Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – American Wrap: 6/2/2020

Bitcoin Price Analysis: After The Price Crash Where Could BTC/USD Find Support

Bitcoin has taken a tumble on Tuesday just as the 10K level looked to have been a thing of the past. This looks like a bank of orders has been triggered or some potential profit-taking has taken place.

Either way, this leads to traders looking for levels where the market might stop. First and foremost the price is now struggling at the 4-hour 200 period Simple Moving Average (SMA). Even looking back on the chart the 200 SMA seems to be a decent support and resistance zone on this timeframe but the volume on this move lower could be too hot to handle on this occasion.

Ethereum Erases Nearly 7% In 10 minutes, Trades Below $240
The intense selling pressure surrounding cryptocurrencies caused Ethereum (ETH/USD) to fall sharply from multi-month highs it set at $253.50 earlier in the day.

The pair erased near 7% in a matter of minutes and dropped all the way to $224 before recovering modestly. As of writing, ETH/USD was down 5% on the day at $235.50.

Ripple Price Analysis: XRP/USD Tumbles Below $0.20 Amid Broad Crypto Sell-off

XRP/USD is attempting a recovery above $0.20 after falling sharply below that level. Cryptocurrencies are falling across the board. The downfall follows a move to the upside experienced early in the week.

Ripple's token has dipped below the 200 Simple Moving Average on the four-hour chart and is battling to hold onto the 50 and 100 SMA. Upside momentum has all but diminished.