bitcoin-cryptocurrency-trading-terms

Bitcoin, Ethereum, Bitcoin Cash, Ripple and EOS Price Technical Analysis (June 6, 2018)

Even though we have been seeing series of lower lows in our charts, odds of prices recovering and aligning with last week’s bullish trend remains high.

We already seeing pockets of buy pressure in lower time frames especially in EOS and to some degree Ripple. Remember, EOS had their mainnet launch last week and solely because of that up-thrust, we may see buyers adding on to their longs today.

Bitcoin (BTC) Price Technical Analysis

bitcoin-btc-price-chart-june-5-6

There is a changing tide sweeping through Indonesia going by recent announcements. In an unexpected twist of events, the country’s Futures Exchange Supervisory Board (Bappepti) lifted the veil of uncertainty by classifying cryptocurrencies as commodities.

This is indeed a reprieve to Bitcoin traders and businesses who had to contend with losses following tough laws in the aftermath of cryptocurrency ban sometimes back in December 2017. With this new directive, exchanges would be required to submit proposals on how what they offer their customers and their respective trading hours.

That’s not all, traders and especially exchanges would have to comply with new regulations from the taxation department, the Counter terrorism unit and a host of other bodies who oversee investors’ interest.

In the last 24 hours, Bitcoin prices faced some headwinds sliding three percent but still trending in the green on week over week basis.

Despite sell pressure following June 4 double bar bear reversal pattern and the consequent confirmation yesterday, we shall remain bullish expecting prices to edge higher in days to come.

This assertion is based on last week’s bullish reversal clear in the weekly chart directs looking for buys opportunities in lower time frames including the 4HR chart.

In this regard, conservatives can fine tune their entries in the 4HR chart while those trading in the daily chart can wait for Bitcoin prices to print above $7,800. Before that happens, it’s better to stay neutral because any break below $7,000 invalidates our bullish projection.

Bitcoin (BTC) Daily Price Forecast – June 5

Ethereum (ETH) Price Technical Analysis

ethereum-eth-price-chart-june-5-6

It’s true that when a project has a figure head things are easier. We cannot say the same about Bitcoin which is very democratic and has no one leader in charge. Vitalik calls the shot in Ethereum but when we check other metrics like the level of decentralization, Ethereum is not badly off.

Yes, expect exchanges to hold the majority of coins because traders often move their coins from one point to another. Statistics shows that 10 percent of all ETH in supply is held by the top 10 addresses in their respective cold wallets. That includes EOS which recently concluded their ICO.

Price wise, we can see a little bit of correlation with BTC. As such, like the former, I recommend zooming in to the 4HR chart and searching for buy opportunities. All this is regardless of the bear pressure we have been seeing in the last two days threatening to reverse last week’s gains. In my view, all we need is a push above $650 or May 23 bear candlestick.

When that happens conservatives can begin buying. On the flip side though and trading with the trend set last week, Ethereum buyers can begin loading their longs once there is a push and close above June 3 highs. That’s around $630. Stops would be at $550.

Ethereum (ETH) Daily Price Forecast – June 5

Ripple (XRP) Price Technical Analysis

ripple-xrp-price-chart-june-5-6

Part of Ripple and cryptocurrency success relies heavily on education. Common people need to understand that cryptocurrencies are not bad as the media portrays and that some technologies like Ripple are extremely beneficial when they want to move money across the border. In their bid to educate the masses, Ripple-like EOS-are partnering with reputable universities in the world in an initiative dubbed University Blockchain Research Initiative [UBRI].

Already, 17 universities would benefit from the $50 million kitty set aside by Ripple. Their objective is simple: Accelerate research in universities and develop technical skills and innovation within the blockchain realm.

Trading with the trend can be the best approach if we need to profit. While we have been seeing lower lows in the past two days, chances are Ripple prices might appreciate and break above 70 cents.

Note that our support is at 60 cents and that’s where XRP traders are rejecting lower lows as yesterday’s candlestick shows. Because of this, traders can either buy at current prices or what for an up-thrust above June 4 highs before initiating longs. In that case safe stops should be at 60 cents in both approaches.

Ripple (XRP) Daily Price Forecast – June 5

Bitcoin Cash (BCH) Price Technical Analysis

bitcoin-cash-bch-price-chart-june-5-6

After Colombia’s Bitex, Roger Ver, a Bitcoin Cash supporter and investor said Bitcoin Cash is perfect as medium of exchange. In an interview, Roger Ver said real adoption is when every convenience store accepts Bitcoin Cash.

That’s what he aims to bring to Japanese adopters because they would make payment using BCH in the coming days. Of course moves like these are beneficial for prices and apart from recent declines, prices are likely to bounce back today.

Notice that BCH is down six percent in the last 24 hours but up 20 percent in the last week meaning there is more room for an upside. In that case therefore, any further depreciation of BCH and we expect to see support at $950. That’s the neck line of last week’s higher highs and is a key inflection point.

If sell pressure is not that strong then any reversal above $1250 with volume spikes would usher in buy pressure. As such, our buy targets remain at $1800 while we shall fix safe stops at $950 or $835 on the lower end.

Bitcoin Cash (BCH) Daily Price Forecast – June 5

EOS Price Technical Analysis

eos-price-chart-june-5-6

According to recent statistics, the top 10 EOS holders control more than 50 percent of all the coins in circulation. This raises distribution concerns that EOS as always been advocating for.

On the daily chart, our analysis shall anchor on June 2 bullish engulfing candlestick. That candlestick points to buyers taking charge and that’s should be our lead. Already in the 4HR chart, EOS buyers are rejecting lower lows and I recommend loading longs with stops at $12 and targets at $23.

EOS (EOS) Daily Price Forecast – June 5

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

4 + 18 =