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📈 Price Predictions
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Bitcoin, Ethereum, Ripple, Neo Lose Momentum, EOS Trying to Restore: Price Analysis, June 8

  • Andrew Strogoff
    📈 Price Predictions

    Bitcoin and the other cryptos lose their momentum, EOS is still holding its positions


Bitcoin, Ethereum, Ripple, Neo Lose Momentum, EOS Trying to Restore: Price Analysis, June 8

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.

The top 20 cryptocurrencies are in downside correction on Friday as there is still nothing new in this industry, which may affect coins and lead to big and serious movements. All cryptos are influenced by technical aspects currently.

As for interesting news, we suggest paying attention to Carbon Black’s report, which says that criminals have almost no difficulties to steal cryptocurrencies from users. According to the latest data, hackers are able to use over 10,000 marketplaces in order to steal digital money.

Another interesting thing to pay attention to is the launch of EOS mainnet as the last tests seem to end. The cryptocurrency shows bullish tendencies as investors and traders are looking forward to seeing the release of this update.

Bitcoin (BTC/USD) Price Analysis, June 8

Bitcoin has lost less than one percent in the past 24 hours. The currency pair is still in upside correction to the previous downtrend, but this week, BTC/USD shows no significant fluctuations. Bitcoin is still below the green ascending trend line.

Let’s have a closer look at what is going on the hourly chart. The currency pair has reached $7,734 previously but failed to hold this level or to run higher and went downwards. BTC/USD has touched $7,565 again and fluctuates there in the moment of writing. The possible ways for BTC/USD are the following:

  1. Red scenario (bearish). The currency pair will break through $7,565 support area and move lower, targeting the next support area at $7,341.
  2. Orange scenario (neutral). BTC/USD will stay within the current range, limited by the support area at $7,565 and the resistance area at $7,734.
  3. Green scenario (bullish). The currency pair will run towards $7,734 and break it through targeting the next resistance area at $7,949.

Ethereum (ETH/USD) Price Analysis, June 8

Ethereum has lost less than one percent in the past 24 hours. The currency pair develops its correction to the previous downtrend. However, ETH/USD seems to lose its momentum, as it fluctuates within a horizontal range this week.

Let’s have a closer look at what is happening on the hourly chart. Ethereum fluctuated within the range on Thursday. ETH/USD stays close to the support area at $596.08. What are the possible ways for Ethereum?

  1. Red scenario (bearish). ETH/USD will break through the support area at $596.08 targeting the next support area at $566.90.
  2. Orange scenario (neutral). The currency pair will move towards the closest resistance area at $626.66 and jump off this area, targeting support at $596.08.
  3. Green scenario (bullish). Ethereum will grow towards $566.90 resistance area and break it through targeting the next resistance area at $662.39.

Ripple (XRP/USD) Price Analysis, June 8

Ripple has lost almost two percent in the past 24 hours. The currency pair continues its upside correction to the previous downtrend, but it is below the green ascending trend line. It seems like XRP/USD has lost momentum currently.

Let’s have a closer look at what is going on the hourly chart. XRP/USD failed to break through 0.5 retracement level and reversed downwards. Ripple fluctuates close to 0.786 retracement level in the moment of writing. The possible ways for XRP/USD are the following:

  1. Red scenario (bearish). The currency pair will break through the closest support area at 0.786 retracement level and run lower, targeting the next support area at $0.6519.
  2. Orange scenario (neutral). XRP/USD will stay within the current range limited by the resistance at 0.618 and the support at 0.786 retracement level.
  3. Green scenario (bullish). Ripple will jump over the resistance at 0.618 retracement level and move higher targeting 0.382 retracement level.

EOS (EOS/USD) Price Analysis, June 8

EOS added less than one percent in the past 24 hours. The currency pair “feels” better than the other cryptos as it stays above the green ascending trend line moving almost along it. EOS/USD is likely to develop this upside tendency.

Let’s have a closer look at what is going on the hourly chart. The currency pair has reached $14.69 level on Thursday but failed to hold there and declined below $14.11 where it stays in the moment of writing. Possible ways for Ripple are the following:

  1. Red scenario (bearish). EOS/USD will decline towards the closest support area and break it through. The next target for the currency pair will be the support area at $12.80 via the green ascending trend line.
  2. Orange scenario (neutral). The currency pair will stay inside the current horizontal range between $14.11 and $13.45 levels without any significant price changes.
  3. Green scenario (bullish). EOS/USD will jump over $14.11 resistance area targeting the next one at $14.69.

NEO (NEO/USD) Price Analysis, June 8

The currency pair has lost more than two percent in the past 24 hours. NEO/USD is in correction currently, but the currency pair has no direction currently as it fluctuates within the horizontal range on the hourly chart.

Let’s have a closer look at the currency pair. After establishing new local highs this week, NEO/USD has tested them a couple of times and reversed downwards. NEO has broken through the support area at 53.20 and reached local lows at $51.90. The possible scenarios for NEO/USD are the following:

  1. Red scenario (bearish). NEO/USD will run towards the closest support area at $50.24.
  2. Orange scenario (neutral). NEO will run towards the closest resistance area at $53.20 and reverse from there. This is a neutral scenario, meaning there will be no significant price changes.
  3. Green scenario (bullish). The currency pair will break through the closest resistance area at $53.20 targeting the next one, which is at $56.00.

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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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