Positive mainstream adoption of the blockchain and cryptocurrency space is quickly digested by the market as the top ten cryptocurrencies by market capitalization see a recovery in price from earlier retracement at the beginning of the month.
Among such mainstream adoption is the long-awaited launch of the Facebook coin, and integration of Dapps on the Ethereum blockchain with Google cloud.
Read on as we analyze the technical price patterns driving the trend as well as other related news in the space.
BTCUSD (Bitcoin) Technical and Fundamentals
In research published by Grayscale, an American Digital asset manager, Bitcoin outperforms traditional wealth preservation assets during the US vs. China trade war.
Making updates to a report published in 2016, Grayscale noted that Bitcoin increased by 47% between May 5 & 31. The Japanese Yen, the best performing asset gained 2.1%, as many assets experienced a significant drawdown due to the trade dispute.
A decline in the Chinese Yuan further spurred the BTC bullish rally following the uncertainty of local investors.
BTCUSD: Daily Chart
Towards the last days in May, the BTCUSD showed weakness as it signaled a bearish accumulation pattern, followed by a dark cloud cover and breakdown of bullish accumulation as the price exits the overbought area on May 30 '19.
On June 06 '19, the pair signaled a bullish accumulation setup with support at 7455.0 following a bearish Fakey pattern that led to an earlier price decline and RSI going below the level-50.
The BTC shows a secure sign of price recovery as the RSI close back above the level-50.
BTCUSD: 4HOUR Chart
As illustrated on the above 4hour time frame, the BTCUSD is enclosed within an expanding channel built from opposing bearish and bullish divergence setups on May 30 '19 07:00 and June 06 '19 19:00, with set resistance and support at 9109.0 and 7455.0.
A regular bearish divergence formed along with a breakdown of critical support on June 02 '19 23:00 got the pair crashing south by roughly 13.2%.
The regular bullish divergence, on the other hand, was signaled in combination with a bullish accumulation pattern and with the support of breakout of bearish accumulation resistance levels on June 10 and June 11 '19, the price has increased by 5.9%.
BTCUSD: 1HR Chart
Above, you will observe how bullish pressure forces price beyond the bearish accumulation resistance levels on the 11, 12, 13, and 14th of June, with set support levels at 7711.0, 7923.0, 8026.0, and 8249.8 sequentially.
With our first order placed on June 11, and stop loss level set below the support level at 7679.7 USD.
As soon as the trade enters the profit zone and signals another critical support through a breakout of bearish accumulation resistance, we can move the stop-loss under the second support level slightly above the break-even point (7887.8 USD).
The movement of the stop loss level continued up until the 5th flag, of which, if the price now triggers the stop loss, we would have successfully optimized our profits at the same time protect the trade.
Notice how we can scale in trades in the same direction at the different breakout points.
Critical Resistance Levels of Bitcoin (BTC)
7497.9, 8825.0, 9109.0
7799.0, 7978.4, 8115.6, 8249.8
Critical Support Levels of Bitcoin (BTC)
6999.9, 7455.0, 8026.0
7455.0, 7497.9, 7727.90, 8161.7
7711.0, 7923.0, 8026.0, 8249.8
ETHUSD (Ether) Technical and Fundamentals
Coming from a published development report on June 13 '19, the Chainlink's oracle middleware is integrated with its BigQuery enterprise cloud data warehouse by the team at Google Cloud.
The integration allows for an on-chain and cloud-based interaction with Ethereum decentralized applications DApps and smart contracts.
It is a great leap forward for the Ehthereum network and the entire crypto industry in general in the pursuit for mainstream adoption.
ETHUSD: H4 Chart
From the breakdown of the group of bullish support, the Eth price started a descending channel built from more breakout and breakdown of bearish and bullish accumulation patterns on May 31 ’19 11:00 and June 01 ’19 11:00, with set resistance and support at 276.50 and 239.86.
The price drop ended after a regular bullish divergence pattern was signaled in union with a breakout of bearish accumulation on June 09 ’19 23:00 setting deciding support at 226.01.
Another breakout of bearish accumulation on June 11 ’19 11:00 accompanied by double bullish accumulation on June 12 ’19 03:00 sets the price in an upward trend, where it later entered and exited overbought on June 12 ’19 19:00.
