Crypto Price Analysis 6/11: Bitcoin targets $ 11,200 after recent spike plus ETH, XRP, BCH, ADA, NANO, TRX
The bulls are heading for the target of $ 11,200 after Bitcoin price once again surpassed $ 10,000 early today while some altcoins are heading to key resistance levels.
Bitcoin
After consolidating in a range for several sessions, the Bitcoin price soared above the $ 9,800 resistance level. BTC gained momentum above $ 9,880 and settled above the 100-hour SMA.
During the rally, there was a break above an important contract triangle with resistance near $ 9,780 on the hourly chart of the BTC / USD pair. It has opened doors to make more gains than $ 9,950, but the bulls are still trying to gain strength above the $ 10,000 resistance zone.
Source: TradingView
A high formed near $ 9,998 and the price is currently correcting lower. It tested the $ 9,920 level or the Fib 23.6% retracement of the recent rally from a low of $ 9,680 to a high of $ 9,998.
The first major support is seen near the $ 9,840 level. It is close to the Fib 50% retracement of the recent rally from a low of $ 9,680 to a high of $ 9,998. On the other hand, the price is facing a major resistance near the $ 10,000 level.
If there is a successful daily close above the $ 10,000 resistance, the price can rise steadily in the next sessions. The next resistance level is near the $ 10,500 level, on which the bulls are likely to target the test of $ 11,200.
ETH
After trading in a range for several sessions, the Ethereum price soared above the $ 244 and $ 1245 resistance levels. ETH formed a strong support base above $ 240 and the 100-hour SMA before the recent start of the rally.
During the rally, there was a break above an important contract triangle with resistance near $ 243 on the hourly ETH / USD chart. The pair tested the $ 250 resistance zone, in which the bulls lost momentum and the sellers prevented more gains.
Source: TradingView
ETH price is currently correcting lower and trading below $ 248. There is a spike below the Fib 50% retracement of the recent rally from a low of $ 242 to a high of $ 250.
Previous key resistance near the $ 245 level is now acting as a strong support. The Fib 61.8% retracement of the recent rally from a low of $ 242 to a high of $ 250 also serves as a strong support.
On the upside, $ 250 seems to be the next major hurdle for the bulls. A successful daily close above the $ 250 level is needed for additional profits. Next resistance may be near the $ 265 level.
XRP
In a scathing tweet, former legend trader Peter Brandt stated that Ripple, the blockchain company that discovered XRP and owned 60% of its total supply, is currently abandoning it.
He thinks that Ripple has ‘blown the wad’ that is allocated to support XRP above critical support.
Looks like Ripple Labs @Ripple has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145
Hey, I’m just a boomer who hates XRP pic.twitter.com/L0wL3TA1s3— Peter Brandt (@PeterLBrandt) June 10, 2020
Brandt noted that the XRP price has dropped below 2,060 satoshi after Bitcoin’s latest rally to $ 10,000.
If unable to regain the aforementioned level, Brandt thinks that XRP will plummet to 1,450 satoshi.
The XRP / BTC pair is currently a staggering 91% decline from the near 23,000 satoshi peak recorded in January 2018.
Source: TradingView
BCH
After correcting the downside, BCH price has found support near the $ 245 area. The price of BCH is trading as low as $ 246 and has recently started to increase. It broke the $ 250 resistance level and is still 100 hours higher than the SMA (4 hours).
There is a break above the Fib 50% retracement of the decline from a high of $ 263 to a low of $ 246. More importantly, there was a break above an important contract triangle with resistance near $ 255 on the 4-hour chart of the BCH / USD pair.
Source: TradingView
The pair is currently trading above the 61.8% Fib retracement level of the decline from a high of $ 263 to a low of $ 246. It seems BCH is likely to continue above $ 260 levels.
Initial resistance is near the $ 268 level or the 1,236 Fib extension of the decline from a high of $ 263 to a low of $ 246. If the price breaks the $ 268 resistance, it is likely to move further towards the $ 280 and $ 285 resistance levels in the near term.
TRX
The Tron price has dropped since June 7, when it reached a high after a breakout a week earlier. It seems to be at the end of the retracement period, indicating that a reversal trend is near.
On June 2, TRX price broke out of a long-term descending resistance line that has taken place over the past five months. Bulls have won the battle with a higher than average volume, increasing the importance of the move. In addition, the price has moved above the 50-day MA.
However, the price was rejected by the 200-day MA. To continue moving up, it needs to turn this MA into support. If successful, the next closest resistance level is found at 205 satoshi, namely the 0.5 Fib level of the entire decline.
If the price reaches this level, it is likely to create a bullish cross between the 50 and 200 days MAs, a sign that a longer-term uptrend has begun.
Source: TradingView
NANO
The NANO price have increased since May 8, when it hit a low of 63,660 satoshi. The increase takes place in two stages:
- First, the price moves up to 72% in 16 days.
- It then turned around and confirmed the 92,000 satoshi area as support, starting the current uptrend.
Since then, NANO has increased by 52% in 8 days before retreating a bit. The daily RSI bounced at 50 around the same time the price bounced in the support area of 92,000 satoshi, typical for continuous movement.
Source: TradingView
ADA
Beginning on May 18, Cardano is up 84% after 17 days but it has retreated since then.
Price can find support at 800 satoshi before the start of another rally can take it to the next resistance level at 1200 satoshi.
The RSI bounced up at the MA 50 and the price recovery at the 200-day MA happened much earlier on May 12.
Source: TradingView
Read more:
- Bitcoin Price Continues To Struggle With $10.000 Resistance
- ETH Price Could Be Poised To See Some Notable Downside If Unable To Push Higher Soon