Market Overview

Bitcoin, Ethereum & Ripple - American Wrap: June 1, 2020

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Bitcoin, Ethereum & Ripple - American Wrap: June 1, 2020

Bitcoin Market Outlook: BTC/USD trades around $9,500, still stagnant while institutional interest keeps growing

For the past three and a half days, Bitcoin has been trading sideways between $9,329 and $9,751. Bulls have managed to successfully defend the daily 12-EMA (Exponential Moving Average) four days in a row now, while the average trading volume continues dropping.

Bitcoin remains in a long daily equilibrium pattern with the last clear lower high set at $9,957.53 and a higher low at $8,637.26. Two days ago, Bitcoin touched $9,751.96 before crumbling down to $9,378.71, however, this is not a confirmed lower high of the daily equilibrium pattern.

Ethereum Chart Update: ETH/USD is fine as long as it stays above daily SMA50

Ethereum (ETH) has been moving inside a range limited by $230.00 on the downside and $240.00 on the upside since Sunday. The coin tested lows at $224/62; however, the sell-off attracted new short-term buyers that pushed the price back above $230.00. At the time of writing, ETH/USD is changing hands at $238.66. The coin has gained 3% since the beginning of the day and stayed unchanged on a day-to-day basis. 

Ripple XRP Price Analysis: XRP/USD is stuck between a technical rock and hard place

Ripple has been moving higher on Monday as the sentiment in the cryptosphere remains positive. The XRP/USD pair has bounced off the 0.21 resistance point but looks like it could make another run on the level once again. If the price does break above the aforementioned resistance zone then the red horizontal line at 0.2250 could also be tricky for the bulls. 

 

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Posted-In: Cryptocurrency Markets