Bitcoin (BTC) continues to trade in various areas where local peaks and troughs coincide with increased whale activity in the region, according to the Whalemap chain analysis resource.
Stage action in Bitcoin has kept analysts guessing and some expect the compression to continue for some time, while others foresee one foot lower.
The Glassnode report of 6 June stated that the accumulated realized losses of long-term owners reflected more than 0.006% of the market value on 29 May. This is compared to the maximum 0.015% of market value reached in the years 2018 to 2019. market.
Along with the amount of the loss, investors may also need to prepare for the long-term low price. The duration of the current loss for long-term investors is only one month old, but the previous loss remained approx. for one year.
Could small trades in Bitcoin and other major altcoins continue? Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin fell below the 20-day exponential moving average (EMA) ($ 30,565) on June 7, but a positive sign that bulls bought the hard dip to trend the line of rising triangle patterns. This resulted in a great recovery, as can be seen from the long trunk of the candlestick of the day. The rising triangle pattern remains intact and buyers think.
However, a minor negative is that the bulls could not build on the momentum on June 8th. This gave the bears a chance to pull the price down again below the 20-day EMA. This suggests that bears will continue to sell in the area between the 20-day EMA and $ 32,659.
If bears drop below the trend line, the BTC / USDT pair could fall to $ 28,630 where a buy-in could occur. If that happens, it’s likely to be between $ 32,659 and $ 28,630 for a few more days.
The next strategy is likely to start with a break above $ 32,659 or below $ 28,630. Until then, unstable stage action is likely to continue.
ETH / USDT
Ether (ETH) rejected the 20-day EMA ($ 1,908) on June 6, indicating that the bears are not willing to give up land to the bulls. The sellers then tried to lower the price below a significant support of $ 1,700 on June 7, but the long tail of the candlestick shows the aggressive purchase of the bulls near the support.
Prices are now fluctuating between a declining 20-day EMA and $ 1,700. This is likely to lead to the expansion of a range that could lay the groundwork for the next policy movement.
If buyers run the price over the 20-day EMA, the ETH / USDT pair could rise to $ 2,159. The bears could once again come up with a strong defense at this stage. If the price drops from that, the pair could spend time ranging from $ 2,159 to $ 1,700.
A break above $ 2,159 will be the first sign that the pair may have bottomed out, while a break below $ 1,700 could indicate a declining trend.
BNB / USDT
BNB declined from the resistance line of the symmetrical triangle pattern on June 6 and plunged below the support line. This suggests that the bears continue to sell aggressively at a higher level.
The bears cut the price below immediate support to $ 286 on June 7, but the long wake of the day’s candlestick shows strong buy at lower levels. The bulls are trying to push the price back over the support line on June 8.
If they do, the BNB / USDT pair could try to rise above the resistance line and capture aggressive bears. However, if the price drops from the current level, it will indicate that the bears have turned the support line into resistance. That could increase the possibility of a reduction to $ 265.
ADA / USDT
The long wake of the Cardano (ADA) June 6 and 7 candlestick shows that the bears are selling the rally to the 50-day simple moving average (SMA) ($ 0.65). Although the bears tried to cut the price below the 20-day EMA ($ 0.58) on June 7, the bulls held their ground.
Buyers are again trying to push the price over 50 days SMA. If they succeed, the ADA / USDT pair could rise to a breakdown level of $ 0.74. This is an important point for bears to guard against because the breach and closure above it could indicate a possible evolutionary change. The couple could then rise towards a psychological level of $ 1.
Contrary to this assumption, if the price drops from 50 days SMA or $ 0.74, the bears will try to pull the pair down before 20 days EMA and gain the upper hand.
XRP / USDT
Ripple (XRP) formed an off-day candlestick pattern on June 7, where the price returned from strong support at $ 0.38 and closed close to the cost of cost resistance at the downtrend line.
However, buyers could not build on this movement and push the price over the falling line on June 8. This suggests that bears continue to sell close to resistance levels. Bears will again try to lower the price below $ 0.38.
If successful, the XRP / USDT pair will complete a declining triangle pattern. That could lead to a May 12 day low of $ 0.33. If this support clicks, the next stop could be the $ 0.30 target.
This negative opinion could be invalidated in the short term if the bulls push the price above the 20 day EMA. The pair could then rise to $ 0.46.
SOL / USDT
Solana’s (SOL) attempt to begin recovery met strong resistance at the 20-day EMA ($ 45), indicating that the trend remains negative and traders are selling on rallies.
Bears will try to reduce the price for the critical support area between $ 37 and $ 35. If they do, the SOL / USDT pair could continue to decline. The pair could then drop to $ 30.
On the contrary, if the price falls back from the support area, it will indicate that bulls are accumulating at lower levels. A 20-day EMA break will be the first sign that sales pressure may be easing. The pair could then rise to $ 50 and later to $ 60.
DOGE / USDT
Dogecoin (DOGE) once again declined from the 20-day EMA ($ 0.08) on June 6, indicating that bears are selling on rallies. A minor positive is that the bulls bought the dive on June 7, which indicates that they bought at lower levels.
The DOGE / USDT pair has been stuck in a narrow range between 20 days EMA and $ 0.07, indicating uncertainty among bulls and bears. Narrow ranges are usually resolved by magnification, but it is difficult to predict the direction of the fracture.
If the price rises above the 20-day EMA, buyers who might be waiting on the sidelines could step in and push the pair to a psychological level of $ 0.10. On the contrary, if the price drops below $ 0.07, the pair may continue to decline.
Connected: Ethereum ‘double Doji’ pattern gives indications of 50% ETH price increase in September
DOT / USDT
Polkadot (DOT) tried to rise above the 20-day EMA ($ 10) on June 6, but the long candlestick of the day shows strong sales among the bears.
The DOT / USDT pair dipped below the support line on June 7, indicating that the symmetrical triangle worked out in favor of sellers. The pair could next fall into strong support at $ 8.50 as buyers will try to stop the decline.
This negative view could be invalidated in the short term if the price reverses from the current level and rises above the resistance line of the triangle. Such a movement will indicate that the fracture below the support line may have been a bear trap. The pair could then rise to 50 days SMA ($ 12.35).
AVAX / USDT
Buyers tried to push Avalanche (AVAX) over the 20-day EMA ($ 28) on June 6, but the long wake of the day’s candlestick shows that the Bears are defending the stage aggressively.
The price is squeezing between 20 days of EMA and strong support at $ 21, but this narrow range of trades is unlikely to continue for long.
If a bull runs the AVAX / USDT pair over a 20-day EMA, it will indicate an initial recovery that could reach $ 37. A positive difference in the Relative Strength Index (RSI) also supports the rally in the near future.
Otherwise, if the gap widens and the price drops below $ 21, the pair could continue to fall and fall to $ 18.
SHIB / USDT
The bears tried to sink Shiba Inu (SHIB) under strong support of $ 0.000010 on June 7, but the bulls successfully stepped up, as can be seen from the long tail of the candlestick of the day.
The longer the price trades below the 20 day EMA ($ 0.000012), the greater the chance of a break below $ 0.000010. If that happens, the SHIB / USDT pair could drop to $ 0.000009 as the bulls could try to stop the decline.
To invalidate the bearish view, the bulls must push and maintain prices over 20 days of EMA. If they succeed, the pair could rise to $ 0.000014 as the bears are likely to gain a strong defense.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph. Every investment and business involves risk. You should do your own research when making a decision.
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