Cryptocurrencies established new lows during the weekend. Bitcoin tested $5,800 area but bulls managed to bounce back there and started a correction on Monday. The situation is still critical as cryptocurrencies develop their downtrend with short upside corrections.
The general fundamental background is neutral, but markets still continue to sink and this is a very dangerous alert for the investors and traders who still try to change the situation. The crypto market is bearish as no one knows when whales are going to end those speculative games.
For ones such a serious decline is a good opportunity to buy lower and as we can see they try to invest more into crypto markets. However, for the others, this situation is negative as nobody can predict where and when the crypto market will start its general growth.
Bitcoin (BTC/USD) Price analysis, June 25
The currency pair has added more than four percent in the past 24 hours. However, we have mentioned above that BTC/USD established new lows on the weekend and reached $5,800. Bitcoin was unable to develop its downside progress and started a correction.
Let’s have a closer look at the situation on the hourly chart. Bitcoin has tested the support line at 4.236 retracement level but failed to cross it and bounced back targeting the resistance at 3.618 retracement level. BTC/USD failed to jump over it as well and stays currently within the range, limited by 4.236 and 3.618. The possible ways for BTC/USD are the following:
- Red scenario (bearish). Bitcoin will test 4.236 retracement level. If successful, sellers will have an opportunity to push the currency pair lower.
- Orange scenario (neutral). BTC/USD will fluctuate within the range between the support area at 4.236 retracement level and the resistance at 3.618.
- Green scenario (bullish). The currency pair will hit the resistance area at 3.618 to test it. If buyers are able to jump over it, they are going to target the next resistance at $6,510.
Ethereum (ETH/USD) Price analysis, June 25
The currency pair has added less than two percent in the past 24 hours. However, as we can see it on the chart, Ethereum suffered significant losses on the weekend. The currency pair resumed its downtrend and stays below the descending trend line.
When we look closer at the hourly chart we can see that Ethereum has tested the support area at $431.42. The currency pair failed to develop its downside progress as buyers regain initiative and drove ETH/USD higher. However, they were unable to change the situation significantly as Ethereum has tested the resistance area at $453.24, but retreated from there. The possible ways for ETH/USD are the following:
- Red scenario (bearish). The currency pair will test the support area at $431.42 and if successful, bears will have an opportunity to develop their progress.
- Orange scenario (neutral). Ethereum will fluctuate within $431.42 and $453.24 levels without significant price changes.
- Green scenario (bullish). ETH/USD will test the resistance area at $453.24 and if successful, bulls will drive the currency pair higher targeting the next resistance at $473.39.
Ripple (XRP/USD) Price analysis, June 25
Ripple has added more than four percent in the past 24 hours, but the currency pair is still negative as we can see that it has reached new lows on the weekend. We have drawn the descending trend line which prevented XRP price from going above during Saturday and Sunday. However, XRP/USD is in correction on Monday.
Ripple followed its allies and tested new lows during the weekend. The currency pair has reached the support area at $0.4495, but retreated from there as bears had not enough power to push Ripple lower. XRP/USD went upwards later and tested the resistance at $0.4744. The currency pair stays above this level in the moment of writing. The possible ways for Ripple are the following:
- Red scenario (bearish). Ripple will move towards the support area at $0.4495 to test it. If successful, bears will be able to push the currency pair lower.
- Orange scenario (neutral). No significant price changes are expected. The currency pair will stay between the support at $0.4744 and resistance at $0.4918.
- Green scenario (bullish). Ripple will test the resistance area at $0.4918 and jump over it, targeting the next resistance at $0.5088.
EOS (EOS/USD) Price analysis, June 25
The currency pair has added more than eight percent in the past 24 hours, but the situation is still unclear as EOS/USD has suffered significant losses during the weekend and established new lows. We have drawn a descending trend line, but EOS/USD has successfully crossed it and stays above in the moment of writing.
EOS/USD has reached the support area at $7.10 during the weekend but retreated from there as sellers were unable to hold their lines. The currency pair crossed the resistance at $7.65 and tested the next resistance at $8.29 later. The possible ways for EOS are the following:
- Red scenario (bearish). The currency pair will break through the support area at $7.65 and move lower, targeting new weekly lows at $7.10.
- Orange scenario (neutral). EOS/USD will stay within the current horizontal range limited by the resistance at $8.29 and the support area at $7.65.
- Green scenario (bullish). EOS will cross the resistance area at $8.29 and move higher targeting the next resistance at $9.03.
NEM (XEM/USD) Price analysis, June 25
The currency pair has added more than five percent in the past 24 hours but this is nothing more than a simple correction as XEM/USD established new lows during the weekend. XEM/USD stays below the descending trend line in the moment of writing.
When we zoom in the hourly chart we can see that XEM price has tested the support area at $0.1459 during the weekend but failed to jump over it. The buyers have driven the currency pair higher later and XEM price is above the support area at $0.1539 currently. The possible ways for NEM are the following:
- Red scenario (bearish). The currency pair will cross the support area at $0.1539 targeting the next support at $0.1459.
- Orange scenario (neutral). XEM/USD will stay within the current range limited by the resistance at $0.1682 and the support at $0.1539.
- Green scenario (bullish). NEM will break through the resistance area at $0.1682 and move higher targeting the next resistance at $0.1873.
Yuri Molchan
Alex Dovbnya
