Ethereum Analysis – Resistance Levels in Play – 26/06/19

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Ethereum Price Resistance

It’s been a bullish first half of the week. Following last week’s 14.6% rally, Ethereum was up by 2.62%, Sunday through Tuesday.

A bearish start to the week saw Ethereum fall to an early Monday current week low $296.68 before finding support.

Steering well clear of the first major support level at $274.48, Ethereum rallied to a Tuesday high $317.4.

In spite of 3 consecutive days in the green, Ethereum came up short of the first major resistance level at $329.02.

Following a 66.9% rally in May, Ethereum was up by 18.3% in June. After a choppy start to the month, Ethereum managed to recover from a fall back through the 23.6% FIB of $257 to a June low $226.56.

The extended bearish trend, formed at last May 2018’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 38.2% FIB Retracement Level of $367, following December’s swing lo $80.6.

For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up by 5% to $332.43. The Wednesday morning rally saw Ethereum break through the first major resistance level at $329.02 to a current week high $339.0.

ETH/USD 26/06/19 Weekly Chart

For the remainder of the week

A move back through the Wednesday morning current week high $339.0 would support a run at $350 levels.

Ethereum would need the support of the broader market, however, to break out from $340 levels.

In the event of a broad-based crypto rally, a breakthrough the second major resistance level at $349.55 would bring the 38.2% FIB of $367 into view. A hold above the first major resistance level at $329.02 would be key mid-week.

A Bitcoin break through to $13,000 levels would give Ethereum momentum through the latter part of the week.

For the current week, however, we would expect Ethereum to come up short of $360 levels.

Failure to move back through the current week high $339.0 could see Ethereum give up some of the current week gains.

A fall through to sub-$325 levels could see Ethereum pullback to $315 levels before any recovery.

Barring a broad-based sell-off in the 2nd half of the week, however, Ethereum should steer well clear of the first major support level at $274.48.

In the event of a broad-based crypto reversal, Ethereum could visit $280 levels before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $274.48

Major Resistance Level: $329.02

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Bitcoin Continues to Find Support as Some of the Majors Struggle

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Bitcoin rose by 1.47% on Monday. Following on from a 1.57% gain from Sunday, Bitcoin ended the day at $11,069. It was Bitcoin’s first hold onto $11,000 levels at the day end since 5th March 2018.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $10,560.00.

Bitcoin came within range of the first major support level at $10,533.67 before rallying to a late afternoon intraday high $11,136.00.

Bitcoin fell short of the first major resistance level at $11,330.67 before a pullback to sub-$11,000 levels.

Support from the broader market kicked in late in the day, with Bitcoin moving back through to $11,000 levels.

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors.

Leading the way on the day was Bitcoin Cash ABC, which rose by 1.52%. Ethereum (1.35%), Ripple’s XRP (0.76%) and Binance Coin (0.59%) saw more modest gains on the day.

Bucking the trend was Litecoin, which fell by 1.02%. EOS and Bitcoin Cash SV also saw red, falling by 0.26% and by 0.22% respectively.

Bitcoin’s gain on the day led to a further rise in dominance to 59.4%. Bitcoin’s dominance last touched 60% levels back in 2017.

The upward bias across the majors saw the total crypto market cap move through to $330bn levels, while trading volumes eased back.

Across the news wires, there’s been plenty of bullish talk to support Bitcoin and the broader market, though the jury is still out on how the G20 rules and regs and the SEC’s pending reviews of the Bitcoin ETFs will impact on Bitcoin and the broader market.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remains firmly intact. Bitcoin continues to hold well above the 23.6% FIB of $9,445.00.

This Morning

At the time of writing, Bitcoin was up by 0.32% to $11,104.00. A bullish start to the day saw Bitcoin hit a morning high $11,168.00 before falling back to an early morning low $11,028.00.

Bitcoin left the major support and resistance levels untested early on and, more importantly, held onto $11,000 levels.

Elsewhere, it was a mixed start to the day. While Litecoin found early support, rising by 1.06% at the time of writing, Bitcoin Cash ABC and Bitcoin Cash SV struggled. The pair were down by 0.77% and 0.71% respectively.

Leading the way in the early part of the day was Stellar’s Lumen, however, which was up by 1.14%.

