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Bitcoin, Ethereum & WAX - American Wrap 6/11

June 11, 2020 4:09 pm
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Bitcoin, Ethereum & WAX - American Wrap 6/11

Bitcoin Sentiment Overview: BTC/USD can skyrocket thanks to inflation

Bitcoin broke $10,000 again on June 10 but got rejected and dropped to $9,700. The top-ranked cryptocurrency is trading at $9,550 at the time of writing after a steep consolidation due to the recent rejection. Bulls are looking to hold the daily 12-EMA at $9,679. A loss of this EMA will be significant and it hasn’t happened since May 21.

Ethereum Price Prediction: ETH/USD slides below $240 and there are not many support levels nearby

Ethereum is clearly seeing a shift in momentum after the rejection we saw yesterday on June 10. The second-ranked cryptocurrency attempted to break $250 again and had a minor rejection that is getting a ton of continuation today. The daily 12-EMA is set at $239 at the time of writing and the bulls are trying to defend it. 

Unfortunately, below the 12-EMA there is not a lot of support for Ethereum. The nearest resistance area can be found between $237.67 and $237.25 where the previous hourly and 4-hour lows are converging. The daily Fibonacci 161.8% is also there. Below that, Ethereum doesn’t have a lot of support besides the daily 26-EMA at $228.49.

WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to $0.057

The WAX bull run is paused as bulls couldn’t handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547.

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