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

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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.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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Posted-In: Bitcoin Ethereum FXStreet rippleCryptocurrency Forex Markets