Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price analysis, June 12
The crypto markets collapsed on Sunday after news of the hacking of a small South Korean exchange, Coinrail, according to top-level media. The reaction to the news seems to be a bit exaggerated because the 24-hour volume traded in Coinrail is only about $ 2.65 million.
While hackers stole about $ 40 million tokens, the panic sale wiped out about $ 42 billion of the total capitalization of the crypto market over the weekend. In a bear market, even small adverse news creates panic among operators. This is what was seen on Sunday.
Funds are formed during those periods of a sale stampede. Weak hands close their positions while the stronger hands that have sold in the highs take the opportunity to buy at the lower levels.
Long-term investors can use these sharp declines to build their position. However, traders should not rush to establish new positions when markets are in a situation of strong downward pressure. So, when do you have to start buying? Let's find out in the graphics.
BTC/USD
The rebound in Bitcoin that began on May 29 could not leave the EMA of 20 days. This led to a new shortening by the bassists. Once the price broke below support levels, the bulls were forced to liquidate their long positions. Sales increased when the digital currency broke below the critical support level of $ 7,100.
The support zone between $ 6,700-6,900 is also not finding buyers, which increases the possibility of a fall for the next support to $ 6,075.04.
The only thing that is in favor of the bulls is the RSI. Historically, the BTC / USD pair has offered a strong negotiable rebound from oversold levels in the RSI. With a further fall, the RSI will enter oversold territory. If history repeats itself, the virtual currency should have a strong bounce.
Any recovery will face a strong sell in the 20-day EMA and the small trend line. We will wait for the decline to end before recommending long positions.
ETH/USD
Although Ethereum remained above the downline's resistance line in June 2009, it did not rise to our purchase levels of $ 630. On June 10, it re-entered the channel and fell to $ 496.27, close to the May 28 lows of $ 492.5.
If the bulls fail to maintain immediate support levels at $ 492.5, the ETH / USD pair may plummet to the downline support channel at $ 400.
The two moving averages are down, and the RSI is also in negative territory, which is a bearish signal. Any attempt to retreat by the bulls will face strong resistance to $ 550 and the 20-day EMA.
Our bearish vision will be invalidated if the cryptocurrency has $ 492.5 and exceeds $ 630. Operators should wait for a new purchase configuration to be formed before starting long positions.
XRP / USD
Although the bulls held the EMA for 20 days for seven days, they could not push Ripple higher. On June 10, prices broke below the 2
If the bulls fail to defend the critical support area between $ 0.45351- $ 0.56270, the formation of the bearish downward triangle will be completed, which will be a negative development.
The next support for the XRP / USD pair is much lower at $ 0.24. Any attempt to retreat will face resistance in the 20-day EMA. Given that the outlook is bearish, we are not suggesting that you trade with it.
BCH / USD
The narrow margin of Bitcoin Cash was resolved on the negative side. The failure of the bulls to break the 20-day EMA is a negative signal. There is a lower support of $ 878 below which the decrease can be extended to $ 777 levels.
The 20-day EMA has been rejected, and the 50-day SMA is also showing weakness. This shows that bassists have short-term control. Any attempt to retreat will face strong downward pressure in the 20-day EMA.
We will wait for the BCH / USD pair to form a new purchase configuration before recommending any operation on it.
EOS / USD
EOS broke below our stop loss at $ 12.5 and plummeted to levels of $ 10. The sale gained momentum once it broke below the critical support level of $ 12.9870. The bulls are likely to try to maintain the $ 10 levels. If successful, the virtual currency could spend the next few days in the range of $ 10- $ 13.
However, if the bears continue to push and break below $ 10, the EOS / USD pair will be negative and may fall to $ 8. Support is unlikely to remain at $ 9.6136.
Operators should wait for a new purchase configuration to be formed before starting long positions.
LTC / USD
Litecoin has continued to decline and has reached the main support level of $ 107. If the bass players break and close (UTC) below the support, it will complete the formation of the bearish downward triangle. Although the employer's objectives are much lower, the next support to the downside is $ 84 and $ 75.
This is the third time that the LTC / USD pair has fallen to the $ 107 level since the beginning of February of this year. We foresee a strong defense of this level by the bulls, but we will not propose any long position until we see signs of a sustainable rebound.
That is why investors should be vigilant and stay on the sidelines.
ADA / USD
We believe that Cardano is operating in a wide range between $ 0.13- $ 0.436956. The failure to break the 20-day EMA has resulted in a fall to $ 0.17. This is a minor support, but we hope it will break.
The ADA / USD has fallen from near the top of the range of May 3 to current levels, which is a drop of around 58 percent. Due to strong sales pressure, the RSI has fallen close to oversold levels.
We believe that the lower part of the range at $ 0.13 will attract strong purchases from the tokens. Traders should be alert to the fact that the purchase resumes close to the minimums before establishing long positions.
XLM / USD
therefore,] Stellar broke below our stop at $ 0.27 resulting in a small loss. The bulls are trying to maintain immediate support at $ 0.242.
Both moving averages are in low, and the RSI is also in negative territory. This increases the probability that the decrease will extend to levels of $ 0.184.
Between March 18 and April 12, the repeated attempts of the bassists to break the levels below $ 0.184 had failed. Therefore, we expect buyers to defend the $ 0.184 levels once again. Traders can wait for the fall to buy the pair XLM / USD closer to the supports.
IOTA / USD
IOTA broke below the critical support level of $ 1.63 on June 10 and fell to its next support at $ 1.33 the same day. Although some purchases are observed at the $ 1.63 levels, the formation of the chart remains weak. The 20-day EMA has been rejected, and the 50-day SMA is also showing signs of weakness. The RSI also fell into negative territory.
Once the $ 1.33 levels break, the next major support will be $ 0.9150, where we expect strong purchases to emerge.
Our bearish view will be invalidated if the IOTA / USD pair remains above $ 1.63. We believe that traders should wait a couple of days before buying this fall.