Jun 09

Crypto Review for June 09 – Bitcoin can’t get out of its trading range, shows slight bearish bias

Cryptocurrencies continue stuck inside a tight range held mainly by Bitcoin’s inability to move forward. The price of the father of cryptocurrencies is rejected every time buyers push it above $9,800. Bitcoin (-0.66%) continues moving near 9,700, Ethereum (-0.23%) moves at $243 and Ripple (-0.14%) near $0.203. The most bullish coins can be found beyond the top 50 most capitalized coins. Among the to 20, Crypto.com Coin (+2.23%), Chainlink(+1.91%) and Monero (+1.60%) are the best performers, whereas, >TRON (-3.42%), NEO (-2.15%) and Bitcoin SV(-1.59%) are the worst ones in the last 24 hours.

On the Ethereum-token sector, CENNZ (+17.59%), KNC (+18.78%), and CHSB(+38.53%) are leading the gains, as HEDG (-15.62%) continues tanking.

 

Fig 1 – 24H Crypto Sector Heat Map

The total market cap fell 0.75% to $270..598 billion, as the 24H traded volume dropped 16.55%, to $22.487 billion, and the Bitcoin dominance is relatively unchanged at 65.2%.

Top 10 24-hour Performers

 

Source coinmarketcap.com

Bottom 10 24-Hour  Performers

Source coinmarketcap.com


News Sentiment Analysis


Crypto-related news

  • Crypto broker Voyager announces $2.1 million private placement (The Block)
  • Bitcoin’s hashrate is nearing ATHs, most blocks mined in a day since 2019 as “weak” Bitcoin miners return (Cryptoslate)
  • U.S. Marshals Service moves ahead with plan to hire a contractor to custody, sell seized crypto (The Block)
  • Bakkt behaving like CME; looking long at Bitcoin (AMBCrypto)
  • Congress To Hold Hearing On Digital Dollar Options For Stimulus Payments (Forbes)
  • MakerDAO community greenlights first ‘real-world’ assets for use as collateral (The Block)
  • Ethereum daily fees surpass Bitcoin’s (AMBCrypto)
  • Lack of Real-world Use Cases Prevents Smart Contracts From Moving Beyond Stablecoins and Ponzi Schemes (Nulltx)
  • ConsenSys Launched an Ethereum Surveillance Service to Detect Criminal Activity (Cryptobriefing)
  • Chainalysis adds support for privacy coins in compliance software offerings (The Block)

Mainstream news

  • It’s official: U.S. economy entered recession in February (Reuters)
  • Dow futures see muted action after Nasdaq notches its first closing record in about four months (Marketwatch)
  • Stock futures mixed after rally turns S&P 500 positive for the year to date (Yahoo Finance)
  • European markets head for lackluster open despite hopes of economic recovery (CNBC)
  • Asian markets mostly gain as Wall Street keeps pushing higher (Marketwatch)
  • Thousands pay tribute to George Floyd as pressure mounts for U.S. police reform (Reuters)
  • Oil prices rise as easing of lockdowns spurs fuel demand hopes (CNBC)

  Sentiment analysis

Asia-Pacific markets continue advancing following a rally in Wall Street, during which NASDAQ made a new all-time high. Australia’s S&P/ASX 200 is firmly up 2.55% after the return of traders from Monday’s holiday. Japan’s Nikkei 225 slid 0.38%, as Hong Kong’s Hang Seng Index rose 1.78%. Also, the Shanghai Composite SHCOMP, moved up by 0.47%, as the Shenzhen Composite is slightly up 0.48%. South Korea’s Kospi is flat (+0.09%), while in Singapore, STI moved up a healthy 1.32%, and Indonesia’s JAKIDX is slightly up +0.22%. Also, Taiwan’s Taiex Y9999, advanced a modest +0.23%.

European markets are expected to open mostly higher after Wall Street’s strong closing. London’s FTSE 100 is expected to open flat as its futures show just a +2.2-point advance, German’s DAX 30 futures points for a 32.5 points higher opening, France’s CAC 40 is expected to open 10 points higher, FTSE MIB is seen 57 points up, and Spain’s IBEX 35 futures point for a flat opening.

