Daily Price Prediction: Bitcoin Is Fighting for Each Resistance Level, Altcoins Are Following Their Own Patterns

  • Denys Serhiichuk
    📈 Price Predictions

    Against the market depression, some coins are managing to show growth. Our price prediction suggest where to invest in making profit


Daily Price Prediction: Bitcoin Is Fighting for Each Resistance Level, Altcoins Are Following Their Own Patterns

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

Despite yesterday market drop, bulls are struggling to push bears aside, and they are succeeding in it to a certain extent. Mainly, the total market capitalization is about to come back on psychological level at $250 Bln.

Cryptocurrency market capitalization by CoinMarketCap

The BTC domination index has almost not changed since yesterday and now makes up 55.7%. However, against the market correction, some altcoins have recovered their positions faster than the top assets.

Today Bitcoin SV and Tron are the top gainers, while the biggest losers are Tezos and Ethereum Classic out of the top 10 coins.

The reason explaining the growth of Tron refers to its CEO Justin Sun, who paid $4,567,888 for the right to dine with the famous Bitcoin critic billionaire Warren Buffett.

Now, let’s get to the chart to analyze the technical scenario of the top coins.

BTC/USD

As we predicted, bulls are not going to 'relax' for a long time, and today buyers have accumulated their efforts and won back $400.

BTC/USD chart by TradingView

The increasing trading volume is another reason for a growth rate; the quotes were trading near their local maxima from May 31 until June 3, even though the volume was lower than today.

If we apply the сurrent market slew to the one that happened at the end of May, one can expect Bitcoin trading at $8,000 on June 9.

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The price of BTC is trading at $7,833 at the time of writing.

ETH/USD

Yesterday Ethereum was almost copying the movement patterns of the leading cryptocurrency. Today it is performing even better, showing decline only by 0.9%. The fundamental background may be the reason for it - the global audit company Ernst & Young launched protocols for Ethereum and at the same time criticized the altcoin.

ETH/USD chart by TradingView

On the 1H chart, Ethereum was mostly dominated by bears since May 30; however, the current levels might be a good chance to buy deep.

The technical indicators confirm the growth even in the short-term; MACD is about to change the trend from bearish to bullish, and the trading volumes are also quite high. Taking into consideration these factors, Ethereum has all chances to reach $270 until mid-June.

The price of ETH is trading at $241.07 at the time of writing.

XRP/USD

Nothing has been changed since yesterday, and XRP remains the biggest loser; currently, the asset is losing more than 3% of its value. Besides, the general market dump, some fundamental factors also might affect the deeper correction. Particularly, Ripple unlocked 1 Bln XRP from an escrow valued at about $442 Mln.

XRP/USD chart by TradingView

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In terms of the technical analysis, Ripple is dominated by bears; the RSI indicator is looking downwards, suggesting that sellers have not sold all their savings.

In this regard, the nearest support line where quotes might reach in the short-term scenario is $0.36.

The price of XRP is trading at $0.3943 at the time of writing.

Cover image via 123rf.com
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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

Cover image via 123rf.com
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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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