Risky assets made a strong comeback last week. The United States equities markets rallied more than 5.4% and the crypto markets saw strong gains in select altcoins. Although Bitcoin sustained above the psychological level of $20,000, the gains have been muted. This shows that the investors remain cautious and are not convinced that a bottom has been formed. Institutional investors continue to withdraw funds from digital assets, according to the latest CoinShares’ weekly “Digital Asset Fund Flows” report. Digital investment products saw the largest outflows of $423 million, mainly due to outflows from the Canadian exchanges on June 17.
The recovery in Bitcoin’s price could be a long-drawn affair, according to Binance founder and chief executive Changpeng Zhao. In an interview with The Guardian, Zhao said that it could “take a few months or a couple of years” before Bitcoin reaches its all-time high but added that “no one can predict the future.
Bitcoin’s recovery could not rise above $22,000 and reach the 20-day exponential moving average (EMA). This suggests that demand dries up at higher levels and bears continue to sell on minor rallies. Both moving averages are sloping down and the relative strength index (RSI) is in the negative territory, indicating advantage to bears.
The critical level to watch on the downside is $19,500. If the price rebounds off this level with strength, it will suggest that bulls are attempting to form a higher low. The buyers will then make one more attempt to push the price above the 20-day EMA. If they succeed, the BTC/USD pair could rally to the resistance line of the descending channel.
On the other hand, if bears sink the price below $19,500, the pair could retest the June 18 intraday low of $17,567.45. This is an important level for the bulls to defend because a break below it could signal the start of the next leg of the downtrend. The pair could then decline to $16,000 and next to $14,000.an
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Mine Network
– Brise Paradise
– Age of Zalmoxis
– DC Pay
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin’s recovery could not rise above $22,000 and reach the 20-day exponential moving average (EMA). This suggests that demand dries up at higher levels and bears continue to sell on minor rallies. Both moving averages are sloping down and the relative strength index (RSI) is in the negative territory, indicating advantage to bears. The critical level to watch on the downside is $19,500. If the price rebounds off this level with strength, it will suggest that bulls are attempting to form a higher low. The buyers will then make one more attempt to push the price above the 20-day EMA. Read more
ETHEREUM – ETH/GBP
Ether rallied to the 20-day EMA as we had suggested in the previous analysis but the bulls could not push the price above it. This suggests that bears continue to defend the level aggressively. The sellers will now try to pull the price to the strong support at $1,040. If the price rebounds off this level with strength, it will suggest that bulls are attempting to form a higher low. Read more
RIPPLE – XRP/GBP
The bulls pushed XRP above the 20-day EMA on June 24 but could not clear the hurdle at the 50-day SMA. This suggests that the sentiment remains negative and bears are selling on rallies. The bears pulled the price back below the 20-day EMA on June 28, indicating that the XRP/USD pair may remain stuck between $0.29 and $0.38 for a few more days. The flattish 20-day EMA and the RSI just below the midpoint also suggest a range-bound action in the near term. Read more
Cardano rallied above the 20-day EMA on June 26 but the long wick on the day’s candlestick suggests that the bears are defending the 50-day SMA aggressively. However, a minor positive is that the ADA/USD pair has been clinging to the 20-day EMA. This increases the possibility of a break above the moving averages. If that happens, the pair could start its northward march toward the overhead resistance at $0.70. Read more
BINANCE – BNB/GBP
The bears tried to sink Binance back below $211 on June 22 but the bulls held their ground. The BNB/USD pair bounced sharply on June 23 and reached the 20-day EMA on June 24. This level is acting as a stiff barrier but a minor positive is that the bulls have not given up much ground. This shows that the bulls expect a breakout of the 20-day EMA. Read more
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