BTC/USD 25/06/19 Daily Chart

For the day ahead

Bitcoin will need to hold onto $11,100 levels through the morning would support a run at $11,200 levels later in the day.

Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $11,283.33.

Barring a broad-based crypto rally, Bitcoin will likely struggle to break out from $11,100 levels on the day.

Failure to hold onto $11,000 levels could see Bitcoin slide back to test the first major support level at $10,707.33.

Barring a crypto meltdown, Bitcoin should steer clear of Monday’s low $10,560.00.

Altcoins Weekly Analysis – BNB, EOS and ETH – 23/06/19

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Binance Coin

Binance Coin surged by 15.8% in the week ending 22nd June. Following on from a 3.05% gain from the previous week, Binance Coin ended the week at $38.04.

A bearish start the week saw Binance Coin fall to a Sunday intraweek low $30.72 before finding support.

While steering clear of the first major support level at $29.44, Binance Coin found support at the 23.6% FIB of $30.5.

Bullish through the rest of the week, Binance Coin rallied to a Saturday intraweek high and new swing hi $43.28.

The rally saw Binance Coin break through the first major resistance level at $36.35 and second major resistance level at $39.89.

A pullback on Saturday to end the week at $38 levels delivered a 2nd day in the red for the week.

For the week ahead

A hold onto $38 levels through the early part of the week would support a third consecutive week in the green.

Support from the broader market would bring the first major resistance level at $43.68 into play before any pullback.

Barring a broad-based crypto rally, however, the first major resistance level and last week’s high $43.68 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through last week’s swing hi $43.28 would bring the second major resistance level at $49.33 into play.

Failure to hold onto $38 levels could see Binance Coin hit reverse. A pullback through to $36 levels would bring the first major support level at $31.99 into play.

Barring a crypto meltdown, Binance Coin would likely steer clear of sub-$30 support levels on the week.

At the time of writing, Binance Coin was 0.71% to $38.31.

BNB/USD 23/06/19 Weekly Chart

EOS

EOS rallied by 8.59% in the week ending 22nd June. Following on from an 8.29% rise from the previous week, EOS ended the week at $7.51.

A bullish start to the week saw EOS rise to $7.2691 before falling to an intraweek low $6.6462 on Tuesday.

The early moves saw EOS break through the first major resistance level at $7.2561 whilst steering clear of the major support levels.

EOS did find support at the 23.6% FIB of $6.62, however, before a bullish end to the week.

A late in the week rally saw EOS break back through the first major resistance level at $7.2561 to a Saturday intraweek high $7.6254.

For the week ahead,

EOS would need to steer clear of sub-$7.30 levels in the week to also support a 3rd consecutive day in the green.

A move through last week’s high $7.6254 would bring the first major resistance level at $7.8749 into play before any pullback.

EOS would need support from the broader market, however, to break through to $8.00 levels.

Barring a broad-based crypto rally, EOS would likely fall short of the second major resistance level at $8.2397.

In the event of another breakout, EOS could come within reach of $9.00 levels before any pullback.

A fall through to $7.2 levels would bring the first major support level at $6.8957 into play before any recovery.

Barring a broad-based crypto sell-off, EOS should steer clear of the 23.6% FIB of $6.62

In the event of a sell-off, EOS could touch $6.50 levels before any recovery.

At the time of writing, EOS was up 0.64% to $6.955.

EOS/USD 23/06/19 Weekly Chart

Ethereum

Ethereum rallied by 14.57% in the week ending 22nd June. Following on from a 10.23% gain from the previous week, Ethereum ended the week at $308.49.

A bearish start to the week saw Ethereum fall to an intraweek low $261.00 on Tuesday before finding support.

Steering clear of the major support levels and 23.6% FIB of $257.00, Ethereum rallied to an intraweek high $315.54.

4-consecutive days saw Ethereum break through the first major resistance level at $286.21 and second major resistance level at $303.12.

For the week ahead,

A hold onto $300 levels through the early part of the week would support a run at $330 levels later in the week.

Ethereum would need support from the broader market, however, to break out from last week’s high $315.54.

Barring a crypto rally, last week’s high $315.54 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through to $320 levels would bring the first major resistance level at $329.02 into play.

Failure to hold onto $300 levels could see Ethereum fall through to $280 levels before any recovery.

