BTC, ETH, LTC Price Analysis — Tether printed $150 Mln USDT. Is the Market Supposed to Go Up?

  • Denys Serhiichuk
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    💱📉The market is facing stagnation. Our price analysis explains whether it is a signal to stay aside or a chance to accumulate one’s position💬📈


BTC, ETH, LTC Price Analysis — Tether printed $150 Mln USDT. Is the Market Supposed to Go Up?

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.

Contents

The cryptocurrency market has almost not changed since yesterday; the rates of the top 3 coins have become stuck at the previous positions, whereas Litecoin has skyrocketed by 8%.

Yesterday, Tether released USDT valued at $150 mln; however, the market did not react to this fundamental factor they way it usually does. Earlier, when new UDST coins were printed, the prices of the coins went up to new highs, but the current case is rather an exception from the rule. Currently, almost $3.3 bln USDT have been issued.

In this regard, Bitcoin’s market share has declined and now constitutes 55.3%.

BTC/USD

The leading cryptocurrency has not followed our scenario from yesterday, and a fall to $7,400 has not happened. Currently, Bitcoin is trying to retest the $8,000 mark once again.

On the four-hour timeframe, one can see how the price is slowly going down the descending channel. At the same time, a relatively strong level of support is formed at the $7,500 mark, from which the price pushed on June 10 for the last time.

BTC/USD 4-hour chart

Along with falling volumes, bearish moods are aggravated by the downward slope of the MA 50, which on June 7 crossed the top down of the MA 100. For a radical change in sentiment, the price needs to be broken against the background of high trading volumes of the upper channel line, currently passing through the $8,050 mark.

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However, trading activity is currently low. Also, the downward slope of moving averages (MA) indicates a high probability of falling below $7,500 over the next 24 hours. If this level of support does not stand, then the price is likely to fall below $7,000.

The price of BTC is trading at $7,959 at the time of writing.

ETH/USD

If for Bitcoin $8,000 is a critical level that bulls cannot reach, Ethereum is struggling to conquer its mark, which is $250.

ETH/USD 1-hour chart

On the hourly chart, ETH has been bullish since June 9, and there are no signals for the price drop for now. The MACD indicator confirms the buyers’ dominance on the market, as well as the amount of trading volume, which remains at its previous positions.

In this case, Ethereum might reach $250 and even surpass this mark until June 15.

The price of ETH is trading at $244.02 at the time of writing.

LTC/USD

If earlier Litecoin was fighting against EOS for the 5th place in the global cryptocurrency ranking, today it is the 4th most popular coin, having left behind Bitcoin Cash. Earlier we predicted that LTC is supposed to be corrected after a sharp price rise; however, the “digital silver” has denied such a scenario and set a new ATH for 2019, having reached almost $140.

LTC/USD 1-hour chart

In terms of the technical analysis, Litecoin is forming the Head and Shoulders pattern. In this case, the price is likely to fall to the orange zone at $125-$130 shortly. Thus, the RSI indicator also confirms the possible price drop in the short-term scenario, located on the verge of the overbought zone.

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The price of LTC is trading at $139.17 at the time of writing.

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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?


ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?

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.

Contents

Resisting the bears’ attempts to beat it down, Ethereum price retains its positions around $250. Moreover, it’s said to be approaching the $400 goal. When should it happen, and why are most traders optimistic about ETH’s future? Let’s analyze Ethereum price predictions from tradingview users and compare their price charts – you will be surprised to discover most of them share similar opinions.

Target – wave III

Ethereum moving on waves

Look at the pattern from Crypto_Boer: the wave pattern is playing out perfectly, and now Ethereum keeps moving to the wave III somewhere at the $377 level. The finish target here is $440, which can be achieved in mid-September or October.

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$360 by the end of June

 $400 mark can be hit in August

Here’s another price chart showing us Ethereum’s way to the heights. Bulls may show up soon. Our target is $360 for 50% upside potential. If ETH reaches such a level, crawling to the $400 mark in July-August will be more than possible.

Beware of a double bottom

ETH should go through a correction

Of course, before Ethereum is able to reach the desired heights, it should go through a correction. User JRghost predicts that ETH should touch $287 before starting the retracement. Price may look to hit PRZ and retrace, then extend to double bottom measured move.

Here are the technical indicators to prove that:

  • Coinciding bearish patterns - Cypher/Butterfly.

  • PRZ is highlighted in red

  • .382 and .618 zone for each pattern highlighted in Green

  • 382 is confluent for a back-test of double bottom confirmation line.

  • Higher Levels of Relative Strength

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Closest targets for ETH

Major targets for ETH

User bread911 has noticed a major momentum divergence on the ETH/USD 4 hr chart. The average is $236.50, while our major resistance targets now are $265, $280, and $340. The first two targets can be easily overcome during June, but what about the third one? It’s possible to reach, too!

Final words

ETH looks really good on the weekly and daily charts – we have broken the trend-line resistance, and begun fresh up-trend. The 5th Elliot wave count is looking primed.

If we manage to break up in the coming days, there’s a big chance Ethereum will reach $290-300 and then simply turn down again. It could potentially even become high for the coming months. If we drop and break down from the current patterns, ETH will stay inside the $220-260 range during June, but it will be more likely to break resistance later, and we’ll see a much bigger rally in the coming months.

Some traders also claim they see a triangle on the price chart, which is a sign of bulls being eager to get in and bears giving up. They simply can't break the flag support because there are just too many bulls wanting to get in.

Ethereum has already managed to break the major $230 resistance, but there’s a possibility of an H&S pattern, which we can consider to be some kind of neckline. If it breaks, outcomes might be sad. $250 is a clear short term resistance now, and the trend is still up, so candles are likely to pop up.

It should be noticed that a lot here depends on Bitcoin. For instance, ETH can repeat its current head & shoulders pattern and take a short nosedive. But in case of growth, we’ll see kicking off the push to $400 for the ETH/USD pair.

Ethereum charts by TradingView

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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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