Crypto Brief on June 6: Bitcoin fractal shows Bitcoin may reach $15k in June plus ETH, XRP, ADA, LINK
Despite multiple attempts and rejection at the $ 10k resistance level, a fractal from same exact time last year indicates that Bitcoin may soon break $ 15k in June. At the same time, some of the leading altcoins are showing signs of weakness.
Bitcoin has historically shown strong performance in June. In June alone, cryptocurrency assets rose more than 50% from under $ 10,000 to as high as $ 14,000, before a strong rejection started a new downtrend.
The market has never risen more. The institutions were eventually attracted and every day there was another big player in the financial space talking about Bitcoin.
However, miners, an important part of the overall puzzle, are the underlying underlying health of the assets, increasing the amount of BTC they sell to the market.
After much trial and error, Bitcoin failed to break through the resistance of $ 10,000. However, a fractal that matches up nearly perfectly with price action from exactly one year ago, could indicate that King Coin eventually broke out of the resistance and pushed higher to $ 15,000.
— BitBox (@BitBoxed) June 4, 2020
When comparing price action between last June and now, everything looks very similar. A strong rejection of profit taking once Bitcoin encountered resistance caused the initial decline, it was quickly acquired. Finally, an inverse head and shoulders pattern began to form.
But instead of pushing the right shoulder down to confirm the pattern, the right shoulder soars through resistance.
If the same fractal happens again this June, it will cause a push of over $ 10.00, followed by a parabolic rise to over $ 15,000.
ETH showed some noticeable strength signs yesterday as it began to return to local highs.
However, this power only existed for a short time when the sellers quickly stepped up and catalyzed a harsh rejection that made it down.
It is important to note that it is showing some signs of technical strength because it is superior to Bitcoin, but it is unlikely that it will be able to avoid a sell-off if BTC declines in the near term.
Analysts noted that the existence of a head and shoulders model suggests that Ethereum will see some short-term drawbacks in the coming days and weeks.
Analyst Josh Olszewicz recently pointed to the potential formation of a bearish head and shoulders pattern which is why he believes that ETH may see some short-term weaknesses.
Today, he explained that this model is now even clearer than yesterday, which could mean an impending incident.
— Josh Olszewicz (@CarpeNoctom) June 5, 2020
Other traders noted that although this may mean a local peak has formed, the upcoming launch of ETH 2.0 may neutralize this weakness and cause an uptrend.
XRP is one of the worst performing cryptocurrencies in the past few years, worse than both Bitcoin and its USD trading pair.
This inefficiency may soon widen further, as analysts are noting that the cryptocurrency is on the top of seeing another problem as it oscillates just above critical support.
Interestingly, this technical weakness comes when cryptocurrencies show signs of seeing increased social activity from investors on social media platforms.
XRP, like most other major cryptocurrencies, saw some intense fluctuations over the past week, rising to a high of $ 0.215 earlier this week along with BTC rising to a high of $ 10,500.
The denial that King Coin has seen at this level has led XRP to lows below $ 0.20. It has been consolidated since then.
In addition to currently trading at the major support level compared to the USD trading pair, XRP has also reached an important BTC support level in history.
Analyst ‘Cheds’ talked about this in a recent tweet, explaining that it is currently breaking down in the form of a descending triangle, potentially opening up significant downside.
— Cheds (@BigCheds) June 5, 2020
ADA has witnessed a sharp decline today as the entire cryptocurrency market shows some signs of weakness.
Altcoins have encountered resistance in high time frames and analysts believe this could cause it to see some noticeable losses in the coming weeks and months.
At the time of writing, Cardano is trading down 1.2% at its current price of $ 0.085.
The root of this weakness seems to be the chaos seen by the crypto market, as Bitcoin recently faced a severe rejection at $ 10,000 that made it return to the $9,000 area.
It’s important to note that Cardano has been caught in a macro uptrend for weeks, rising from a monthly low of $ 0.04 to a recent high of $ 0.09.
This strong uptrend has allowed it to significantly outperform the aggregate market, but it remains in a mid-term uncertainty position when trading below high time frame resistance.
Trader ‘TraderXO’ recently released a chart showing the importance of this level, also indicating an overextended RSI.
— TraderXO (@TraderX0X0) June 5, 2020
One year after launching the main network, Chainlink is moving forward with cooperation and cooperation in the industry.
According to a release, Opium is integrating Chainlink price and data prophets to allow faster listing of derivative instruments on the indigenous platform, and to ensure asset prices are checked and accurate.
Order execution, spending and secondary market creation are handled directly on Opium’s basic blockchain. The company claims ongoing valuation data is purchased from Chainlink aggregators using the Graph Protocol, with merchants receiving accurate asset charts and prices.
Source: Opium Blog
Opium lists weekly contracts and futures options using the ETH / DAI prophet provided by Chainlink. A trial integration took place in May, with payments completed successfully.
- Bloomberg: We Expect Bitcoin Price To Go As High As $28,000
- The Importance Of $ 10,500 For Bitcoin Price And Factors Affecting The Price