NEO/USD form a kind of flag on the hourly chart meaning the currency pair has further potential to fall.

Let’s see what is going on with NEO on the hourly chart. The currency pair has crossed several support areas during the weekend and stopped at $44.55 support area. NEO/USD is consolidating in the moment of writing. The possible ways for the currency pair are the following:

1.    Red scenario (bearish). NEO/USD will break through $44.55 support are and move lower, targeting the next support area at $41.51.

2.    Orange scenario (neutral). The currency pair will stay within the current range limited by the resistance area at $48.08 and the support at $44.55 without significant changes.

3.    Green scenario (bullish). NEO will cross the resistance area at $44.55 and move higher targeting the next resistance at $50.24.

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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.

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