Cryptocurrencies Open the Week on a Consolidation Mode

3

by | 4th June 2018 | 0 comments

Cryptocurrencies are opening the week with small losses as pairs are trading in consolidation mode. Bitcoin and Ethereum are moving sideways after advancing four days in row.

Since May 29, BTC/USD rose almost 10%, Ethereum climbed 23%, and Bitcoin cash rocketed 38%. All of that in less than a week. On Monday, major cryptocurrencies are consolidating levels while BCH/USD is extending gains.

Bitcoin tests the 20-day moving average

The crypto king is trading sideways on Monday as BTC/USD is consolidating levels after rising more than 10% in the last four days. Bitcoin rose more than $700 in value from May 29 low of 7,060 to Sunday peak at 7,777. BTC/USD is now pricing 0.30% negative on Monday so far at 7,685.50.

BTC/USD is testing the 20-day moving average around 7,750. A break above that level would open the doors to the 7,950 area and then the 50-day moving average at 8,480. Then, the pair would face the dynamic resistance coming from January 2018.

To the downside, a return below the now 7,500 dynamic support line, would open the doors for more weakness with the 7,000 area as the primary support. Below that, 6,500 and the crucial 6,010.

Ethereum trades at 12-day highs at 627.00

ETH/USD Daily Chart - 04-06-18

ETH/USD is trading in consolidation mode too after posting four consecutive days of gains. Even more, since May 29, ETH/USD rose $128 in value to a peak of 627.80 on Sunday.

Etereum is now trading 0,40% negative on the day against the dollar at 616.15. Technical indicators are pointing to the upside with the 625.00 area as the most critical resistance in the short term.

If the pair breaks above 630.00, it will find the immediate resistance at the 50-day moving average at 650.00; then the 200-day MA at 710.00.

To the downside, if the pair gets back below the 560.00 area. Then, 500.00 will be the next significant area, and nothing else is in between there and the 400.00 area.

Bitcoin cash test the 1,200 level; indicators point to the upside

BCH/USD Daily Chart - 04-06-18

Bitcoin cash is extending gains versus the US dollar for the sixth day in the last seven as investors are betting on a cheaper version of Bitcoin.

Since May 29 bottom at 872.00, BCH/USD has gained around $333 in value to price as high as 1,210.00. Currently, Bitcoin cash is pricing at 1,186.15, 1.60% positive on Monday. Indicators are pointing to the upside.

If the pair breaks above the 1,200 area, it will find next resistance at the 50-day moving average at 1,250.00. Then, Bitcoin cash will move the unit to the 1,300 area, and the 1,500 are following selling areas.

To the downside, If the pair fails to break above the 1,200 area, it will fall to the 1,000 mark and then the 900.00 again. Below that, the 800.00 is a critical support that is defending the 600.00 area.

0 Comments

Submit a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Pin It on Pinterest

Share This