Crypto Price Analysis 6/26: Bitcoin created a bullish hammer, targeting $ 12,500 plus ETH, XRP, BCH, LTC

The United States is only at the beginning stages of reopening its struggling economy. Stimulus and money printing left, and right has kept the economy and stock markets afloat. But it can’t save the health care system nor can it fight a virus.

With fear returning, cases rising, and all that uncertainty looming over markets, another crash could be ahead.

The last crash came about when markets first learned of the potential impact the pandemic was going to have. With another wave of the virus starting, another wave of selling is likely.

The $ 1 billion Bitcoin options contract scheduled to expire today has brought both excitement and anxiety to traders as the price that has fluctuated without a clear trend in the past 30 days.

Some analysts believe today’s expiration will help end the range of transactions for months and provide some much-needed momentum for Bitcoin. Although this assumption is reasonable, one trader recently believed that the decline seen yesterday was a movement caused by options. As such, Bitcoin may continue to prolong its tedious consolidation in the coming days and weeks.

Bitcoin

On June 25, Bitcoin continued to decline from the previous day, falling to the $ 9,009 low. However, the price was quickly pushed up, and the price closed at $ 9,249, creating a long lower wick and a hammer candlestick.

Price is still trading in a significant support area, from which a rebound is expected.

A hammer candlestick is often considered to be bullish, especially when it follows a downward move. The price has also bounced above the 50-day moving average (MA), and the ascending support line has been in effect since May 1.

If the price bounces, it could regain 0.5-0.618 Fib of the entire downward move between $ 9,398- $ 9,488.

Crypto price analysis 6.26 btc 1

Source: Tradingview

In the short term, the price has shown considerable buying pressure in the form of a long lower wick on June 25 and a bullish hammer on June 26. It is currently attempting to break out of the minor resistance zone of $ 9,300, and the RSI indicates it will succeed in doing so.

If it breaks out, BTC is likely to rally towards the above-mentioned resistance area.

Crypto price analysis 6.26 btc 2

Source: Tradingview

In the long run, the Bitcoin price has been trading in a range from $ 8,500 to $ 10,050 since May 1. At the time of writing, it is trading at the support zone of $ 9,250, right in the middle of this range.

Moreover, the price can trade inside a symmetrical triangle. A breakout or a break from this triangle will determine whether it heads to the low or high range at $ 8,500 or $ 10,050, respectively. The resistance and support lines of the triangle are currently at $ 9,500 and $ 9,000, respectively.

Crypto price analysis 6.26 btc 3

Source: Tradingview

Trader MarketMinds from TradingView believes that the leading currency is about to rise to $ 12,500. According to his analysis, Bitcoin is forming an ‘ascending triangle,’ potentially taking it above $ 12,000.

However, he reminded everyone that Bitcoin is correlated with the S&P500 large stock index, currently facing FUD due to concerns about a second pandemic outbreak and another possible lockdown.

ETH

After plummeting below $ 235, Ethereum has found support near the $ 228 level. The ETH price started an upward correction above $ 230, but it was also lower than the 100-hour SMA.

There was a break above $ 232, plus a Fib 23.6% retracement of the drop from the $250 high to $228 low. However, the price is struggling to clear the $ 235 resistance.

Crypto price analysis 6.26 eth

Source: TradingView

The 100-hour SMA is also near the $ 235 level to act as a resistance. There seems to be a short-term downtrend channel formed with support near $ 230 on the hourly ETH / USD chart. If the pair does not exceed the channel support level at $ 230, it can continue to decline.

The next support is near the $ 228 level, below which the ETH price can test the $ 225 support level. Any other losses could cause a sharp decline below $ 220 in the near term.

XRP

The XRP price has been following the downtrend path for the past few days and is trading below the $ 0.19 support level, similar to bitcoin and Ethereum. XRP even broke the support of $ 0.185 and settled below the 100-hour SMA.

A new weekly low is formed near $ 0.1783 before the price begins to correct upwards. It has recovered above $ 0.1800 to turn into short-term positive territory. Besides, there was a break above the Fib 23.6% retracement of the drop from the $0.19 high to $0.1783 low.

There was also a break above a major downtrend line with resistance near $ 0.1825 on the hourly chart of the XRP / USD pair. However, XRP is struggling to gain momentum above $ 0.182 after breaking the recent trendline.

Source: TradingView

The bulls are facing a few strong hurdles near the $ 0.184 and $ 0.185 levels. The Fib 50% retracement of the move down from the $0.19 high to $0.1783 low is also close to $ 0.1842 to act as a resistance.

Therefore, the XRP price must settle above the $ 0.125 resistance level and the simple moving average of 100 hours to move further into the upside.

BCH

BCH has been pushed to 5th place by market capitalization after losing 4th place.
This is mainly due to the unprecedented market capitalization of Tether by 2020.

Source: TradingView

From the chart above, it is clear that the price of BCH has been consolidated since the March crash. This consolidation has formed a symmetrical triangle capable of breaking either way. Besides, the BCH price spike has been stopped at 0.618 Fib at $ 244.80, resistance since the beginning of April.

As the price reached the lower end of the pattern, two things can be expected here, a bounce from the lower line and towards the upper end, or a breach of the lower line and into the immediate support at $223.18.

On closer inspection, it can be seen that the price has formed three lower highs, while the RSI has formed three higher highs, suggesting the existence of a hidden divergence. The bias of this divergence is towards the bears. Therefore, the price movement over the next few days can be expected to go south.

LTC

Litecoin price had dropped since February 14, when it reached a high of ฿ 0.00809.

After the first decline, LTC has been moving along a descending resistance line since February 27. This line has rejected the breakout three times so far. The resistance line is also reinforced by the presence of the 50-day MA, which has turned down the price three times. Currently, the resistance and MA are located at ฿ 0.0048.

If the price breaks above this line, the nearest resistance area will be found at ฿ 0.0055.

Source: TradingView

The short-term chart shows that LTC is trading inside a declining wedge pattern since June 5. The descending wedge is considered a bullish pattern, in which the price is expected to break up above the pattern. At the time of writing, the price is indeed in the process of breaking up on the pattern, after rebounding from the Fib 0.79 level of the previous up move.

Moreover, there has been a strong bullish divergence developing on the RSI (6-hour frame), making a breakout more likely.

If a breakout occurs, the nearest resistance is found at ฿ 0.00485, which also coincides with the 50-day MA mentioned in the previous section.

Source: TradingView

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