Cryptocurrencies continue to show lower volumes as Bitcoin is unable to advance further. Most traders are in the sidelines, waiting for the market to show its path.


Technical Analysis


Total Market

Fig 2 – Total Market Daily

The total market made a small body on Monday, followed today by a downward moving candle. The RSI still shows a sideways movement, but the price descended below the +1 sigma line of the Bollinger bands. We see the price moving in a range between $277B and $265.5B on a lower volume.

Technical  Factors
  • Linear regression channel points up +
  • Prices below the +1 sigma side of the Bollinger Bands although above the mid-line +-
  • Prices above its 20- 50-  and 200-day SMA +
  • 50-SMA above the 200-SMA +
  • Bollinger bands move slightly up +
  • RSI sideways N
Total Market Outlook

The crypto market seems to continue sideways, but we detect a slight bearish bias. Thus, traders should expect a choppy session until Bitcoin starts to get strength or sells off.


Bitcoin

Fig 3 – Bitcoin 4H Chart

Bitcoin continues moving in what seems a short-term tringle, but there is a very strong resistance that triggers sales at $9,880. The price continues inside very tight Bollinger bands, barely held by its 50-period SMA, which is in confluence with its 20-SMA. The RSI continues moving in the middle of its range.

Technical  Factors
  • The slope of the Linear Regression Channel  is positive +
  • Price above its 20-, 50- and 200-SMA +
  • Price action below the Pivot level –
  • Bollinger Bands horizontal N
  • RSI  sideways N
  • Prices move on the lower half of the regression channel –
  • Low traded volume  –
Bitcoin’s Outlook

Bitcoin will need to break this resistance point soon, or the bias will turn negative. In the current state, sellers are fading rallies and buying dips. The levels to watch are $9,880 and $9,384.

Pivot Levels
SupportPivotResistance
9,1359,76510380
8,51611,014
7,88511,625

Ethereum

Fig 4 – Ethereum 4H Chart

Ethereum continues moving in a tight range, but it experienced a sharp 1-min spike down to $216 that soon was faded, but, which shows nervousness among market participants. Currently, the price is above its 50-SMA, but the Bollinger bands shrinkage show ETH still lacks direction short-term. The RSI is moving sideways near the 50 level but shows a slight sign of upward bias.

Technical  Factors
  • The slope of the linear regression channel is positive +
  • The price above its 200-, 50- and 20- SMA +
  • The slopes of the 20- 50- and 200-SMA are positive +
  • Price in the upper side of the Linear Regression channel  +
  • Bollinger slight upward bias +
  • Prices moving above its pivot level +
Ethereum’s Outlook

Ethereum is a bit more bullish than BTC, but its conditions did not change much since Monday. As predicted, ETH’s price has been rejected at $247 and $250. Traders should be patient and, if bullish, buy the dip. The most probable direction prices will head to when breaking this range is upwards, but, as shown by the spike experienced early on today, tight stops can be taken and let a hole in the account, so consider this when trading with leverage.

Pivot Levels
SupportPivotResistance
228241257
212270
200285

Ripple

Fig 5 – Ripple 4H Chart

Ripple’s condition did not change since Monday, except for the large spile suffered in the early morning, possibly produced by a lack of volume combined with the short selloff of Bitcoin. The price continues moving inside tight Bollinger bands and between its 200- and 50-SMA, as the RSI drifts in the middle of the range.

Technical  Factors
  • Linear regression channel has a positive slope +
  • Prices slightly below Pivot level –
  • Bollinger bands shrunk and moving sideways N
  • Prices tightly held between its 50- and 200-SMA N
  • RSI  sideways near 50 N
Ripple’s Outlook

As stated yesterday, XRP cannot be traded under the current conditions, as shown by the spike that wiped all the stops from 0.2 to 0.171. The sensible thing is to look for assets that show direction instead.

Pivot Points
SupportPivotResistance
0.19470.20460.2135
0.18630.223
0.17640.2315