Barring a broad-based crypto sell-off, Ethereum should steer clear of the first major support level at $274.48 before any recovery.

In the event of a sell-off, Ethereum would likely visit $260 levels before any recovery.

At the time of writing, Ethereum was up 1.64% to $313.54.

ETH/USD 23/06/19 Weekly Chart

The Majors Find Support. Was it from the FED?

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Bitcoin rallied by 2.33% on Wednesday. Reversing most of a 2.75% slide from Tuesday, Bitcoin ended the day at $9,305.9.

A bullish start to the day saw Bitcoin rise from a morning low $9,062.0 to an early morning high $9,235.1 before easing back.

Bitcoin left the major support and resistance levels untested through the early part of the day.

Following a range-bound afternoon, Bitcoin rallied from sub-$9,100 levels to a late intraday high $9,340.0.

The rally saw Bitcoin come up against the first major resistance level at $9,332.87 before easing back.

While it was a 7th day in the green out of the last 8, Bitcoin came up short of Monday’s swing hi $9,4900.

Elsewhere

Across the top 10 cryptos, it was a sea of green for the majors.

Leading the way on the day was Binance Coin, which rose by 2.58%. Ripple’s XRP also kept pace with Bitcoin, gaining 2.09% on the day.

Trailing the majors were Stellar’s Lumen and Bitcoin Cash ABC, with gains of just 0.23% and 0.21% respectively.

For a number of the majors, while steadying from Tuesday’s sell-off, a failure to recoup the losses could test appetite ahead of the weekend.

The moves on the day came in spite of a lack of influence from the crypto news wires.

Perhaps of interest was the timing of Bitcoin’s upward moves through the latter part of the day on Wednesday. Bitcoin’s intraday high $9,340.0 came following the FED’s dovish press conference and projections of 2 possible rate cuts over the remainder of the year.

How Bitcoin and the majors respond to progress on the U.S – China trade talks would provide further evidence of a relationship between FED policy and the crypto market.

One caveat, however, is that progress on trade talks would support risk appetite and there are few asset classes riskier than the cryptos…

This Morning

At the time of writing, Bitcoin was down by 0.16% to $9,291.2. A bearish start to the day saw Bitcoin fall from a morning high $9,330.7 to a low $9,291.1.

Bitcoin left the major support and resistance levels untested within the 1st hour.

Elsewhere, Bitcoin Cash ABC and Bitcoin Cash SV bucked the trend early, with gains of 0.25% and 0.28% respectively.

While Binance Coin was flat at the time of writing, Ripple’s XRP and Stellar’s Lumen led the way down early on. The pair were down by 0.49% and by 0.40% respectively.

BTC/USD 20/06/19 Daily Chart

For the day ahead

A move back through to $9,300 levels would support a run at the first major resistance level at $9,409.93.

Bitcoin would need support from the broader market, however, to break out from Wednesday’s high $9,340.

In the event of a broad-based crypto rally, Bitcoin could target the current year high $9,490 before any pullback. We would expect Bitcoin to leave $9,500 levels and the second major resistance level at $9,513.97 untested on the day.

Failure to move back through to $9,300 levels could see Bitcoin slide deeper into the red.  A fall through to $9,250 levels would bring the first major support level at $9,131.93 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$9,100 levels on the day.

Binance Coin Analysis – Resistance Levels in Play – 19/06/19

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Binance Coin Price Resistance

It’s been a relatively bullish start to the week for Binance Coin. A bearish Sunday saw Binance Coin fall to a current week low $31.59 before finding support.

Steering clear of the week’s first major support level at $29.44, Binance Coin rallied to a Tuesday current week high $35.36 before easing back.

Two consecutive days in the green saw Binance Coin rise by 4.91% to $34.479 for the current week, Sunday through Tuesday.

The lion’s share of the games came off the back of a Monday 5.23% rally.

In spite of the bullish start to the week, Binance Coin left the week’s first major resistance level at $36.35 untested.

Of greater significance, however, was a hold above the 23.6% FIB of $30.5 following last week’s recovery from sub-$29 levels.

Following a 41.5% rally in May and April’s 30.3% gain, it’s been a mixed month in June.

Bearish through the early part of the month, Binance Coin slipped from late May’s swing hi $38.65 to a June low $28.06 before finding support.

