Price Analysis 6/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, CRO, ADA
Bitcoin price dropped below the ascending triangle trendline, suggesting further bearish price action for BTC and altcoins.
The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger will be the eventual breakout from it.
Daily cryptocurrency market performance. Source: Coin360
The researchers believe that the top-ranked asset on CoinMarketCap has penetrated only a fraction of its total addressable market and over the next few years as the penetration increases, Bitcoin price is likely to surge. The report also projected bullish targets for several altcoins based on the same metric.
Bitcoin (BTC) broke below the trendline of the ascending triangle on June 27. This has invalidated the bullish setup, which is a bearish sign. The bears are currently defending the trendline that has flipped from being a support to a resistance.
BTC/USD daily chart. Source: Tradingview
If the BTC/USD pair turns down from the trendline, the bears will try to sink the price below $8,825. If the bears succeed, there is a minor support at $8,638.79 and if this level breaks down, a decline to $8,130.58 is possible.
The moving averages have completed a bearish crossover for the first time since mid-April and the relative strength index is in the negative zone, which suggests that bears are at an advantage.
This bearish view will be invalidated if the pair breaks above the moving averages. Such a move will suggest strong buying at lower levels.
Ether (ETH) broke below the $225.783 support on June 27. In doing so, the biggest altcoin also broke and closed (UTC time) below the 50-day simple moving average ($224) for the first time since April 16.
ETH/USD daily chart. Source: Tradingview
The bulls are currently attempting to push the second-ranked cryptocurrency on CoinMarketCap back above $225.783. The 20-day exponential moving average ($230) is just above this resistance.
If the bulls can propel the price above the 20-day EMA the pair might attempt to rally to $253.556.
Conversely, if the price turns down from either resistance the bears will try to sink the ETH/USD pair below $216.006. If successful, a drop to $200 and then to $176.112 is possible.
XRP is currently trading inside a descending channel and both moving averages are sloping down and the RSI is close to the oversold zone. This suggests that bears have the upper hand.
XRP/USD daily chart. Source: Tradingview
Although the bulls purchased the dip to the support line of the channel on June 27, they are struggling to carry the price to the resistance line of the channel which is a bearish sign.
If the fourth-ranked cryptocurrency on CoinMarketCap turns down from the current levels or from the resistance line of the channel the bears will try to resume the down move.
A break below the support line of the channel will intensify selling and the first strong support on the downside is at $0.14. If this support breaks down the decline can extend to $0.124412 which is the pattern target of the breakdown from the triangle.
Contrary to the assumption, if the bulls can push the price above the channel then this could signal the start of a trend change.
Bitcoin Cash (BCH) broke below the immediate support at $217.55 on June 27 and fell to a low of $204.93. The bulls purchased this dip and pushed the price back above $217.55 on June 28 which suggests demand at lower levels.
BCH/USD daily chart. Source: Tradingview
However, the bears are not allowing the bulls to have it easy. The downsloping 20-day EMA ($233) and the RSI below 40 level suggests that bears have the upper hand. They will again attempt to sink the fifth-ranked cryptocurrency on CoinMarketCap below $200.
If successful, a new downtrend is likely. The first support on the downside is at $180 and if that cracks the next level to watch out for is $140.
If the BCH/USD pair rebounds off $200 again it will increase the possibility of a move to $240.
Bitcoin SV (BSV) plummeted to $135 on June 27 and currently both moving averages are sloping down as the RSI is close to oversold levels. This suggests that the trend favors the bears.
BSV/USD daily chart. Source: Tradingview
The bulls are currently attempting a pullback which is likely to face stiff resistance at the breakdown level of $170. If the sixth-ranked cryptocurrency on CoinMarketCap turns down from this level the bears will try to resume the downtrend and sink the price to $110.
Another possibility is that the BSV/USD pair turns down from $170 but stays above $135. In such a case, a few days of range-bound action is likely. The bearish view will be negated if the pair rises and sustains above $170.
Litecoin (LTC) plunged below $41 and hit a low of $39.1843 on June 27. Currently, both moving averages are sloping down and the RSI is close to the 40 level which suggests that bears have the upper hand.
LTC/USD daily chart. Source: Tradingview
Although the seventh-ranked cryptocurrency on CoinMarketCap bounced sharply from $39.1843, the bulls are struggling to sustain the price above $41. This suggests a lack of buyers at higher levels.
If the LTC/USD pair does not break out of the 20-day EMA ($43.26) within the next few days, the bears are likely to make another attempt to break below the $39 support. If they succeed the price could drop to $34.
This bearish view will be invalidated if the pair bounces off the current levels and rises above the moving averages. This will open up the possibility of a rally back to $51.
Binance Coin (BNB) broke below the immediate support of $15.72 on June 27 and fell to a low of $14.80. The bulls purchased this dip but they are struggling to push the price back above the breakdown level of $15.72.
BNB/USD daily chart. Source: Tradingview
This suggests a lack of buyers at higher levels. If the eighth-ranked crypto-asset on CoinMarketCap turns down from $15.72 the bears will try to extend the decline to $13.65.
The downsloping 20-day EMA ($16) and RSI below 40 level suggests that bears have the upper hand. This bearish view will be invalidated if the bulls push the price above the moving averages.
EOS broke below the critical support at $2.3314 on June 27 but the bulls purchased this dip and pushed the price back into the $2.3314–$2.8319 range. However, the rebound lacks strength, suggesting that demand dries up at higher levels.
EOS/USD daily chart. Source: Tradingview
The 20-day EMA continues to slope down and the RSI is close to the oversold levels which shows that bears have the upper hand.
If the bulls fail to push the price above the 20-day EMA ($2.51), the bears will make another attempt to sink the ninth-ranked cryptocurrency on CoinMarketCap below the $2.3314–$2.1926 support. If this zone cracks a decline to $1.80 is likely.
This bearish view will be invalidated if the EOS/USD pair rebounds off the current levels and rises above the moving averages.
Crypto.com Coin (CRO) bounced off the 20-day EMA ($0.114) on June 28, suggesting that the bulls continue to view dips as buying opportunities. The upsloping moving averages also shows that the trend favors the bulls.
CRO/USD daily chart. Source: Tradingview
The 10th-ranked cryptocurrency on CoinMarketCap has risen above the immediate resistance of $0.118234 and is now likely to retest the highs at $0.126245. A breakout of the highs can result in a rally to $0.135202 and then to $0.15306.
The only negative development on the chart is the bearish divergence on the RSI. This suggests that the uptrend is weakening. If the bulls fail to sustain new highs, it could result in a pullback below $0.11. Therefore, traders should exercise caution.
Cardano (ADA) has formed a symmetrical triangle. The 20-day EMA ($0.0797) is gradually moving higher and the RSI has bounced off the 50 level, which suggests that bulls are at a slight advantage.
ADA/USD daily chart. Source: Tradingview
The first sign of strength will be a breakout and close (UTC time) above the resistance line of the triangle. If the momentum can carry the 11th-ranked cryptocurrency on CoinMarketCap above $0.0901373, the uptrend is likely to resume.
The next target on the upside is $0.10 and above it $0.10686, which is the pattern target of the breakout from the triangle.
Conversely, if the bears sink the ADA/USD pair below the support line of the symmetrical triangle, a drop to $0.069488 is possible. Below this level, the decline can extend to $0.0549 which is the pattern target of the breakdown from the triangle.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.