Bitcoin's price continues to lose momentum, signaling the possible start of a deeper correction below $ 8,200.
Grayscale Investments has been receiving Bitcoin (BTC) at a frantic rate. In the last week alone, the fund grabbed 19,879 Bitcoin, which exceeds 7,081 Bitcoin mined during the period, according to cryptocurrency researcher Kevin Rooke. This shows that demand far exceeds supply at this time, which is a positive sign.
However, Tone Vays believes that if the S&P 500 breaks below 3,000, it could drop another 12%. Due to the strong correlation between the S&P 500 and Bitcoin, a collapse in the stock markets could drag the top-ranked asset on CoinMarketCap to the $ 7,000 levels. Vays expects Bitcoin to consolidate "between $ 6,000 and $ 10,000 for most of this year."
The CEO of Social Capital and President of Virgin Galactic, Chamath Palihapitiya, has once again suggested that investors should place around 1% of their money in Bitcoin as insurance against bad government financial decisions.
However, Palihapitiya does not want Bitcoin to shoot the moon because he believes such a move will happen only if the financial system crashes and that would ruin the lives of friends and family who are not covered with Bitcoin.
BTC / USD
Currently, the bulls are trying to defend the trend line of the ascending triangle. If Bitcoin (BTC) bounces off this level and rises above the moving averages, it will indicate that investors are still interested in buying every dip.
The critical level to watch on the upside is the $ 10,000 - $ 10,500 zone because if the bulls can push the price above this area, there is likely to be a new sustained uptrend.
Conversely, if the bounce from the trend line of the triangle decreases from the moving averages, the chance of a break below the triangle will increase. If that happens, a deeper correction is likely.
The first support is at $ 8,638.70, but if this level breaks, the decline may extend to $ 8,130.58. This is a critical support, therefore bulls are likely to aggressively defend this level.
ETH / USD
Ether (ETH) has fallen to support at $ 225,783. The 50-day SMA ($ 223) is just below this level, therefore the bulls are likely to aggressively defend the $ 225,783 - $ 218,331 zone.
A strong bounce in the support zone is likely to keep the cryptocurrency ranked second on CoinMarketCap between $ 225,783 and $ 253,556 for a few more days. The 20-day flat exponential moving average ($ 233) and relative strength index just below the midpoint also support this outlook.
However, if the bears plunge the price below the support zone of $ 225,783 - $ 218,331, the ETH / USD pair is likely to start a deeper correction that may hit $ 200 and below $ 176,112.
XRP / USD
XRP closed (UTC time) below the support line of the symmetric triangle on June 24, which completed the pattern. The target of this drop is USD 0.124412.
Both moving averages are declining and the Relative Strength Index (RSI) is below the 40 level, suggesting that the bears are in command. The next downside support is $ 0.16 and if that breaks a drop to $ 0.14 is possible. Any pullback is likely to face strong resistance at the 20-day moving average (EMA) ($ 0.19).
This bearish view will be invalidated if the fourth-ranked cryptocurrency on CoinMarketCap rises and breaks above the triangle's downtrend line. Such a move will suggest that the current collapse was a trap for bassists.
BCH / USD
The bulls have been unable to keep Bitcoin Cash (BCH) above the moving averages and the bears have failed to sink the price below the immediate support at $ 217.55.
The 20-day exponential moving average (EMA) (USD 238) has been gradually decreasing and the Relative Strength Index (RSI) has been operating between 40 and 50 levels. This suggests that the bears are trying to come back.
A break below $ 217.55 will be the first indication that the bears have gained the upper hand. Below this level, a drop to $ 200 is possible.
Alternatively, if the fifth-place cryptocurrency on CoinMarketCap breaks above the moving averages, it is likely to move to $ 255.46. A break above this resistance will indicate that the advantage is with the bulls.
BSV / USD
The bulls are struggling to keep Bitcoin SV (BSV) within the wide range of $ 170 - $ 227. Both moving averages are declining and the RSI has dropped below 40, suggesting that the bears have the advantage.
If the cryptocurrency ranked sixth on CoinMarketCap falls below the support zone of $ 170 - $ 165,380, the decline may extend to $ 146.10. If the strong downward momentum breaks below this level, the next target is $ 110.
The possibility is low, but if the BNB / USD pair rebounds from current levels and exceeds the moving averages, it may rise to $ 209. Above this level, a rally to $ 227 is possible.
LTC / USD
Litecoin (LTC) has been gradually moving lower over the past few days. On the upside, the bears are defending the moving averages, while the bulls are trying to keep the altcoin above immediate support at $ 41.
Today, the seventh cryptocurrency on CoinMarketCap bounced sharply from $ 41.3866, which is a positive sign. If the bulls can push the price above the moving averages, a rally to $ 47.50 and above $ 51 is possible.
Conversely, if the LTC / USD pair drops below the moving averages, the bears will try to sink the price below $ 41. If they succeed, it is likely to drop to $ 39.
BNB / USD
Binance Coin (BNB) is struggling to stay above the $ 15.72 - $ 15.40 zone. This suggests that the bulls are not confident that support will hold, therefore they are not buying in a hurry, even at these levels.
The 20-day exponential moving average (EMA) ($ 16.36) is falling and the Relative Strength Index (RSI) has dropped below 40, suggesting that the bears have the advantage. A drop below the support zone may result in a drop to $ 15 and then to $ 13.65.
EOS / USD
EOS bounced back from $ 2.3889, suggesting that the bulls have yet to give up on altcoin. However, until the price remains below the moving averages, it will continue to face sales from the bears.
If the price drops below the moving averages, the bears will make one more attempt to break below $ 2.3314. If they succeed, a new downtrend is likely. The first downside support is $ 2.00 followed by $ 1.80.
The gradually decreasing moving averages and the Relative Strength Index (RSI) that fluctuates between the levels of 40 and 50 suggests that bears have the advantage.
This bearish view will be invalidated if the bulls can push the cryptocurrency, ninth in the CoinMarketCap, above the moving averages.
ADA / USD
Cardano (ADA) has held the 20-day exponential moving average (EMA) ($ 0.079) for the past two days, but the bulls are struggling to keep the rebound. This suggests that higher levels are attracting bearish sales.
The 20-day EMA is still gradually rising and the Relative Strength Index (RSI) has consolidated between the 54 and 62 levels, suggesting that the bulls have a smaller advantage.
A break and close (UTC time) above $ 0.085 will indicate strength. Above this resistance, a new test of $ 0.0901373 will be performed. If this level is scaled, the cryptocurrency, in tenth place in CoinMarketCap, can rise to USD 0.10.
Conversely, if the bears sink the ADA / USD pair below the 20-day exponential moving average (EMA), a deeper correction is likely. The next downside support zone where buyers could step in is $ 0.0722722 - $ 0.0694880.
CRO / USD
Crypto.com Coin (CRO) fell below the $ 0.118234 support on June 25. However, the uptrend is intact as both moving averages are rising and the price remains in positive territory.
The gradual decline from recent spikes suggests that only a few bulls have closed their positions, which is a positive sign.
If the 11th cryptocurrency on CoinMarketCap recovers from the 20-day exponential moving average (EMA) ($ 0.112), buyers will try to resume the uptrend. Momentum is likely to rise above $ 0.126245 and target levels to watch out for are $ 0.135202 and then $ 0.15306.
This bullish view is invalidated if the CRO / USD pair breaks up and remains below the 20-day exponential moving average (EMA). Such a move can drag the price down to $ 0.101266.