Bitcoin, Ethereum, Ripple, EOS, NEO in Correction: Price Analysis, June 12

Bitcoin and altcoins are correcting on Tuesday, investors still have fears

The currency pairs from the top 20 are correcting on Tuesday after a serious decline during the weekend. We have mentioned in our last review from June 11 that the requirements from CFTC to offer transactions data to the US regulatory body was one of the reasons for this significant downside momentum.

However, buyers have found ground on Monday as cryptocurrencies have stopped to decline and started to consolidate. Investors and traders still have fears as the price is unable to make a deeper correction in the moment of writing.

As for the interesting news, Israeli regulators want to ensure protection to cryptocurrency investors and aspire to establish necessary regulatory measures. They want to prevent frauds as well.

Bitcoin (BTC/USD) Price Analysis, June 12

The currency pair added more than one percent in the past 24 hours. Bitcoin has stopped to decline after a huge downside momentum. However, BTC/USD is unable to make any significant correction by the moment of writing meaning buyers still hesitate to make serious steps.

Let’s have a closer look at the currency pair. BTC price has retested the closest support area at $6,718 on Monday but was unable to run lower. Bitcoin has reached the closest resistance area later on Monday, but bulls had no opportunities to make even a fake breakout. The possible ways for the currency pair are the following:

1. Red scenario (bearish). Bitcoin will break through the closest support area at $6,718 and run lower targeting the next support area at $6,510.

2. Orange scenario (neutral). BTC/USD will stay within the current range, limited by the support area at $6,718 and the resistance area at $6,943.

3. Green scenario (bullish). The currency pair will break through the closest resistance area at $6,943 and run higher targeting the next resistance area at $7,181.

Ethereum (ETH/USD) Price Analysis, June 12

The currency pair has lost less than one percent in the past 24 hours but if we look at the hourly chart we can see that ETH/USD is in correction currently. The currency pair had significant losses during the weekend but stopped its decline on Monday. However, buyers are still hesitating to make serious steps.

Let’s see what’s going on the hourly chart. The currency pair has tested 3.618 retracement level on Monday but failed to break it through and reversed. ETH/USD ran towards the closest resistance area at $540.69 later. However, buyers were unable to touch this level. The possible ways for Ethereum are the following:

1. Red scenario (bearish). The currency pair will break through the 3.618 retracement level and move lower, targeting new local lows, established during the weekend.

2. Orange scenario (neutral). ETH/USD will stay within the current price range, limited by the support area at 3.618 retracement level and the resistance area at $540.69 without significant price changes.

3. Green scenario (bullish). Ethereum will break through the resistance area at $540.69 and run higher targeting the next resistance area at $566.90.

Ripple (XRP/USD) Price Analysis, June 12

The currency pair added more than one percent in the past 24 hours. Ripple had significant losses during the weekend, but stopped its downside tendency on Monday and started a correction. However, buyers are still hesitating as the price remains close to Monday’s levels.

Let’s have a closer look at what is going on the hourly chart. The currency pair has tested $0.5643 twice on Monday but was unable to break it through. XRP/USD has tested the closest resistance area at $0.5914 later. XRP price stays close to this area in the moment of writing. The possible ways for XRP/USD are the following:

1. Red scenario (bearish). Ripple will break through the closest support area at $0.5643 and run lower targeting the next support area at $0.5444 (local lows).

2. Orange scenario (neutral). The currency pair will stay within the current range, limited by the resistance area at $0.5914 and the support area at $0.5643 without significant changes.

3. Green scenario (bullish). XRP/USD will break through the resistance area at $0.5914 and run towards the next target at $0.6216.

Take a look at EOS (EOS/USD) and NEO (NEO/USD) Price Analysis, June 12