For the current month to Tuesday, Binance Coin was up by 5.06%.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact.

Binance Coin is up by 445% year-to-date, with Binance Coin managing to steer clear of the 23.6% FIB of $30.5.

For the bulls, steering clear of sub-$28 levels will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was up by 1.15% to $34.88.

BNB/USD 19/06/19 Weekly Chart

For the remainder of the week

Binance Coin would need to avoid sub-$33 levels to maintain upward momentum through the week.

A move back through Tuesday’s high $35.37 would support another run at $36 levels on the week.

Binance Coin would need the support of the broader market, however, to take a run at the first major resistance level at $36.35.

In the event of a broad-based crypto rally, Binance Coin could take a run at $38 levels before any pullback.

Binance Coin would likely come up short of the second major resistance level at $39.89 in the event of a breakout.

Lack of support from the broader market could see Binance Coin struggle to move through to $37 levels. Last week’s high $36.52 and this week’s first major resistance level at $36.35 would cap any upside on the week.

Failure to avoid sub-$33.0 levels could see Binance Coin hit reverse. A fall through Sunday’s low $31.59 would bring $30.0 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Binance Coin would likely steer clear of the first major support level at $29.44.

In the event of a crypto meltdown, Binance Coin could touch $28 levels before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $29.44

Major Resistance Level: $36.35

23.6% FIB Retracement Level: $30.5

38.2% FIB Retracement Level: $25.5

62% FIB Retracement Level: $17.3

Bitcoin Hits a New 2019 High as Litecoin Loses Steam

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Bitcoin rallied by 4.1% on Monday. Following on from a 1.47% gain from Sunday, Bitcoin ended the day at $9,354.3.

A bullish morning saw Bitcoin rally from a start of a day intraday low $8,985.9 to $9,400 levels before easing back.

Bitcoin broke through the first major resistance level at $9,320.6 before easing back to an afternoon low $9,114.2.

Finding support from the broader market, Bitcoin bounced back to a late intraday high and new swing hi $9,490.

Bitcoin broke back through the first major resistance level at $9,320.6 to return to $9,400 levels before easing back.

A 6th consecutive day in the green saw Bitcoin strike a new 2019 high, bringing $10,000 levels into view.

Elsewhere

Across the top 10 cryptos, it was a mixed day for the majors.

Bucking the trend on the day, but for the wrong reasons, was Litecoin once more. Litecoin has fallen victim to some profit taking ahead of this summer’s halving event. In spite of pulling back from a current year high $144.34, it has still been an impressive 6-months, however. Litecoin is up by 505% from December’s swing lo.

The rest of the pack closed out the day in the green. Leading the way was Binance Coin, which rallied by 5.23%. Close behind were Ripple’s XRP and Bitcoin Cash SV, which also outperformed Bitcoin. The pair gained 4.79% and 4.76% respectively.

Trailing the majors was Stellar’s Lumen, which rose by just 0.76%.

Bitcoin’s dominance sits at 57.2% at the time of writing, with the increase not coming as a result of bearish sentiment, but an impressive bull run. Year-to-date, Bitcoin was up by 144% to the end of Monday.

Monday’s broad-based crypto rally also saw the total crypto market cap touch $290bn levels before easing back to $288.8bn.

This Morning

At the time of writing, Bitcoin was down by 0.42% to $9,315.5. A bearish start to the day saw Bitcoin fall from a morning high $9,376.8 to a low $9,254.1 before finding support.

Bitcoin steered clear of the major support and resistance levels in the early hours.

Elsewhere, Ripple’s XRP, Binance Coin and Stellar’s Lumen bucked the trend, though the gains were minor. At the time of writing, Ripple’s XRP led the way, up by 0.35%.

The rest of the pack were in the red, with Bitcoin Cash SV (-1.68%) and Bitcoin Cash ABC (-1.23%) leading the way down.

BTC/USD 18/06/19 Daily Chart

For the day ahead

Bitcoin would need to hold onto $9,300 levels through the morning to support another rebound through the day.

A move back through the morning high $9,376.8 would bring $9,400 levels into play. Bitcoin would need support from the broader market, however, to take a run at the first major resistance level at $9,567.57.

Barring a broad-based crypto rally, Monday’s high $9,490 would likely pin Bitcoin back on the day.

