After trading in overbought territory for about six days on the daily time frame, the Bitcoin BTC price spiked to a peak of 13764.0 USD on 26 June ’19 followed by an exit of overbought on 27 June ‘19. An increase in institutional investment was recorded in the last quarter alongside record-breaking highs of essential cryptocurrency transaction records.
Let’s dive deeper into these fundamental and technical drivers of significant cryptocurrencies in the space.
BTCUSD (Bitcoin) Technical and Fundamentals
Following an investigation by Bitwise, an asset management firm, a significant number of the trade volume published by exchanges may be fake.
In a Bloomberg broadcast, JP Morgan Chase cited the month of May to be the best performing month for the CME Group Bitcoin futures, as the implied volume attained a 500 million USD high.
JPM stated that a difference in the volume from exchanges and Bitcoin futures indicates an increase in institutional investor confidence towards the number one cryptocurrency.
The daily chart of the BTCUSD reveals a breakout of bearish accumulation on May 19 '19 setting support at 6999.9 USD, followed by a bear trap on May 23 '19.
Finally, a hidden bullish divergence setup signaled on June 12 & 17 '19 confirmed a continuation of the upbeat campaign for roughly 67.2% increase, before the price exited the overbought region on May 27 '19, after setting resistance at 13764.0 USD.
So far, the support level at 10560.0 USD formed by the double bullish accumulation pattern on June 24 '19 prevents the price from further decline.
BTCUSD: 4HOUR Chart
A view from the 4hour chart, like the daily chart, reveals a breakout of hidden bearish accumulation on June 23 '19 and a bullish accumulation on June 24 '19.
The breakout pattern on this time scale coincides with the double bullish accumulation pattern on the daily chart, therefore reinforced the price increase.
The price spike triggered while the pair was in the overbought area was later countered by a dark cloud cover candle pattern and a bearish accumulation setup on June 26 '19, resulting in a roughly 20% decline.
Upon hitting the previous breakout support level of 11232.0 USD on June 23 and signaling a hidden bullish divergence, the Bitcoin price bounced back in the bullish direction towards the new resistance level.
BTCUSD: 1HR Chart
From the 1hour intraday perspective, the bulls force price above a bearish accumulation resistance on June 27 '19 17:00, and set support at 10388.0 USD.
A breakout of hidden bearish accumulation on June 28 '19 01:00 sustained the bullish move was before a bull trap candle confirmation for the current bearish decline at press time.
Critical Resistance Levels of Bitcoin (BTC)
Critical Support Levels of Bitcoin (BTC)
11232.0, 11000.0, 10388.0, 11832.0
10388.0, 10799.0, 11618.0
ETHUSD (Ether) Technical and Fundamentals
Based on data from Etherscan, the Ethereum block explorer, the daily transactions recorded on the Ethereum network exceeds one million on 28 June, a first since May 2018.
Diar, the crypto analytics firm reported a new high for Ethereum volumes on decentralized applications DApps, recorded at 77,600 ETH.
ETHUSD: H4 Chart
The Ethereum ETH price from a 4hour overview signaled a breakout of bearish accumulation on June 18 '19 23:00 establishing strong support at 260.01USD, which sent the price rallying by approximately 34.75%.
A sound regular bearish divergence pattern signaled on June 26 '19 15:00, forced the Ether price to dip by 16.7% before indicating an opposite double bullish accumulation pattern on June 27 '19 23:00.
The bullish accumulation pattern formed on June 29 '19 failed to bearish pressure, sending the price back towards last week's low.
ETHUSD: H1 Chart
Similar to the 4hour time frame, the Ether price simultaneously signaled a regular bearish divergence on June 26 '19 16:00, setting resistance at 363.30 USD.
A dark cloud cover candlestick pattern was signaled in combination with the regular bearish divergence.
After entering, and later exiting the oversold territory on June 27 '19 16:00, the Ether price simultaneously broke above bearish resistance on June 27 '19 16:00, followed by a higher low on June 29 '19 01:00.
