Bitcoin, Ethereum, EOS, Stellar and IOTA Technical Analysis June 20

News of BitHumb hack saturates the market. According to various news sources, hackers stole $30 million worth of cryptocurrencies including BTC, ETH and others. We cannot point out exactly what the cause was but most likely it’s a result of exchange’s weakness that’s why they have suspended deposits and withdrawals. The effect on price isn’t that dire and some coins are actually recovering and aligning themselves with our previous projections.

Let’s have a look at the charts:

Bitcoin (BTC) Technical Analysis

Bitcoin Daily Chart June 20
Click here to see the full size Bitcoin (BTC) Daily Chart June 20

Earlier today, BitHumb, one of the largest cryptocurrency exchanges in South Korea was hacked. It is estimated that hackers made off with close to $30 million worth of cryptocurrencies and even though prices are relatively stable, BitHumb is taking precautionary steps to that effect. To mitigate and to protect investors, they suspended BTC deposits due to a change of their “wallet systems”. With this, all form of BTC deposits will not be possible until further notice. Of course, this is an inconvenience since trading would not be possible for those who wish to invest on BTC or even play the market.

Back to price action and at the time of press, BTC is down two percent in the last 24 hours. Considering the monetary value of lost capital, the market is “very” stable. Remember, when CoinRail was hacked, the market sunk and lost $500 or more in the after math of that $50 million loss.

So, while it’s a clip of our current bullish stand, we expect BTC prices to pick up and even bulge past $7,000 in the coming days. This is an optimistic approach which would only be negated should we see sellers pressing below $6,000 and June lows. To reiterate our initial trade plan following June 14 events: any break above $7,000 would trigger early bulls but risk adverse traders should wait until price appreciate past $7,800.

Ethereum (ETH) Technical Analysis

Ethereum Daily Chart June 20
Click here to see the full size Ethereum (ETH) Daily Chart June 20

Anheuser-Busch InBev is one of the world’s largest brewer behind household brands as Budweiser. Going by the latest step, they surely mean business. News is, Ethereum is their preferred platform going forward as they are serious about making inroads and perhaps improving the performance of digital ads. To initiate this objective, they did launch their first campaign two weeks ago on Kiip. This mobile DApp runs on the Ethereum blockchain. Their goal is simple: Track and monitor the effectiveness of an ad and later expand its reach if there are positive outcome. By using blockchain, there is transparency and all players can view the performance of the ad.

Like BTC, ETH is down and perhaps weighed down by BitHumb security exploitation. However, to keep things in perspective and to avoid distractions, ideally, buying at the back ground of these dips is advised despite the obvious bear trend from a top-down approach. As before, our bull triggers are at $550 and if our previous projection holds true then we need to see appreciation past this $100 consolidation with high volumes. Otherwise-and as it is, further lower lows and rejection of ETH bulls at $550 will keep us off this trade meaning sellers are still in charge.

EOS Technical Analysis

EOS Daily Chart June 20
Click here to see the full size EOS Daily Chart June 20

The main objective of blockchain is decentralization and that’s what most blockchain startups and projects always drum for. But as blockchain continues to draw more attention, scalability, interoperability and scams/hacks dominate the crypto verse.

So, with a new governance system and a robust arbitration mechanism, EOS Block Producers can now directly deal with scams within the network. They already froze seven accounts some few days ago receiving applause and criticism on equal measures. Some even argue that moves like these show that there are elements of centralization and censorship which is against the spirit of blockchain. Do you think their recent freeze is good for EOSIO and EOS coin? Let me know your thoughts.

Back to price action and with EOS down three percent, price is back to consolidation. Consequently, this means remaining neutral in the face of these whipsaws and price which is all over the place. We can easily note that trading volumes remain low averaging 10 million in the last 10 days and that’s low relative to June 10 bearish engulfing candlestick which printed 27 million in trade volumes.

As such, the more prices move within this $5 trading range, the more likely it is for sellers to drive prices past our bear triggers at $9. In that case, targets would be at $7 and later $5 with stops at $12.

Stellar (XLM) Technical Analysis

Stellar (XLM) Daily Chart June 20
Click here to see the full size Stellar (XLM) Daily Chart June 20

According to new rating from China Electronic Information Industry Development (CCID), Stellar Lumens is superior in technology and application. It ranks fifth and fourth respectively on those two selection criteria and technically this is positive for the coin even though we are yet to see its effect on price.

On other fronts, Stellar is ready to launch their own decentralized exchange (SDEX) as early as next month. Reliable sources say the Stellar Development Foundation (SDF) will be in charge of the projection which is in final phases with minor touches on Stellar’s core protocol.

Inevitably, any change on the protocol would affect how sell and buy orders are done but still this is necessary if order book manipulation through “shadowing” is to be stemmed out. Features as Liabilities would keep tract of transactions ensuring the order book is free of unscrupulous activities.

All in all, XLM losses are low relative to other coins in our radar in this general bear market. Yes, it’s down four percent but still Stellar Lumens buyers are stepping in preventing further losses. Regardless, the fact that prices are moving within a 10 cent trading range means our triggers are yet to be tested and therefore we remain neutral. Our buy triggers are at 25 and 30 cents while sellers would likely drive prices lower should we see depreciation past 20 cents.

IOTA Technical Analysis

IOTA Daily Chart June 20
Click here to see the full size IOTA Daily Chart June 20

When we look at implementation and use case application, IOTA appears to be a long term investment. As such, buying at current prices is logical. But, a word of caution. Before loading longs, waiting for sufficient signals would be beneficial for your account even as IOT prices move horizontally near the psychological $1 mark. Before, we set our buy triggers at $1.3 and our buy recommendation would be positive if we see strong up thrusts with high volumes accompanying that move. Conversely, any bear move below $1 and sellers should aim for 90 cents and lower.


Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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