Failure to move back through the morning high could see Bitcoin slide deeper into the red. A fall through $9,280 levels would bring the first major support level at $9,063.47 into play.

Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$9,000 levels on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 16/06/19

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Binance Coin

Binance Coin rose by 3.05% in the week ending 15th June. Partially reversing a 4.48% loss from the previous week, Binance Coin ended the week at $32.811.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $29.61 before finding support.

Whilst steering clear of the first major support level at $28.46, Binance Coin fell through the 23.6% FIB of $30.5.

Recovering through the week, Binance Coin rallied to a Thursday intraweek high $36.52 before taking a hit on Friday.

The mid-week rally saw Binance Coin break back through the 23.6% FIB and first major resistance level at $34.82.

A 7.9% slide on Friday saw Binance Coin fall back through the 23.6% FIB to $29 levels before finding support on Saturday.

For the week ahead,

A hold onto $33 levels through the early part of the week would support continued recovery of late May and early June’s losses.

Support from the broader market would bring the first major resistance level at $36.35 into play before any pullback.

Barring a broad-based crypto rally, however, the first major resistance level and last week’s high $36.52 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through May’s swing hi $38.646 would bring the second major resistance level at $39.89 into play.

Failure to hold onto $33 levels could see Binance Coin hit reverse. A pullback through to $31.5 levels would bring the first major support level at $29.44 into play.

Barring a crypto meltdown, Binance Coin would likely steer clear of sub-$29 support levels on the week.

At the time of writing, Binance Coin was 1.45% to $33.29.

BNB/USD 16/06/19 Weekly Chart

EOS

EOS gained 8.29% in the week ending 15th June. Partially reversing a 17.3% tumble from the previous week, EOS ended the week at $6.9111.

Bearish through the start of the week, EOS fell to a Sunday intraweek low $6.00 before finding support.

Holding well above the first major support level at $5.5282, EOS rallied to a Saturday intraweek high $6.9731 before easing back.

A week-long rally saw EOS break back through the 23.6% FIB of $6.62. In spite of the upward trend, EOS fell short of the week’s first major resistance level at $7.61.

For the week ahead,

A hold above the 23.6% FIB of $6.62 through the early part of the week would support a bullish week ahead.

EOS would need to hold onto $6.9 levels through today to support a move back through to $7.00 levels. Support from the broader market would be needed, however, for EOS to take a run at the first major resistance level at $7.26.

Barring a crypto rally, resistance at $7.00 could limit the upside through much of the week. In the event of a crypto breakout, EOS could touch $8.00 levels before any pullback.

Failure to hold above the 23.6% FIB of $6.62 could see EOS take another weekly loss. A pullback through to $6.40 levels would bring the first major support level at $6.28 into play.

Barring an extended crypto sell-off, however, EOS would likely continue to steer clear of sub-$6.00 levels.

At the time of writing, EOS was up 0.64% to $6.955.

EOS/USD 16/06/19 Weekly Chart

Ethereum

Ethereum rallied by 10.23% in the week ending 15th June. Reversing a 7.71% fall from the previous week, Ethereum ended the week at $269.29.

Tracking the broader market, Ethereum fell to a Sunday intraweek low $226.56 before finding support.

The pullback saw Ethereum test the first major support level at $226.62 before rallying to a Saturday intraweek high $273.3.

Ethereum broke through the 23.6% FIB of $257 and first major resistance level at $268.37 before easing back to sub-$270 levels.

For the week ahead,

A hold onto $270 levels through the early part of the week would support a run at $280 levels later in the week.

Ethereum would need support from the broader market, however, to break out from $275 levels. Barring a crypto rally, last week’s high $273.3 and the previous week’s high $274.75 would likely cap the upside on the week.

In the event of a crypto rally, a move through to $280 levels would bring May 2018’s swing hi $282.97 and the first major resistance level at $286.21 into play.

Failure to hold onto $270 levels could see Ethereum pullback to $250 levels. A fall through the 23.6% FIB of $257 would bring the first major support level at $239.47 into play before any recovery.

Barring a crypto meltdown, Ethereum would likely steer clear of sub-$230 support levels on the week.

At the time of writing, Ethereum was up 0.84% to $271.55.

