Price Analysis: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), EOS (EOS) | Crypto Gazette – Daily Crypto News, Articles & Tips

BTC/USD has been consolidating above the lows of yesterday’s mini squeeze.

Since breaking above $6,000, BTC bulls have tried to keep the bears at bay.

However, the bears are still in with a big say as they have managed to contain prices from breaking higher.

Failing to rally has given the bears initiative and we won’t see an upside until BTC holds in green for the day.

Alternatively, the bears can do the market a favor and switch to help maintain the consolidation towards June 21st prices.

The Fibonacci retracement indicates that the 61.8% level crosses the trend line and eoscoincides with weak support.

The 100 SMA has crossed below the longer-term 200SMA. It shows that the bears are still in place and we could see BTC break below. If it does, the sell-off will resume.

The RSI 14 level is turning lower but doesn’t hit overbought levels, signaling that sellers are likely to make an entry.

There’s a major support area at $6150 and then $6287. Beyond this, the bulls will run into resistance at $6424 and $6837.

If it breaks below Sunday’s high, it could find major support at $5709.

Ethereum (ETH)

ETH/USD touched a low of $420 before it bounced back by about 10% to reach $457.

The market indicators put Ethereum in a bearish momentum even as the bulls fight to keep off the bears.

Matters aren’t helped as it faces a complicated struggle to break above a tight range. The current range has an intricate network of both support zones and resistances.

What that means is the ETH could likely see a scenario similar to the last 24 hours. We are likely to see it break above or below the current zones.

If it breaks above, the ETH/USD pair will likely face stiff resistance at both $470 and $480 baseline channels.

If selling pressure mounts and it breaks below, it will rely on support at $420. This is where the downward trend crosses the wedge.

Further below this, it will find support at $400 and a sustained bear run will likely take us to March lows with major support at $360.

Litecoin (LTC)

Litecoin dropped to a low of $76 during early Asian trading hours on Monday. The dip sharply contrasted the high of $95 it had rallied to reach on Friday.

It’s one of the heavily hit coins as technical sell-offs are compounded by more negative news hitting the market.

The LTC/USD pair currently trades just above its support level at $80, below its 13 days EMA at $81.

It is expected that prices may retest lows of $75 before a reversal pattern emerges.

If it does, the new upside target will now be $130 mark. Above that, it’d get stiff resistance at $165 and $182.

If the bears retake the initiative, we could see it drop to rely on support at $79 and below that $75.

The Relative Strength Index 14 is at 26.44, suggesting the best action now is to hold tight and see where sentiment goes.

Both moving averages indicate that sellers could re-enter the market. LTC will remain in a bearish trendline as indicated by the 20-day and 30-day EMA.

EOS (EOS)

The EOS platform continues to attract varied opinion based on the events of the last few days.

The most criticism continues to be leveled at the block producers. Investors will do themselves a lot of good to keep an eye on this.

The technicals show that EOS/USD remains in a bearish zone short-term. Even though there’s a nice upside over the last 24 hours, the overall picture isn’t very encouraging.

The attempted correction shouldn’t be surrendered to the bears if the gains are to hold.
The 0.786 Fib retracement has been crossed, opening up a likely bearish downtrend.

If bulls slip up, the bears could push it to $6.75 before a reversal. Below that waits for another support area at $5.00?

The stochastic oscillator, 50 SMA, and 100 SMA are showing that EOS could yet be buoyed by an influx of buyers.

Nevertheless, they have to hold support above the current prices to prevent any further decline.

EOS/USD could be a great buy opportunity though. Its price is trending near its green candle and the high volume means sellers are still in control.

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.