Bitcoin, Ethereum, EOS, Ripple, NEO Return to Downtrend: Price Analysis, June 5

  • Andrew Strogoff
    📈 Price Predictions

    Bitcoin, Ethereum and EOS lose momentum, the top 15 cryptos are in red today


Bitcoin, Ethereum, EOS, Ripple, NEO Return to Downtrend: Price Analysis, June 5

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.

Crypto coins seem to return to their downtrends again as almost all the top 20 cryptocurrencies have lost some positions in the past 24 hours. There is no evident reason for them to fall and those downside tendencies may be part of local downward corrections.

As for interesting news, Vitalik Buterin, Ethereum’s founder has revealed that his project is able to process 100 mln transactions per second. He explained that sharding along with Plasma (second layer) will allow the Ethereum network to solve scalability problems.

Another interesting thing to pay attention to is that Ripple has announced plans to donate $50 mln to conduct research works and to accelerate cryptocurrencies’ adoption.

Bitcoin (BTC/USD) Price Analysis, June 5

Bitcoin seems to return to the downside tendency as BTC price has lost almost two percent in the past 24 hours. BTC/USD managed to establish a temporary upside tendency during the weekend, which was a part of an upside correction. However, on Monday BTC/USD started to decline.

Let’s have a closer look at what is going on the hourly chart. Bitcoin has broken through the red ascending trend line and moved lower meaning it has stopped its local uptrend (part of an upside correction). However, BTC/USD jumped off $7,341 support area, which prevents the currency pair from further downside tendency. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). The currency pair will break through the closest support area at $7,341 and move lower targeting the next support area at $7,199.
  2. Orange scenario (neutral). BTC/USD will stay within the current range between the resistance area at $7,565 and the support area at $7,341 jumping off both levels.
  3. Green scenario (bullish). Bitcoin will cross the closest resistance area at $7,565 and move higher, targeting the next resistance area at $7,734.

Ethereum (ETH/USD) Price Analysis,June 5

Ethereum followed the other allies and went downwards on Monday after the weekend’s rally, which was a part of an upside correction to the midterm downtrend. ETH/USD has lost more than two percent in the past 24 hours and is able to develop this negative tendency in the nearest future. If the upside correction is done, ETH/USD will likely to develop its downside progress.

Let’s have a closer look at what is happening on the hourly chart. ETH/USD has reached $626.66 resistance area during the weekend but was unable to cross it. The currency pair has started a short-term downside correction on Monday, which looks like the downtrend in the moment of writing as ETH/USD has broken through the green ascending trend line. Ethereum was stopped at $566.90 support area, which coincides with 2.618 retracement level. What are the possible ways for ETH/USD?

  1. Red scenario (bearish). The currency pair will break through $566.90 and move lower targeting $540.69 support area.
  2. Orange scenario (neutral). ETH/USD will test the closest resistance area at $596.08 and jump off it targeting the      closest support area at $566.90. The currency pair will stay within this range with no significant fluctuations.
  3. Green scenario (bullish). Ethereum will break through the resistance area at $596.08 and move higher targeting the next resistance area at $626.66, which coincides with 1.618 retracement level.

Ripple (XRP/USD) Price Analysis, June 5

ripple

Ripple moved downwards on Monday meaning this upside correction, which was developing during the weekend has come to an end. The currency pair has lost more than one percent in the past 24 hours but bulls still make attempts to reverse the price. XRP/USD failed to leave the Fibonacci retracement during the weekend meaning buyers are still unable to change the situation in their favor.

Let’s see closer what’s happening on the hourly chart within the Fibonacci tool. Ripple has breached the green ascending trend line and moved lower. XRP/USD is currently above the support area at $0.6515, which coincides with one retracement level. The following ways for Ripple are the following:

  1. Red scenario (bearish). The currency pair will move towards the closest support area at $0.6515 and cross it targeting the next support area at $0.6216.
  2. Orange scenario (neutral). XRP/USD is going to fluctuate within the range, limited by the resistance 0.786 retracement level and the support area at $0.6515.
  3. Green scenario (bullish). Ripple will cross 0.786 retracement level and several other retracement levels targeting $0.7013 resistance area.

EOS (EOS/USD) Price Analysis, June 5

EOS has lost almost nothing in the past 24 hours. The currency pair looks differently as compared to its rivals as it stays above the ascending trend line meaning it still develops its upside tendency. Buyers seem to change the situation in their favor as sellers are unable to push EOS/USD lower.

Let’s see what’s going on with EOS on the hourly chart. The currency pair has jumped off $12.80 support area on Monday and moved higher. EOS/USD has crossed $13.45 resistance area and touched the next one at $14.11  but failed to cross it. EOS fluctuates close to the support area at $13.45 in the moment of writing. What are the possible ways for EOS/USD?

  1. Red scenario (bearish). The currency pair will cross the current support area at $13.45 and move lower, aiming at the ascending trend line and the support area at $12.80.
  2. Orange scenario (neutral). EOS will stay inside the range, limited by the resistance area at $14.11 and the support area at $13.45 without significant changes.
  3. Green scenario (bullish). EOS/USD will breach the resistance area at $14.11 and run higher towards the next resistance area at $14.69.

NEO (NEO/USD) Price Analysis, June 5

Neo has lost more than two percent in the past 24 hours and seems to return to downside tendency as the currency pair has breached the green ascending trend line. The general situation is unclear in the moment of writing.

Let’s see what is going on the hourly chart. NEO/USD has crossed two support areas at $56.00 and $53.20 and is currently fluctuating below $53.20. Neo has tested the resistance area twice on Monday but failed to move higher. The possible scenarios for the currency pair are the following:

  1. Red scenario (bearish). NEO/USD will develop its downside progress and cross the support area at $50.24 targeting the next support area at $48.08.
  2. Orange scenario (neutral). The currency pair will stay inside the current range limited by the resistance area at $53.20 and the support area at $50.24.
  3. Green scenario (bullish). Neo will break through the closest resistance area at $53.20 and run higher towards the next resistance area at $56.00.

Cover image via u.today
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles