Crypto Price Analysis 6/25: Bitcoin likely targets to test the $ 8,800 support zone plus ETH, XRP, XTZ, ADA

U.S. stock futures moved lower for overnight trades on Wednesday, after witnessing the sell-off triggered by anxiety about the revival of coronavirus.

Dow Jones Futures dropped 132 points. S&P 500 and Nasdaq 100 futures also traded in negative territory. Trading volume weakened overnight.

The negative headlines about Covid-19 have also brought the stock market into an empty exit on Wednesday. The Dow fell about 700 points, while the S&P 500 and Nasdaq fell 2.5% and 2.1%, respectively. All three benchmarks saw the worst day since June 11.

At the same time, the sideways trend of Bitcoin has ended, the price is trading down nearly 3% with the current price of $ 9,273. The area between $ 9,000 and $ 9,400 has been strongly supported, but it is unclear whether this area will hold up in the coming hours and days.

Not just Bitcoin, most altcoins recorded a 3-5% decline in the past 24 hours.

Crypto Price Analysis 6/25: Bitcoin likely targets to test the $ 8,800 support zone plus ETH, XRP, XTZ, ADA

Bitcoin

Yesterday, Bitcoin price struggled to clear resistance at $ 9,700 and $ 9,800. BTC peaked just below $ 9,800 and recently began to decline sharply.

It broke support levels of $ 9,540 and $ 9,500 to move to the bearish zone. Bears have dominated the cryptocurrency market, and the price has dropped below $ 9,300. There are also closures below $ 9,300 and the 100-hour SMA.

Bitcoin tested support at $ 9,200 and trading as low as $ 9,204. It is currently consolidating losses and trading within a range above the support of $ 9,200. There seems to be a short-term contract triangle formed with the support of nearly $ 9,200 on the hourly chart of the BTC / USD pair.

Source: TradingView

If there is an upside break above the triangle resistance at $ 9,280, the price can test the Fib 23.6% retracement of the recent decline from the $9,662 swing high to $9,204 low.

The first major resistance is near the $ 9,400 level, followed by the Fib 50% retracement of the recent decline from the $9,662 swing high to $9,204 low. The price must rise above the $ 9,500 resistance level and 100-hour SMA to move into the positive zone.

On the other hand, bitcoin is looking for strong bids near the $ 9,200 support level. If the bulls fail to defend the $ 9,200 support level, there could be another sharp decline in the near term.

The next major support is seen near the $ 9,000 level, below which the bears are likely to target a test of the $ 8,800 support zone. Any additional losses may call for a push up to $ 8,500.

ETH

Yesterday, Ethereum faced a strong rejection near the major resistance of $ 250. The price of ETH formed a high near $ 250 and recently started falling sharply below $ 245.

The recent decline started after a break below a major triangle with support near $ 244 on the hourly ETH / USD chart. It opened the doors for many losses below the $ 240 and 100-hour SMA.

Ether price even broke the $ 235 support level and traded close to the $ 225 support level. A low is formed near $ 228, and the price is currently correcting higher. It is approaching the Fib 23.6% retracement of the recent decline from the $250 high to $228 low.

Crypto Price analysis 6.25 eth

Source: TradingView

On the upside, there is an important resistance formed near $ 235. If ETH closes above the $ 235 resistance, it can test the Fib 50% retracement of the recent decline from the $250 swing high to $228 low at $ 238.

If successful, it could open the door for a new increase to significant resistance at $ 250 in the next sessions.

XRP

The XRP price failed to erase the $ 0.19 resistance level and began to decline sharply, similar to BTC and ETH. XRP has broken down the support levels of $ 0.188 and $ 0.185 to move to the bearish zone.

The decline makes it slide below the support of $ 0.182 and the 100-hour SMA. There is a break below an important contract triangle with support near $ 0.183 on the hourly chart of the XRP / USD pair.

Finally, it sank below the support of $ 0.18 and tested the support of $ 0.178. A low formed near $ 0.1783 and the price is currently trading in the red zone. The resistance on the upside is near $ 0.181.

The Fib 23.6% retracement of the recent decline from the $0.1900 high to $0.1783 low is also close to $ 0.181. The first major resistance area is near the $ 0.182 level (recent breakdown area).

Crypto Price analysis 6.25 xrp

Source: TradingView

If there is a clear break above $ 0.181 and $ 0.182, the price might revisit the resistance of $ 0.185. It is close to the 50% Fib retracement level of the recent decline from the $0.1900 high to $0.1783 low.

A successful break above the $ 0.182 resistance level and a subsequent move above the $ 0.185 level is needed to start a new rise.

XTZ

Tezos (XTZ) price has been rising along with an upside support line since the beginning of April. It is currently bouncing on it a third time. The support is also strengthened by the presence of the 200-day moving average (MA), which is only slightly lower than this one.

However, the price is facing stiff resistance from the 50-day MA and the resistance zone of 29,500 satoshis, previously acting as a support. Until the price can successfully flip this area into support, this move cannot be considered bullish.

Crypto Price analysis 6.25 xtz

Source: Tradingview

In the short term, XTZ has broken out from the descending resistance line, and the RSI is holding above 50. This is an indication that the price of XTZ will continue to move upward and surpass the previously established resistance.

Crypto Price analysis 6.25 xtz 2

Source: Tradingview

ADA

Cardano (ADA) price has increased since January 14. However, the rapid growth rate increased sharply at the end of May, along with the volume. The price reached a high of 947 satoshis on June 4 and has declined slightly since then.

The next important resistances are found at 985 and 1170 satoshi, 0.382 and 0.5 Fib levels of the whole downside.

The price must reach at least one of these areas because price action is still rising. This is especially evident in the long low of the June 19 candle. The candle confirmed the previous resistance and immediately bounced.

Source: Tradingview

In the short term, ADA is trading inside a symmetrical triangle, except for the aforementioned wick that has come down below the rising support line.

Although the triangle is considered a neutral pattern, the fact that it is happening after moving up makes a break out of the possibilities. The scenario is further reinforced by the fact that there has been no recent price divergence.

Crypto Price analysis 6.25 ADA 2

Source: Tradingview

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