Bitcoin, Ethereum, Ripple in Green, IOTA Day’s Leader: Price Analysis, June 1

  • Andrew Strogoff
    📈 Price Predictions

    EOS loses a little, IOTA grows, cryptocurrencies across the board are being in green


Bitcoin, Ethereum, Ripple in Green, IOTA Day’s Leader: Price Analysis, June 1

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.

All the major cryptos from the top 20 are in a positive mood on Friday, but in general, there is no clear tendency currently as fluctuations are neutral. Cryptocurrencies seem to stop or to pause (which sounds better here) their downtrend for a while. However, what we see now on the charts looks like a correction and not a reversal.

The fundamental background is neutral in the moment of writing as there are no news to affect the industry significantly. However, some interesting facts we have gathered here. Despite the fact that almost all cryptos are green, EOS looks weak as Qihoo 360 has found security problems that lead to some losses. However, EOS still holds its positions generally as the system will transfer to mainnet on June 2, 2018.

As for the general picture, cryptocurrencies still need some good news to start the uptrend. They remain neutral and seem to be in correction to the previous downtrend.

Bitcoin (BTC/USD) Price Analysis, June 1

The currency pair started a correction this week and added around one percent on Friday. BTC/USD has jumped over the descending trend line and moved higher meaning bulls have finally found their support point.

Let’s have a closer look at the current situation within the Fibo retracement graphic tool. The currency pair still tests 1.618 retracement level, which coincides   with the $7,565 resistance area. It stays within a horizontal channel with no clear direction. However, we have lower lows meaning the currency pair forms a kind of an ascending triangle, which is able to burst upwards. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). The currency pair will move towards the closest support area at $7,199 to test it. If successful, sellers will be able to push BTC/USD even lower.
  2. Orange scenario (neutral). BTC/USD will move towards the closest support at $7,199 to test this line. However, bears will be unable to penetrate through this area and will retreat as BTC price will go upwards targeting the closest resistance area at $7,565.
  3. Green scenario (bullish). Bitcoin will jump over $7,565 and run higher targeting one retracement level, which coincides with the $7,949 resistance area.

Ethereum (ETH/USD) Price Analysis,June 1

Ethereum has added nearly two percent in the past 24 hours. However, the situation currently is still far from being positive as ETH price has difficulties to grow. ETH/USD is above the descending trend line currently meaning buyers have a chance to change the game.

Let’s zoom a bit to the Fibo retracement tool. ETH price shows low volatility today. It is close to the support area at $566.90. ETH/USD has broken through the descending trend line on Wednesday. Ethereum makes attempts to run higher since but still needs more power. What are the possible ways for ETH/USD?

  1. Red scenario (bearish). ETH/USD will break through the current support area at $566.90 and move lower targeting the next support area at 3.618 retracement level.
  2. Orange scenario (neutral). Ethereum will jump off the current support area at $566.90 and move higher towards the next resistance area at $596.08. ETH/USD will reverse there to move lower (flat fluctuations).
  3. Green scenario (bullish). The currency pair will reach $596.08 resistance area and move higher towards $626.66 resistance area, which coincides with 1.618 retracement level.

Ripple (XRP/USD) Price Analysis, June 1

The currency pair added nearly one percent in the past 24 hours. The volatility is low and there are no drivers currently to affect XRP price significantly. However, XRP price is above two descending trend lines (midterm and short-term) meaning chances for the price to rise are higher.

Ripple has reached the resistance area at $0.6216, which coincides with 1.618 retracement level. There were several tests, but bulls were unable to cross this line. The price jumped off $0.6216 again and moves towards the closest support area at $0.5914 in the moment of writing. What are the possible ways for ETH/USD?

  1. Red scenario (bearish). Ripple will reach the closest support area at $0.5914 and cross it targeting the next support at 2.618 retracement level.
  2. Orange scenario (neutral). The currency pair will jump off the closest support area at $0.5914 and mover higher towards 1.618 retracement level, which coincides with $0.6216 resistance area. There, XRP price will reverse again to run lower (meaning flat channel trading).
  3. Green scenario (bullish). The currency pair will reach the closest support area at $0.5914 (or start from the current levels) and then will reverse upwards targeting $0.6216 and the next resistance area at $0.6515.

EOS (EOS/USD) Price Analysis, June 1

EOS has lost nearly three percent in the past 24 hours. The currency pair continues its correction to the downtrend. However, bulls seem to have lack of opportunities to change the situation in their favor as EOS price is still within the Fibonacci retracement graphic tool.

Let’s see closer what is going on with EOS on the hourly chart. The currency pair almost reached the “head” of Fibonacci retracement, but retreated from there and crossed 0.236 retracement level. It fluctuates close to the support area at $11.92 in the moment of writing. What are the possible ways for EOS/USD?

  1. Red scenario (bearish). The currency pair will break through the current support area at $11.92 and move lower targeting 0.5 Fibonacci retracement level. Once reached and breached, this level will become the resistance and the price will fall further.
  2. Orange scenario (neutral). The currency pair will jump off the current support area at $11.92 and move higher targeting 0.236 retracement level. There EOS/USD will reverse again aiming at $11.92.
  3. Green scenario. The currency pair will move towards 0.236 retracement level and break it through. The next target is at the zero retracement level, which coincides with $12.80.

IOTA (IOTA/USD) Price Analysis, June 1

IOTA added over nine percent in the past 24 hours and the currency pair seems to change its tendency. However, it stays within the Fibonacci retracement meaning the correction is still in play. The currency pair is one of today’s leaders and show signs of further upside tendency to develop.

Let’s have a closer look at the situation on the hourly chart. The currency pair has demonstrated strong desire to grow as it establishes higher lows and highs. The price has jumped over the Fibonacci retracement graphic tool but returned inside. What are the possible ways for IOTA/USD?

  1. Red scenario (bearish). The currency pair will decline breaking through several retracements including 0.236, 0.382, 0.5.
  2. Orange scenario (neutral). The currency pair will reach $1.8472 and jump off this resistance level targeting the closest support area.
  3. Green scenario (bullish). The currency pair will reach $1.8472 and break through this level targeting the next resistance area at $1.9533.

👉MUST READ What is IOTA (MIOTA) - Simple Explanation for Beginners
What is IOTA (MIOTA) - Simple Explanation for Beginners

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