Crypto Price Analysis 6/24: Bitcoin has good chance to rally above $11,000 plus ETH, XRP, LINK, BSV
The recent events in the U.S. equities and futures market are showing stocks are not protected from sudden market downside, seemingly moving up and down with political tweets being the only market catalyst. The U.S. stock market, in particular, the SP-500 and other popular futures products have fluctuated widely in the past year.
Bitcoin, and most other large-cap tokens, have remained stable for the most part since April and is emerging as a global hedge as financial turmoil and political instability ensues.
The traditional market’s volatile activity, as mentioned-above, catalyzed with mere tweets instead of official White House releases have led managers like Paul Tudor Jones and Paul Britton to consider Bitcoin and gold ahead of bonds and other traditional products.
Bitcoin
Trader Josh Rager recently noted that $ 10,000 is still ‘the holding ground’ for Bitcoin price. However, Bitcoin needs to close daily above the aforementioned levels to continue further. In his opinion, such a price hike would allow BTC price to “rip up” to $ 11,000.
“The 2-day Bitcoin chart just seems so clear. $10k has been the holding ground with BTC price being held below (outside one week in Feb). Next time the 2-day chart closes above $10k – I see price continue to rip up to $11ks and beyond.”
The 2-day Bitcoin chart just seems so clear
$10k has been the holding ground with BTC price being held below (outside one week in Feb)
Next time the 2-day chart closes above $10k – I see price continue to rip up to $11ks and beyond pic.twitter.com/p7YNH4OZTe
— Josh Rager ? (@Josh_Rager) June 24, 2020
Bitcoin still decided to close above $ 10,000 on a two-day chart in 2020, so far a very turbulent year for the cryptocurrency market.
After rising to around $ 10,500 on February 13, the Bitcoin price has dropped 63% in the next month.
King Coin got close to its yearly highs on June 1, but a 10% rally to as high as $ 10,429 ended up being a fakeout move that left the bulls trapped.
ETH
Over the past few sessions, Ethereum has seen a steady rise above $ 240. ETH price checked the $ 245 level yesterday before starting to correct the downside.
The price has corrected a few points, but it’s still stable above $ 240 and the 100-hour SMA. A new support base has been formed and the price started increasing above $ 240.
More importantly, there was a break above a bullish flag pattern with resistance near $ 244 on the hourly chart of ETH / USD. The price moved higher than $ 246 and again tested the $ 248- $ 250 resistance area.
A high formed near $ 249 and the price is currently consolidating profits. The initial support is near the $ 247 level. It is close to the Fib 23.6% retracement of the increase from the $242 low to $249 high.
Source: TradingView
There is also a major uptrend line formed with support near $ 244 on the same chart. The trend line coincides with the Fib 50% retracement of the recent rally from the $242 low to $249 high.
On the upside, the ETH price seems to be aiming for an important break above $ 250.
If successful, the price will accelerate higher.
XRP
Over the past week, XRp has followed the path of a price drop below the $ 0.195 axis. The XRP price has broken many important supports near the $ 0.192 level to move to the bearish zone.
It has tested the support of $ 0.185 and is stable below 100 SMA (4 hours). It trades as low as $ 0.1848 and has recently started rising up. There is a break above the overhead resistance of $ 0.188.
The bulls even pushed the Fib 23.6% retracement of the decline from the $0.1986 high to $0.1848 low. Moreover, there was a break above a major downtrend line with resistance near $ 0.189 on the 4-hour chart of the XRP / USD pair.
Source: TradingView
The XRP price is currently consolidating above the broken trendline and below $ 0.19. The first major resistance levels are near $ 0.192 and 100 SMA (4 hours). The Fib 50% retracement of the decline from a high of $ 0.1686 to a low of $ 0.1848 is also near $ 0.1917.
The main resistance is near $ 0.195. If there is a successful break above $ 0.192 and $ 0.195, the price may start to stabilize. The next resistance is near $ 0.2, followed by $ 0.208.
LINK
Chainlink’s price has been in a strong uptrend in the past few days allowing it to soon set up the new ATH.
This latest push seems to have appeared in tandem with news related to China’s Blockchain Service Network (BSN) incorporating Chainlink’s oracle feature.
Chainlink is trading up to more than 11% with the current price of $ 4.92. This marks a notable escalation from the recent low of $ 3.70 that was set just a few weeks ago.
Although it is facing some resistance at the current price level, it is likely that the crypto will soon break the $ 5.00 resistance level and start another rally.
Trader Big Cheds explained that this latest push marked a significant break in the LINK / BTC trading pair.
“LINK/BTC daily chart – Break of descending resistance line. a re-test would present good R/R entry for a long.”
$LINK (BTC) Daily chart – Break of descending resistance line. a re-test would present good R/R entry for a long https://t.co/8F6IbMEPED pic.twitter.com/pBU6NZrnOG
— Cheds (@BigCheds) June 23, 2020
BSV
BSV has a market capitalization of over $ 3 billion, despite the criticism it has faced in recent years. This makes it the sixth-largest cryptocurrency, ahead of some of the most prominent altcoin projects.
However, renowned investor Max Keizer is hesitant to rely on BSV’s $ 3 billion market cap. He said that the asset’s relatively high price is a by-product of wash-sales from an individual or a group.
According to Max Keizer, 90% of BSV volume is wash-sales originating from one individual.
The price is closer to the fragile hologram than the real market.
90% of BSV ‘volume’ are wash-sales originating from 1 individual. The price is closer to a flaky hologram than a true market. #avoid
— Max Keiser (@maxkeiser) June 23, 2020
Keizer is not the only one who calling out Bitcoin SV.
Simon Dedic, the co-founder of cryptocurrency research firm and management partner at Moonrock Capital, recently fought against leading altcoins:
“$XRP, $BCH, $BSV, $LTC and $EOS absolutely do NOT deserve belonging to the TOP 10 cryptocurrencies. Actually can’t wait until they vanish and clear the way for solid candidates”.
Read more:
- ETH price has seen a notable rebound but still remains caught within its wide multi-week trading range
- Trading veteran Peter Brandt: The XRP token as a manipulated scam