ETHUSD: H1 Chart
The above intraday chart shows the events have played out so far on the ETHUSD chart in mid-June.
Beginning with a breakdown of bullish accumulation on June 02 ’19 08:00, the ETHUSD nosedive by approximately 15.5%, as it crashes through bullish collection supports on its way down.
Both regular bullish and bearish divergence patterns on June 04 and 05 19:00 sets the price in an expanding channel, where the pair again cut below bullish accumulation support on June 07 ’19 14:00.
The regular bullish divergence setup flagged on June 09 ’19 19:00 aligned with a similar but broader time span regular bullish divergence pattern on June 09 ’19 19:00, raising confidence to go long on the ETHUSD.
Critical Resistance Levels of Ethereum (ETH)
289.42, 276.50, 251.51, 253.99
264.66, 263.18, 273.50
Critical Support Levels of Ethereum (ETH)
226.01, 238.32, 246.79, 248.48
226.01, 237.50, 248.48
Ripple (XRP) Technical and Fundamentals
GateHub, a Ripple (XRP) wallet provider as well as a gateway as a service provider announced and warned users of a phishing scam campaign targeting cryptocurrency wallet.
The announcement talked about malicious email addresses that masquerade as though they are from Gatehub were sent to users of Gatehub wallet instructing them to transfer their funds to a secure wallet owned by the attacker.
In early June, Gatehub was reported to have lost about 10 million USD with about 100 affected wallet holders.
An investigation is ongoing by Gatehub to find out the cause and source of the hack, advising different security measures for users to take to protect their crypto assets.
XRPUSD: H4 Chart
Just like the BTCUSD and ETHUSD charts, the XRPUSD price from a 4hour time frame slumped after making a high of 0.47429, this time, the price drop was from a regular bearish divergence pattern.
The pair appears to be recovering from a bearish trend, after establishing support at 0.3699 on June 09 ’19 19:00.
Further ascending trend lines were set on June 11 and 14 following the break of bearish accumulation resistance levels.
Critical Resistance Levels of RIPPLE (XRP)
0.47429, 0.46582. 0.42474, 0.43320
Critical Support Levels of RIPPLE (XRP)
0.400, 0.38829, 0.38377, 0.36990, 0.38350, 0.39162
MONERO (XMR) Technical and Fundamentals
Trend Micro, a cybersecurity firm in their blog post on June 13 '19 said they had identified a web address that's broadcasting a botnet that contains a Monero (XMR) mining section as well as a backdoor.
According to the report, the software allows the cybercriminals to monetize their Botnet via Monero mining and offering DDoS for hire services.
Trend Micro also detected infection attempts in China, including the exploitation of a vulnerability in the Oracle WebLogic server for the installation of Monero mining malware while obfuscating the effort using certificate files.
XMRUSD: H4 Chart
The price of the privacy coin Monero (XMR) signaled a failure of bullish accumulation support in combination with an exit of RSI overbought on May 28 ’19 07:00 and set significant resistance at 99.00.
On May 30 ’19 11:00, the price plunged south and signaled a dark cloud cover candlestick pattern after failing to break above the bearish resistance level of 99.0.
The XMR price finally settled at the support of 81.206 upon exiting the RSI oversold on June 04 ’19 15:00, and went ahead to break above a bullish inside bar resistance on June 09 ’19 19:00.
We look forward to a continuation of the upbeat should price close beyond the 92.298 resistance.
XMRUSD: H1 Chart
On the 1hour intraday chart, the XMRUSD crypto pair exited the oversold area as well as signaled a regular bullish divergence on June 09 ’19 19:00.
Another divergence pattern this time a hidden bullish divergence on June 11 ’19 signaled a continuation of the price rally as the pair rallies for about 17.4%.
Critical Resistance Levels of MONERO (XMR)
99.00, 98.98, 94.48, 89.817, 92.298
81.206, 81.98, 85.547, 87.434
Critical Support Levels of MONERO (XMR)
81.206, 81.98, 85.547, 87.434
81.98, 82.909, 85.547, 87.434, 92.295, 93.36
Conclusion and Projection
At the second half of the month, the cryptocurrency market shows acceptance by investors as a hedge against the China/US trade war. We expect the price of the BTC as leading crypto to surge beyond the $10,000 mark towards the end of the month.
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