Crypto-analysts say that bulls capitulate under the pressure of bearish attacks. However, it is worth considering the scenario of the game of whales, which DeCenter analyzed in previous reviews. Another reason for the fall of the first cryptocurrency, and with it other cryptocurrencies, was also the massive sale of the asset by BTC miners. So, on the Bitfinex exchange alone, more than 2650 bitcoins were sold. Also, do not forget about the impact of the traditional stock market on the cryptocurrency market. An increase in the number of cases of coronavirus infection in the United States, as well as a preponderance of votes in a nationwide poll in favor of former vice president Joseph Biden, negatively affected investor sentiment. At the same time, June 25 became known that Telegram and SEC have come to an amicable agreement, under which Pavel Durov’s company will pay a fine of $ 18.5 million and return $ 1.244 billion to investors. How this news affected the quotes of top cryptocurrencies, as well as what the technical analysis says about their prospects, says DeCenter.
On the four-hour chart of the first cryptocurrency, the Triangle model of technical analysis completes the formation. From this consolidation, it is possible to go down (in the case of a breakthrough of support at the level of $ 9150) and go up (provided that the resistance is overcome at $ 9500). A line of the 200-day simple moving average (SMA) also runs in the area of the last mark.
So far, the most likely scenario is a decrease in BTC quotes, which will lead to testing the first target at $ 8760 (38.2% correction for Fibonacci levels). Saving a trend can send the price of bitcoin further to $ 8330 and $ 8050. However, we should expect upward correctional growth from these levels, as evidenced by the departure above the key level of $ 9500. Therefore, in the coming months, the goals of $ 9,900– $ 10,000 and $ 10,400– $ 10,500 remain relevant. Overcoming the last cluster will confirm the idea of a global trend reversal.
BTC / USD chart, four hour timeframe. Source .
On the daily chart, bitcoin is trying to gain a foothold below the narrow consolidation of $ 9300− $ 9580, which will allow BTC quotes to go to $ 8900 (50% correction for Fibonacci levels). Further collapse will meet support at the lower border of the Triangle technical analysis model (on the chart below its borders are marked in orange), in the region of $ 8220, where the line of the 200-day moving average (MA) passes. At the same time, overcoming the upper boundary of this model in the future will confirm an uptrend, which will allow bitcoin quotes to rush up to the first target levels of $ 10,000 and $ 10,500. By the end of this year, bulls can accumulate liquidity and channel it to bitcoin, thereby increasing its quotes to the levels of $ 11,000, $ 11,200 - $ 11,300, and even $ 11,800.
BTC / USD chart, daily timeframe. Source .
Quotes of altcoins also show a downward movement after a decrease in investment demand for bitcoin. The broadcast price is also pressured by a message about the withdrawal of funds from accounts with the PlusToken financial pyramid in the amount of almost 790,000 ETH (about $ 180 million).
The second crypto asset by capitalization returned to support at the level of $ 233, where the 11.4% Fibonacci retracement line passes. If the bears succeed, this can lead to a further decrease in the target area of $ 220 and consolidation of $ 195− $ 200, below which the 200-day SMA line is located. Continuation of the downward movement below these goals is not yet a priority scenario. On the contrary, the most probable is the reversal of ETH quotes from these marks to the first target of $ 251. And in the long run, air quotes before the end of the year can go to conquer the levels of $ 280, $ 300 and $ 320.
Chart ETH / USD, daily timeframe. Source .
Litecoin, after retesting the 200-day SMA line in the region of $ 45, returned to the borders of the cluster of $ 40− $ 42. The formation of bullish divergence on the chart and the MACD oscillator indicates the possibility of another upward movement, but the priority remains the development of a downward wave.
The successful implementation of this idea will allow the bears to rush to the levels of $ 36 and $ 30.60. From them, LTC quotes can begin the development of a new wave of upward movement, which will open the possibility to achieve the first goal of $ 47.45. Further growth will open the way for profit taking at the levels of $ 52 (38.2% correctional level along the Fibonacci lines), $ 56.80, $ 60.80, $ 65 and $ 70.
Chart LTC / USD, four hour timeframe. Source .
Bitcoin Cash continues to move within an increasingly narrowing range, acquiring the look of the “Triangle” price model (its borders are indicated by pink lines in the graph below). Also, BCH quotes continue to move within the "horizontal channel" of $ 200− $ 272, where the 200-day SMA line is also located. Going below $ 200 will allow Bitcoin Cash quotes to test support in the areas of $ 170 and $ 150, and it is also unlikely, but it is still possible to go to $ 100. In the long term, we can expect a breakthrough with Bitcoin Cash quotes at the level of $ 272, which will allow the altcoin to rush to the goals of $ 305, $ 356 and $ 400.
BCH / USDT chart, four hour timeframe. Source .
XRP broke through the lower limit of consolidation of $ 0.2050− $ 0.2360, which led to a decrease in altcoin in the area of first support and the target of $ 0.18. The collapse of the value of other crypto assets will lead to a further decrease in the region of $ 0.16 and $ 0.1470. But in the future, the bearish trend in this area may change to an upward one. This will confirm the departure of XRP quotes above the target of $ 0.2360, below which the 200-day SMA line runs. This will allow traders to raise XRP quotes to target levels of $ 0.2540, $ 0.27, $ 0.2860 and $ 0.30.
XRP / USD chart, daily timeframe. Source .
At the end of this week, Binance Coin is testing the lower bound of the Ascending Triangle model. Successful penetration of it and the boundaries of the $ 15.30− $ 16 area (where the 200-day SMA line runs) will allow BNB quotes to go in a downward movement. A bearish win will allow traders to test support at $ 13.80 and $ 11.50.
But in the long run, we should expect an increase in quotations of the exchange token and breaking through resistance at the maximums of this summer - $ 17 and $ 18.14. Long-term goals remain levels in the areas of $ 19.36, $, 21.30 and $ 23.50.
BNB / USDT chart, daily timeframe. Source .
Crypto assets show a downward correction, which is partly due to a fall in stocks on the stock market. If the cryptocurrency market continues to decline, then the whales will be able to gain even more positions. And this in the long run will allow top cryptocurrency quotes to rush up.