ETH/USD 16/06/19 Weekly Chart

The Majors Rebound, While Litecoin Takes a Break

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Bitcoin gained 3.4% on Wednesday. Reversing a 1.41% fall from Tuesday, Bitcoin ended the day at $8,174.00.

A relatively choppy saw Bitcoin fall to an early morning intraday low $7,821.0 before finding support.

Steering well clear of the first major support level at $7,728.0, Bitcoin rallied to an early afternoon intraday high $8,250.0.

The early afternoon rally saw Bitcoin break through the first major resistance level at $8,066.

Bitcoin’s second major resistance level at $8,226.50 limited the upside on the day. Easing back through the afternoon, Bitcoin fell to sub-$8,100 levels before finding support.

For the Bitcoin bulls, it was just a 2nd hold onto $8,000 levels since 3rd June.

Elsewhere,

Across the top 10 cryptos, it was a mixed day for the majors.

Bucking the trend on the day, but for the wrong reasons, was Litecoin. A late rally left Litecon flat for the day. Profit taking weighed after striking a new swing hi $144.34 in the early afternoon. Litecoin had seen gains of 13% and 5.1% on Monday and Tuesday.

For the rest of the 10, it was a sea of green. Leading the way on the day was Binance Coin, which rallied by 9.5%. Ethereum (+7.24%) and Stellar’s Lumen (+5.37%) also saw solid gains on the day.

A lackluster week for Stellar’s Lumen and Cardano ADA’s (9.88%) rally on Wednesday saw the pair trade place for the number 10 spot.

The Wednesday rally saw the total crypto market cap rise from $254bn levels to $261bn levels on the day. 24-hour trading volumes were also up, rising from $59bn levels to $66bn levels.

This Morning,

At the time of writing, Bitcoin was down by 0.48% $8,134.5. Bitcoin rose to an early morning high $8,200 before sliding to a morning low $8,111.0.

In spite of the early moves, Bitcoin left the major support and resistance levels untested early on.

Elsewhere, joining Bitcoin in the red were Litecoin (-0.87%), Stellar’s Lumen (-0.45%), Ethereum (-0.89%), Binance Coin (-0.63%) and Cardano’s ADA (-1.74%).

Finding support was Bitcoin Cash ABC (+1.78%), with EOS (+1.4%), and Ripple’s XRP (+0.85%) also in the green.

BTC/USD 13/06/19 Daily Chart

For the day ahead

Bitcoin would need to hold onto $8,100 levels through the morning to support a bounce back later in the day.

A move back through to $8,200 levels would bring Wednesday’s high $8,250 into play before any pullback.

Support from the broader market would be needed, however, for Bitcoin to break through to $8,300 levels.

Barring a broad-based crypto rally, Bitcoin would likely leave the first major resistance level at $8,342.33 untested.

Failure to hold onto $8,100 levels could see Bitcoin slide deeper into the red. A fall through the morning low $8,111.0 would bring sub-$8,000 levels into play before any recovery.

A broad-based crypto sell-off would bring the first major support level at $7,913.33 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$7,800 levels for a 2nd consecutive day.

Binance Coin Analysis – Resistance Levels in Play – 12/06/19

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Binance Coin Price Resistance

It’s been a mixed start to the week for Binance Coin. A bearish Sunday saw Binance Coin slide by 5.34% before finding support. The Sunday reversal came off the back of a 4.48% fall in the week ending 8th June.

The Sunday sell-off saw Binance coin fall to a Monday current week low $29.61 before recovering.

Rallying from an early Monday current week low $29.61, Binance Coin rallied to an early Tuesday high $32.31 before easing back.

Binance Coin was up by just 0.5% to $32.00 for the current week, Sunday through Tuesday.

In spite of the choppy start to the week, Binance Coin left the major support and resistance levels untested.

Of greater significance, however, was a recovery through the 23.6% FIB of $30.5 following Sunday’s sell-off.

Following a 41.5% rally in May and April’s 30.3% gain, it’s been a mixed start to the month of June.

Since late May’s swing hi $38.65, Binance Coin has touched $28 levels before finding support. The 23.6% FIB has continued to provide support to limit the downside.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact. Binance Coin is up by 406% year-to-date, with Binance Coin continuing to avoid a slide through to the 38.2% FIB of $25.5.

