What a terrible week for crypto traders! After establishing new lows, the price remains flat as market participants seem to have no idea where to drive cryptocurrencies. The good news here is that there are no eternal flats, buyers and sellers will have to take steps in the nearest future and break the balance. The bad news is that nobody knows currently the possible direction of a new trend.
As for the news and events, there are some interesting ones that are worth your attention. The latest UK research shows that young men and women prefer to invest in cryptos and shares rather than buying property even when the price of assets is too volatile. Young generations do not consider property as a safe way to save their money.
Bitcoin is treated as one of the most convenient source for investments as one can buy the cryptocurrency from his or her mobile.
Another interesting news comes from Facebook. The famous social media is ready to accept crypto ads, but advertisers need to make an application in order to prove its eligibility to Facebook’s administration.
Bitcoin (BTC/USD) Price analysis, June 28
Almost no gains and no losses for Bitcoin in the past 24 hours. However, the general situation remains bearish as BTC price is below the descending trend line. There was nothing interesting in Wednesday’s fluctuations, but market players hope for better days in the nearest future.
Let’s zoom in to the current situation on the hourly chart. As we have previously mentioned, Bitcoin price reached the resistance at 3.618 after testing 4.236. Bitcoin remains within this range. BTC price is below the descending trend line but is likely to test it in the nearest future. The possible ways for BTC/USD are the following:
1. Red scenario (bearish). The currency pair will test the support area at 4.236 and if successful, the price will develop its downside progress.
2. Orange scenario (neutral). This is the most likely scenario for Thursday if there is no important breaking news. BTC price will stay within the current range without significant changes.
3. Green scenario (bullish). Bitcoin will cross the descending trend line and the resistance at 3.618, targeting the next resistance at $6,510.
Ethereum (ETH/USD) Price analysis, June 28
Ethereum “feels” a bit better than Bitcoin does, but the currency pair still has no clear direction as it fluctuates within a range on the hourly chart. Ethereum price is above the descending trend line meaning the downtrend has ended, but bulls are unable to take control over the market.
What can we see on the hourly chart zooming in to the price? Ethereum tried to go lower on Wednesday, but ETH price failed to confirm the breakout of $431.42. ETH/USD fluctuates close to this level currently. The possible scenarios for ETH/USD are the following:
1. Red scenario (bearish). The currency pair will break through the support area at $431.42 to move lower, targeting the next support at $417.28.
2. Orange scenario (neutral). This scenario is likely to be the winning one today as we expect ETH price to stay within the current price range. We also think that it is able to move towards the upper side of the range at $453.24.
3. Green scenario (bullish). If buyers have enough power, they will be able to jump over $453.24 targeting the next resistance at $473.39.
Ripple (XRP/USD) Price analysis, June 28
Ripple has added almost two percent in the past 24 hours, but still looks neutral as the price is within the range without any direction. Ripple price is above the descending trend line meaning bulls have chances to change the situation in the nearest future.
When we look closer at the situation on the hourly chart we can see that Ripple is trying to test the resistance area at $0.4744, but still in vain as XRP price retreats from this level. Even though Ripple looks bullish now, it has to jump over this resistance in order to develop its upside progress. The possible scenarios for XRP/USD are the following:
1. Red scenario (bearish). The currency pair will move towards the closest support to test it. If bears are able to move below $0.4495, they will develop their downside progress.
2. Orange scenario (neutral). This one is the most likely for Thursday as we think Ripple price will stay within the current range without significant changes.
3. Green scenario (bullish). Ripple will jump over the resistance at $0.4744 to move higher targeting the next resistance at $0.4918.
EOS (EOS/USD) Price analysis, June 28
EOS has almost four percent in the past 24 hours being a true leader of the top 20, but in general, the currency pair shows no direction on the hourly chart. It is consolidating currently. EOS price is above the descending trend line.
When we zoom in the hourly chart we can see that Ripple has tested the resistance area at $8.29 again on Wednesday but failed to jump over it. The price remains neutral and approaches the support area at $7.65 in the moment of writing. The possible ways for EOS/USD are the following:
1. Red scenario (bearish). EOS will make a breakout of support area at $7.65 and move lower targeting the next support at $7.10.
2. Orange scenario (neutral). We think that this one is the most probable for Thursday as EOS price is likely to stay within the current range.
3. Green scenario (bullish). EOS/USD will jump over the resistance at $8.29 and move higher, targeting the next resistance at $9.03.
NEM (XEM/USD) Price analysis, June 28
The currency pair remains almost unchanged in the past 24 hours. There is no trend currently on the hourly chart as NEM is consolidating. XEM price is above the descending trend line.
Let’s look closer at the hourly chart and the price. NEM has tested the resistance area at $0.1539 but failed to jump over it and stays close to this level in the moment of writing. The possible ways for XEM/USD are the following:
1. Red scenario (bearish). The currency pair will decline towards the closest support area at $0.1459. We think that this is the most appropriate scenario for Thursday.
2. Green scenario (bullish). XEM/USD will jump over the resistance at $0/1539 targeting the next resistance at $0.1682.
Yuri Molchan
Denys Serhiichuk
Dan Burgin
Alex Dovbnya
Vladislav Sopov