Crypto Brief June 5: Bitcoin could soon explode above $10,000 plus ETH, XRP, ADA, XLM

Despite the recent crash, Bitcoin is showing signs of recovery and analysts believe that King Coin’s uptrend is still intact. Along with that, some leading altcoins are also showing signs of reversal.

Bitcoin

After forming a good support base above $ 9,400, the Bitcoin price began a new rally. BTC broke above the $ 9,600 and $ 9,740 resistance levels to move into the positive territory.

It even settled above $ 9,700 and the 100 hour SMA. Moreover, it also broke above a major downtrend line at $ 9,690 on the hourly chart of the BTC / USD pair.

Crypto Brief 5.6 BTC 1

Source: Trading View

The movement opened doors for more profits and it traded as high as $ 9,884. Bitcoin is currently consolidating profits and trading near $ 9,800. It tested the Fib 23.6% retracement of the recent wave from a low of $ 9,469 to a high of $ 9,884.

There is also a bullish continuation pattern that formed with resistance near $ 9,850 on the same chart. If there is a breakout above the triangle resistance, the price can rally above $ 9,900 and $ 9,950.

The first major resistance is near the $ 10,000 level, which is likely to add to the $ 10,400 and $ 10,500 resistance levels in the near term.

ETH

Investors specifically bullish on ETH / BTC. The long positions in Ethereum continue to soar and the amount of ETH locked in DeFi increases day by day.

However, a dead sell signal has been triggered on both ETHUSD and ETHBTC price charts indicating that the largest altcoin in space will soon see a strong correction.

As for USD, ETH continues to struggle with resistance at $ 250, just like Bitcoin cannot hold above $ 10,000 per BTC.

However, the price is still down 82% from an all-time high, while Bitcoin has recovered by nearly 50%.

The ETH price has dropped to as low as $ 80. The current price represents a profit of over 200%, but will need an additional 475% to return to a record of more than $ 1,400.

The upcoming launch of ETH 2.0, the strong growth of Defi and the general bullish sentiment surrounding altcoins have created a strong 9-week rally to start the new year, but Black Thursday caused the ETH price to plummet back to a low level.

Ethereum also dropped more than 85% on the ETHBTC trading pair from its January 2018 peak. Since the bottom, the pair has increased by more than 54%.

That meager recovery is currently in danger, as the TD Sequential indicator has issued a 9 sell setup on the ETHBTC trading pair.

Crypto Brief 5.6 ETH

Source: Trading View

The indecisive candle on the altcoin chart combined with Bitcoin is visible on the weekly and monthly time frames, indicating that investors are in a stalemate and not sure where the price will go.

XRP

The Liquidity Index Bot on Twitter has reported that the index of XRP liquidity on one of the ODL-based venues set up by Ripple has hit a new all-time high.

It happened on the Australian exchange BTC Markets. After leaving behind the previous ATH of 15,672,859 with 15,965,332, the new ATH settled at 16,089,305.

Meanwhile, XRPL Monitor has reported nearly a dozen transfers of large sums of XRP (from 10m to 27m XRP each). Ripple was one of the transferring parties here as it moved 69.8m XRP – $14,427,660.

ADA

ADA is up 76% over the last 30 days, going from $0.050 to YTD highs of $0.089. This movement helped ADA defeat Tezos, becoming the 10th largest cryptocurrency by market cap. The cause of such a huge surge comes from the announcement of the latest Shelley upgrade by Cardano co-founder Charles Hoskinson.

Source: Coinmarketcap

XLM

The XLM price may have started a new uptrend. The rate of growth is likely to accelerate to both XLM / BTC and XLM / USD after the price breaks above current resistance.

Trader Posty stated that the XLM price can provide a very good setup if the current resistance level can be flipped to support.

The aforementioned resistance area for XLM is found at 920 satoshi – where the price was broken on April 28. However, after falling, it has found support above 720 satoshi in early June and have been rising fast since then.

In addition, a bullish cross between the 50- and 200-day moving average occurred and the price was trading on both MAs, an indication that XLM has started its uptrend.

Source: Trading View

Read more:

The Leading Coins By Market Cap Still Struggling After The Latest Crash & More

Major Coins Making Notable Moves: Bitcoin Lost $10k, Altcoins Outperformed BTC Provide Hope For The Altcoin Season & More

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