Crypto Price Analysis 6/19: Bitcoin Price Sliding Towards $9,250 Plus ETH, XRP and LINK

By Tsunami On Jun 19, 2020

U.S. stock futures were higher in early morning trade on Friday following a muted session in which traders grappled with disappointing unemployment data and rising coronavirus cases.

Dow Jones Industrial Average futures rose just 153 points, but pointed to a Friday opening gain of about 106 points. S&P 500 and Nasdaq-100 futures pointed to a positive Friday open for the two indexes.

The Dow, S&P 500 and Nasdaq Composite headed into Friday’s session on pace for their fourth weekly gain in five weeks. The Dow is up 1.9% week to date through Thursday’s close while the S&P 500 has gained 2.4% in that time. The Nasdaq has climbed more than 3% over that time period.

Meanwhile, Bitcoin is declining steadily and trading below $9,400 against the USD. BTC could decline sharply below $9,250 if it fails to reclaim the 100 hourly simple moving average.

Bitcoin (BTC)

After forming a short-term top near the $9,500 level, bitcoin price started a fresh decline against the US Dollar. BTC broke the key $9,500 support and pivot zone to start a downside correction.

It broke the 23.6% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high. The bears were able to push the price below the $9,400 level and the 100 hourly simple moving average.

It seems like there is a crucial declining channel or a bullish flag pattern forming with resistance near $9,400 on the hourly chart of the BTC/USD pair. On the downside, the first key support is seen near the $9,250 level. It is close to the 50% Fib retracement level of the upward move from the $8,907 low to $9,600 swing high.

Bitcoin is clearly struggling to clear the channel resistance and the 100 hourly SMA to resume its upside above $9,500. Therefore, there is a risk of more losses below the $9,250 support level.

The next major support is near the $9,140 level, below which the price will most likely continue lower towards the $9,000 support level in the near term.

Etherereum (ETH)

Popular trader @Anbessa100 shares this chart, she stated that the Ethereum price is likely to dump soon:

The hourly chart reveals that the price is also facing resistance from the 200-hour moving average (MA). In addition, we can see that volume has been much higher during bearish candlesticks, and that there is a slight bearish divergence in the RSI.

All signs point to the Ethereum price moving down in the coming days. If this occurs, the rate of decline is likely to accelerate if ETH loses the $229 minor support area.

ETH/BTC

The ETH/BTC chart also paints a bearish picture. The price has broken down from a rising support line that had been in place since May 16. It is currently in the process of validating it as resistance. Similar to ETH/USD, the RSI has been rejected by the 50 MA line and is decreasing.

If the price continues its downward movement, the closest support area is found at ₿0.0225, between the 0.5-0.618 Fib levels of this entire upward move.

Ripple (XRP)

Ripple price started a fresh decrease after it failed to test the $0.2000 resistance. XRP traded as high as $0.1986 and recently declined below the $0.1950 support zone.

The bears gained traction and pushed the price below the $0.1900 support and the 100 hourly simple moving average. During the decline, there was a break below a major bullish trend line with support at $0.1910 on the hourly chart of the XRP/USD pair.

It traded as low as $0.1868 and it seems like there are chances of more losses. An initial resistance is near the $0.1890 level or the 23.6% Fib retracement level of the recent slide from the $0.1986 high to $0.1868 low.

There is also a declining channel forming with resistance near $0.1890 on the same chart. The first key resistance is near the $0.1900 zone and the 100 hourly simple moving average. The next major resistance is near the $0.1925 level or the 50% Fib retracement level of the recent slide from the $0.1986 high to $0.1868 low.

Clearly, ripple is facing a lot of hurdles on the upside near $0.1900 and $0.1925. A successful close above $0.1900 and then a follow up break above the $0.1925 level is needed for a strong upward move.

Chainlink (LINK)

At the time of writing, Chainlink’s token is trading up three percent at its current price of $4.117

LINK/USDT 4 hours chart | Source: Tradingview

LINK has been able to post a similar gain against its BTC trading pair as well and is now showing signs of strength as it begins decoupling from the rest of the market.

The ETC20 token has a historical tendency to incur intense parabolic trends during times of stability or lackluster trading within the rest of the market.

With that being said, this current uptick in its price could mark the start of another sharp movement.

As for where it could lead the crypto, analysts do believe that it will favor buyers.

$LINK #CHAINLINK

Still following the plan in which green held. Preferably I’d like an HL or at least support at $4 to be held.

If we continue grinding, I suspect we’ll touch the ATH range and test between $4.60-5.

Interesting market. pic.twitter.com/M2cHcS6NMi

— Crypto Michaël (@CryptoMichNL) June 18, 2020

Michael van de Poppe – a popular trader on Twitter – spoke about this possibility, explaining that the support that buyers have established around $4.00 over the past several days and weeks could provide it with a serious boost.

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