On June 30 '19 01:00, the Ether price broke below buying support of 317.61 USD after exiting the overbought area and sending the exchange rate towards the oversold state and 275.60 USD support.
Critical Resistance Levels of Ethereum (ETH)
363.30, 316.67, 325.12
Critical Support Levels of Ethereum (ETH)
260.01, 302.52, 304.83, 290.0
Ripple (XRP) Technical and Fundamentals
Ripple, the San Francisco based tech startup is in agreement with Coinfirm a Regtech startup to examine the XRP's compliance with anti-money laundering (AML) provisions.
Coinfirm in the investigation will look out for the use of a mixer, a technology used to obfuscate and make it difficult to trace transactions, therefore making money laundering easy.
The Regtech firm will also be on the lookout for clustering, which allows users to send a small amount of currency through different addresses.
XRPUSD: H4 Chart
Ripple XRP exited the overbought area on June 23 '19 03:00 after about 18.0% increase in price from a bullish accumulation on June 20 '19.
It's been a rollercoaster from that point as the pair entered and exits oversold area on June 28 '19 alongside signaling a breakout of bearish accumulation resistance.
At press time, the XRP price flags a double bottom pattern, showing a continuation of the bullish rally.
XRPUSD: H1 Chart
Similar to the 4hour time frame, the 1hour overview of the XRPUSD signals an increase in buying pressure, confirmed by a breakout of bearish resistance on June 27 ’19 13:00, following a 14.0% price decline.
Critical Resistance Levels of RIPPLE (XRP)
0.45917, 0.42980, 0.42943
Critical Support Levels of RIPPLE (XRP)
0.42117, 0.44736, 0.390
0.3900, 0.40572, 0.4010, 0.41871
Litecoin (LTC) Technical and Fundamentals
According to Weiss Ratings, an American provider of investment data ranks Litecoin as an excellent investment crypto asset as well as having an increasing adoption rate.
The fourth largest cryptocurrency by market capitalization was ranked a B-rate and considered fair on the risk to reward ratio.
A recent partnership between Bibox exchange, Ternio a blockchain firm and the LTC foundation to collaborate in launching a cryptocurrency debit card called "BlockCard", will allow users to globally spend their cryptos both online and at physical store locations.
LTCUSD: H4 Chart
Litecoin LTC price from a 4hour perspective signaled a breakdown of bullish accumulation on June 23 '19 15:00 with support at 146.950, then later eased into a bearish trend line formed from two resistance patterns on June 24 and 25 '19.
Both 137.71 and 137.97 resistance eased signaled an increase in selling pressure forcing the price south by about 16.5%.
An opposite breakout of bearish accumulation on June 28 '19 03:00 set support at 110.68 USD for about 13.7% price increase.
It's been a rollercoaster as the pair again signaled another breakdown of bullish accumulation on June 29 '19:00 23:00, which has led to approximately 13.5% price decline.
LTCUSD: H1 Chart
Notice the double bearish accumulation pattern on June 26 '19 14:00, which indicates an increase in selling pressure.
The regular bullish divergence pattern coincides with an exit of the oversold territory on June 27 '19 17:00, setting support at 111.56.
Following a bullish rally of 15.6% from the bullish divergence, the bulls ran out of steam on June 29 '19 21:00 and yield to selling pressure for an opposite bearish price decline.
At press time, while trading close to the oversold territory, the price signals a regular bullish divergence on July 01 '19 15:00 with support at 114.18.
Critical Resistance Levels of LITECOIN (LTC)
146.95, 137.71, 137.97, 136.030
130.650, 135.94, 135.330
Critical Support Levels of LITECOIN (LTC)
111.560, 110.680, 115.220, 127.010
Conclusion and Projection
Though last week’s closing bearish candle reveals an overbought crypto market as shown by a relative 28.5% price decline of the total crypto market capitalization, the intraday 4hour and 1hour time frames still show the presence of bulls in the market.
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