Crypto Brief on June 08: Bitcoin rebounding above the 100-hour SMA triggered more profits plus ETH, XRP, ETC
Bitcoin is likely to accelerate higher towards $10,000 as long as it is above the 100 hourly SMA while some leading altcoins are making efforts for a new rally.
Over the past two sessions, the Bitcoin price has fluctuated below $ 9,800. BTC has plummeted below $ 9,600 and $ 9,500, but the $ 9,400 area acts as a strong support.
A low has formed near $ 9,393 and the price recently rebounded sharply.
It has broken the $ 9,500 and $ 9,600 resistance levels. There is a break above the Fib 50% retracement of the recent decline from a high of $ 9,892 to a low of $ 9,393.
More importantly, there was a break above the main downtrend line with resistance near $ 9,670 on the hourly chart of the BTC / USD pair. The pair is currently trading above $ 9,700 and the 100-hour SMA.
On the other hand, the initial resistance is near the $ 9,800 level or the Fib 76.4% retracement of the recent decline from a high of $ 9,892 to a low of $ 9,393. If there is a clear break above the $ 9,800 resistance level, the price will probably continue higher for the $ 9,880 and $ 10,000 resistance levels.
ETH price extended its decline below the support of $ 240. The price was trading close to $ 235 before the bull entered. A low formed near $ 234 and the recent price has rebounded sharply.
There is a break above the resistance zone of $ 240 and the 100-hour SMA. There is a break above the main downtrend line with resistance near $ 242 on the hourly chart of ETH / USD.
However, ETH price once again struggles to gain strength above the $ 245 resistance. A high formed near $ 246 and the price is currently correcting lower. It tested the Fib 23.6% retracement of the recent rally from a low of $ 234 to a high of $ 246.
The first major support on the downside is near $ 242 and the 100-hour SMA. The next key support is near the $ 240 level and the Fib 50% retracement of the recent rally from a low of $ 234 to a high of $ 246.
On the upside, the bulls need to increase strength above the $ 245 and $ 250 resistance levels to begin a sharp rise. The next major resistance may be near the $ 260 and $ 262 levels.
Over the past few days, XRP has been following the downward path of the key price of $ 0.21. The price broke out of the $ 0.202 support zone, but it still sustained above the $ 0.2 support level.
The price is currently consolidating above the support of $ 0.2 and the SMA 100 (4 hours). The highest level near $ 0.2073 before the price drops to $ 0.2.
A low formed near $ 0.198 and the price is currently rising. XRP is trading above the Fib 50% retracement of the recent decline from a high of $ 0.2073 to a low of $ 0.198. There appears to be a descending channel forming with resistance near $ 0.204 on the 4-hour chart of the XRP / USD pair.
The resistance of the channel is close to the 61.8% Fib retracement level of the recent decline from a high of $ 0.2073 to a low of $ 0.198. If there is an upside break above the resistance of the channel, the price might test the resistance zone of $ 0.2075.
A successful close above the $ 0.2075 resistance level could open the door for a bigger step. The next major resistance is near $ 0.214, above which the bulls are likely to target $ 0.25.
ETC Labs founder James Wo recently shared on Twitter that Ethereum Classic will soon reach $ 1,000. Woo shared this statement in response to the tweet of Defi NYC founder Cole Kennelly, who said ETH will reach $ 10k this decade.
— James Wo (@realjameswo) June 6, 2020
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