For the bulls, steering clear of sub-$28 levels will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was up by 5.28% to $33.69.

BNB/USD 12/06/19 Weekly Chart

 

For the remainder of the week

A hold above $31.5 levels through the week would continue to support upward momentum for the remainder of the wee.

Following this morning’s early rally, a move through to $34 levels would bring the first major resistance level at $34.82 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $34 levels.

Barring an extended broad-based crypto rally through to the weekend, Binance Coin will likely come up short of the late May swing hi $38.646. The second major resistance level at $37.80 would limit the upside in the week.

In the event of a crypto rally through to Friday, Binance Coin could eye $40 levels before any pullback.

Failure to move through to $34 levels could see Binance Coin come under pressure over the remainder of the week.

A pullback through to $31.5 levels would bring sub-$30 levels into play before any recovery.

Barring a broad-based crypto reversal, however, Binance Coin would likely steer clear of the first major support level at $28.46.

In the event of a crypto meltdown, Binance Coin could visit $27 levels before any recovery.

We would expect the 38.2% FIB of $25.5 and second major support level at $25.08 to be left untested through the week.

Looking at the Technical Indicators

Major Support Level: $28.46

Major Resistance Level: $34.82

23.6% FIB Retracement Level: $30.5

38.2% FIB Retracement Level: $25.5

62% FIB Retracement Level: $17.3

Litecoin Outperforms as the Broader Market Looks to Recover from Last Week

Cryptomania

Bitcoin rallied by 5.05% on Monday. Reversing a 3.67% fall from Sunday, Bitcoin ended the day at $8,018.8.

Whilst only partially reversing last week’s 12.7% slide, it was Bitcoin’s first hold onto $8,000 levels since 3rd June.

A bullish start to the day saw Bitcoin rise from an early intraday low $7,513.2 to $7,700 levels before easing back.

The early moves saw Bitcoin break through the 23.6% FIB of $7,718. A pullback to $7,600 levels was short-lived, with Bitcoin rallying to a mid-day intraday high $8,048.1.

Moving back through the 23.6% FIB, Bitcoin also broke through the first major resistance level at $7,898.43. A relatively range-bound 2nd half of the day saw Bitcoin ease back to sub-$8,000 levels.

Bitcoin tested sub-$8,000 support through the afternoon to support a move back through to $8,000 levels late in the day.

Elsewhere,

Across the top 10 cryptos, it was a sea of green for the majors.

Leading the way on the day was Litecoin, which surged by 13.01%. Ethereum came in a distant second with a 7.12% gain. Binance Coin rose by 6.8%. Bitcoin Cash ABC saw the most modest gains on the day, up by 3.01%.

Litecoin managed to follow on from last week’s 0.13% gain. From the rest of the pack, it was Bitcoin Cash SV that managed to reverse last week’s 4.07% loss with a 4.35% gain on the day.

In spite of Monday’s broad-based crypto rally, it has been a bearish start to June, however. Litecoin is the only major to be in positive territory, up by 13.4% to the end of Monday.

From the rest of the pack, EOS was the worst performer, down by 24.2% since the beginning of June.

There was no influence from the news wires on the day to support the Monday rally, which was likely in response to last week’s sell-off.

For Litecoin, however, this August’s halving event has continued to provide support.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $7,979.9. A bearish start to the day saw Bitcoin fall from a morning high $8,049 to a low $7,953.2.

Bitcoin steered clear of the major support and resistance levels early on.

Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC bucked the trend early on, with gains of 0.39% and 0.27% respectively.

For the rest of the pack, it was a bearish start to the day, with Binance Coin and EOS leading the way down. At the time of writing, Binance Coin was down by 1.04%, with EOS down by 0.84%.

Some profit taking off the back of Monday’s broad-based crypto rally was to be expected in the early hours.

BTC/USD 11/06/19 Daily Chart

For the day ahead

Bitcoin would need to hold onto $7,900 levels through the morning to support a return to $8,000 levels later in the day.

Another broad-based crypto rally would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,206.8.

Barring another crypto rally, Bitcoin would likely struggle to break out from Monday’s high $8,048.

Failure to hold onto $7,900 levels could see Bitcoin slide deeper into the red. A fall through $7,860 would bring the first major support level at $7,672 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of $7,500 levels and Monday’s low $7,513.2.