Bitcoin (BTC) has started June by tentative, indicating that the bears have not gone to sleep yet. Although Bitcoin has a nearly 55% discount on its historic high of $ 69,000, whales and institutions remain cautious and have not entered the market vigorously, according to BlockTrends analyst Caue Oliveira.
According to the CryptoQuant Contributor Venturefounder, if Bitcoin repeats a historical pattern seen after previous halves, then a bottom could form between $ 14,000 and $ 21,000 over the next six months. After that, Bitcoin could hit around $ 28,000 to $ 40,000 for most of next year and be around $ 40,000 in halves.
The Crypto bear market has not prevented Goldman Sachs from exploring the possibility of integrating its derivatives into FTX.US derivatives. This indicates that the investment bank expects demand for derivatives to increase in the future.
Has Bitcoin started bottoming out? Is the short-term downward trend in altcoins over? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin reached a cost resistance of $ 32,659 on May 31, but the bulls could not get rid of this obstacle. The Doji candlestick poll on May 31st indicates uncertainty among buyers and sellers.
This uncertainty was resolved in favor of the bears on June 1, and they reduced the price below the 20-day exponential moving average ($ 30,741). If the price stays below the 20 day EMA, the next stop could be $ 28,630. Buyers are expected to defend this point with full force.
If the price reaches $ 28,600 again, the BTC / USDT pair could try to rise again to $ 32,659. If that happens, the couple could reunite between the two stages for several days.
The next trend could start if the price breaks above or below the range. If the price rises above $ 32,659, the rise could reach a 50-day simple moving average ($ 34,629). The decline could begin again with a break below the $ 28,630 to $ 26,700 support area.
ETH / USDT
The bears stopped the Ether (ETH) relief rally at the 20-day EMA ($ 2,009) on May 31, indicating that they are not allowing the bulls to gain a foothold.
The Bears will try to pull the price to significant support at $ 1,700. This is an important point for the bulls to defend because if it cracks, the ETH / USDT pair could witness a panic sale. The pair could then continue to decline and fall to $ 1,300.
Otherwise, if the price goes back from $ 1,700, it will indicate that the bulls are proactive in buying at these levels. The bulls will then again try to push the price over the 20-day EMA and challenge the rigid resistance at $ 2,159.
BNB / USDT
Binance Coin (BNB) immediately rose above $ 320 on May 30, but the bulls have not been able to build on this movement. This suggests that bears are a strong challenge at $ 325.
Sellers have pulled the price up in the upstream line. This is an important point to keep an eye on in the near future. If the price falls back from this level, it will indicate that bulls are accumulating during dips. It could increase the outlook for a break above $ 325.
Contrary to many people’s beliefs, if bears fall below the uptrend line, the BNB / USDT pair could fall into the strong support range between $ 286 and $ 265. A break below $ 265 could send the pair falling to significant support at $ 211.
XRP / USDT
Ripple (XRP) rose above the fall line on May 30, but the bulls could not get rid of the 20-day EMA barrier ($ 0.43). This indicates that bears are not ready to give up their advantage.
The bears will try to lower the price below the reduction line. If that happens, the XRP / USDT pair could drop to $ 0.38. Buyers are likely to defend this point and a jump from that will indicate a possible concentration in the near future.
On the contrary, if the price goes back down the falling line, it will indicate that the bulls are trying to turn this level to support. If this happens, the possibility of a break over the 20-day EMA will increase. The pair could then achieve psychological resistance at $ 0.50.
ADA / USDT
Cardano (ADA) crossed the 20-day EMA ($ 0.56) on May 30, followed by another sharp rise on May 31. This pushes the price up to 50 days SMA ($ 0.70) but the long wake of the candlestick of the day indicates that the bears are selling close to this level.
Bears will try to bring the price back down to 20 days EMA and capture aggressive bulls. If that happens, the ADA / USDT pair could drop to $ 0.44 where a buy-in can occur.
This could indicate a consolidation within the large range between $ 0.44 and $ 0.74. A flat 20-day EMA and a relative strength index (RSI) just below the midpoint also point to stage action in the near future.
The bulls could gain the upper hand if the price recovers from the 20-day EMA and exceeds $ 0.74. Such a measure will indicate that the downturn may be coming to an end.
SOL / USDT
Solana Relief Society (SOL) faces stiff resistance from bears near the $ 50 psychological level. This indicates that the bears have not yet given up and they continue to sell on the rally.
The Bears will try to pull the price up to a strong support of $ 40. The bulls are expected to buy the dives at this stage. If the price recovers from this support, buyers will again try to push the SOL / USDT pair over the 20 day EMA ($ 51). If successful, the pair could rise to $ 60 and then try to move up to the $ 75 breakdown level.
On the other hand, if bears drop below $ 40, the pair could fall to the May 12 low within the day, $ 37. The pair could continue to decline if bears cut prices for this important support.
DOGE / USDT
Dogecoin (DOGE) has been trading close to 20 days EMA ($ 0.09) for the past two days but the bulls have not broken. This suggests that bears are vigorously defending 20 days of EMA.
The Bears will try to lower the price to a strong support of $ 0.07. This level has held for two previous opportunities, so the bulls will again try to defend it. If the price recovers from this support, the DOGE / USDT pair could stay between $ 0.10 and $ 0.07 for some time.
If a bull runs the price above $ 0.10, it will indicate that the downturn may be weakening. The pair could then rise to $ 0.12. On the other hand, the downturn could start again at a break below $ 0.07.
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DOT / USDT
Polkadot (DOT) faces resistance at the 20-day EMA ($ 10.55) but the bulls have not allowed the price to stay below $ 10. This indicates high demand at lower levels.
If bulls push and hold prices above the 20 day EMA, the DOT / USDT pair could rise to $ 12. This level may act as a minor barrier, but if exceeded, the recovery could reach a strong cost resistance of $ 14.
Contrary to this assumption, if the price falls and stays below $ 10, the reduction could reach a strong support of $ 8. A strong rebound on this support will suggest that the pair may be in the range of $ 8 to $ 12 for some time.
AVAX / USDT
Avalanches (AVAX) declined from the declining line on May 31, indicating that bears will continue to defend their level of vigor. The Bears will now try to bring the price down for the strong support range of $ 23.51 to $ 21.35.
If successful, the AVAX / USDT pair will complete a declining triangle pattern, signaling the beginning of the next phase of declining trends. The pair could then drop to $ 20.
Although the declining 20-day EMA ($ 31.33) supports bears, a positive difference in the RSI indicates that bearish momentum may be weakening. If the price reverses from the current level and breaks above the 20-day EMA, purchases could resume. The bulls will then try to push the pair up to $ 38.
SHIB / USDT
Shiba Inu’s recovery (SHIB) faces stiff resistance at the 20-day EMA ($ 0.000012) indicating that sentiment remains negative and bears are selling on the rally.
The Bears will try to pull the price up to a strong support of $ 0.000010. This stage is likely to attract aggressive purchases from the bulls. If the price goes back from $ 0.000010, the SHIB / USDT pair could rise towards the 20 day EMA.
If buyers push the price over the 20-day EMA, the pair could rise to $ 0.000014 and later to the breakdown level of $ 0.000017. However, the bears will have to lower their prices below $ 0.000009 to indicate that declining trends will resume.
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