Crypto Price Analysis 6/13: Bitcoin poised to rally to $11,000 plus ETH, XRP, XTZ, LINK, BSV, USDT
Bitcoin’s uptrend is still intact and could move towards $ 11k in the next few weeks while leading altcoins are showing mixed signals.
Bitcoin has returned to the mid-$9K area after a brief period of severe weakness and trading in the low -$9K area throughout late yesterday.
Fortunately, buyers were promptly defending the recent lows, pushing the price to $ 9,500 as a positive sign.
The bulls now need to defend the $ 9,400 monthly opening as a support and it can move up to the next target of $ 11,000.
According to analyst “Byzantine General”, a quick overnight recovery is likely to favor bulls, as it allows BTC to confirm the monthly opening of $ 9,400 as a support level.
Good job lads.
— Byzantine General (@ByzGeneral) June 12, 2020
The next high time frame price analysts are tracking is $ 11K. Although there is significant resistance between BTC’s current price and these high, analyst “CRYPTO₿IRB” commented that this is where BTC risked next.
He thinks the strength needed to push prices to highs is the consistent closing action above the 50-day MA it is taking.
— CRYPTO₿IRB (@crypto_birb) June 12, 2020
Michael van de Poppe, an experienced cryptocurrency analyst and trader, updated his chart and predicted that the price of ETH would rise above $ 300 by August 2020.
Recently, ETH plunged to $ 226 on some exchanges immediately after attempting to conquer the $ 250 level twice. According to trader analysis, the recent decline (June 10-11) will not affect the overall uptrend of ETH.
Structure still fine and following the plan. pic.twitter.com/usEjmSxQkg
— Crypto Michaël (@CryptoMichNL) June 11, 2020
Looking at the chart, the bulls’ vulnerable territory is $ 210 – $ 220. In short, the recent decline is nothing more than a correction that is anticipated in the next series of upsurges. The $ 250 level is still the next target price for altcoin.
After $ 250, the next key level is near the $ 280 level. After that, the rise of the altcoin will not encounter any resistance on the way to the new yearly high of $ 300.
XRP has been trying to look for any upward momentum recently. Its lackluster price action seen over the past few years has cost it its third-largest digital asset position, and analysts expect it to lose even more.
XRP is rising slightly at the current price of $ 0.192. It has been hovering around $ 0.20 in the past few days, but recent market turmoil has broken this consolidation phase.
The XRP / BTC pair is slightly down 0.6% and trading at 0.00002035 BTC.
XRP’s long-term weakness is likely to cause even more losses.
Analyst “Pentoshi” said he was targeting a movement towards 0.000015 BTC, as this is where its protests were seen in 2014 and 2017.
886, yes 886 Days of macro lower highs on USD pair
BTC pair shows what appears to have been 305 days of sideways action or distribution. Just had an alert go off for new lows today.
1.5k sats is my target. Where it’s first rally in 14′ started and the 17′ rally for alts. pic.twitter.com/OToOJksDrD
— ₿ Pentoshi (@Pentosh1) June 10, 2020
On June 11, XTZ price created bearish engulfing candles, and broke down from the long-term ascending support line that began on March 13. Besides, the price has lost support of the 50-day MA, which has been supporting the price since April 16.
Breakdown happened with large trading volumes, and takes place after prices fail to break above the key resistance at $ 3, although the price has moved a little above this level, the candle has formed a long upper shadow.
Since such long-term support line has been broken, it is likely that the price has started a long-term correction. The first reversal zone can be found at $ 2.05 – 0.5 Fib level of the whole upward move.
Analyst “Loma” recently said he has left his remaining long position, and pointed out the main support area at $ 2.17.
06 – $XTZ
Stopped out of remainder of my position at $2.88.
And that’s why it’s important to re-evaluate your stops/exits as the setup progresses.
If you’re up big on a trade and end up having it run all the way back and stopping you out for 1-2%… that’s a tragedy. pic.twitter.com/bWEDNZNWS6
— Loma (@LomahCrypto) June 12, 2020
LINK price created a bearish engulfing candle on June 11. It broke down from the long-term ascending support line that started on March 13. However, the price found support above the 50-day MA.
The bulls have supported the price here and it has started to turn up to confirm the ascending support line near $ 4.3. However, it eventually fell back to $ 3, the Fib 0.5 level of the whole upward move.
An interesting thing was outlined by Pentosh, who explained that the nearly three-year uptrend of the LINK / BTC pair is likely to end.
915 Day parabola potentially approaching it’s end. Untold wealth has been made in this coin. Untold wealth could be given back. All market cycles come to an end before new beginnings. Re-accumulation lower before the next rallies imo pic.twitter.com/pqURDAjS03
— ₿ Pentoshi (@Pentosh1) June 12, 2020
Indeed, the price is currently trading right next to this ascending curved support line, which has been printed since the start of the up move. A breakdown from this line will indicate that the uptrend has ended, and it is likely that the price will drop to 35,000 sts.
Over the past 24 hours, BSV has dropped slightly by 1% and traded at $ 182.8. Now, according to technical analysis, its price movement could be significantly worse before it gets better.
BSV / USD 12-hour chart. Source: TradingView
As observed in the chart, the BSV price is currently oscillating between the downtrend line and the parallel, which has led to the formation of a descending triangle.
The main scenario for the altcoin is mainly the discount of this model.
With trading volume exhausting continuously since the 2nd week of May, the support level of $ 182 seems weak. Currently, immediate support for BSV is at $ 166, below which will be the support of $ 153. The altcoin are more likely to retrace from $ 166 because the value has not exceeded that range since April.
However, the big bearish sign is clearly visible in the charts after yesterday’s collapse as pictured by the moving average (MA). The 200-day MA became a positive resistance yesterday, which could cause a series of price cuts over the next few weeks.
1-day BSV / USD chart. Source: TradingView
Considering a seemingly impending breakout for the asset at the end of June, the Fibonacci retracement lines show that the first support level is still at $ 155 for the time being. Any perseverance by the bears could see the BSV plummet to $ 137. However, such a violent decline seems unlikely to occur at this time.
Recently, Whale Alert reported on the 100M USDT issuance at the Tether Treasury.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 100,000,000 #USDT (99,624,696 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) June 13, 2020
As the community began posting comments alleging Tether about another USDT dump, Tether CTO Paolo Ardoino reassured the community that this 100M USDT is an additional inventory on the Tron blockchain – an authorized but not an issued transaction for future issuance requests.
However, users seem to remain skeptical of Ardoino’s explanation, comparing the ongoing release of the new USDT to the quantitative easing currently implemented by the Fed.
Earlier, Whale Alert had reported that 20M USDT was transferred from the Tether Treasury to the Huobi exchange.
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