For about three months in a row now, Bitcoin (BTC) continues to dominate the USD as well as the top 20 cryptocurrencies. The Ether (ETH) bridges the ten months high and still looking forward to furthering price rally.
Come along as we dive into the technical price patterns driving the trend of the BTCUSD, ETHUSD, XRPUSD, and XMRUSD, as well as exciting news events.
BTCUSD (Bitcoin) Technical and Fundamentals
On 24 June '19, the search for the term "Bitcoin (BTC) approaches a monthly high according to data from Google search trends and analytics.
The sudden increase in the public interest is in correlation with the rise in total crypto market capitalization.
Nigeria, South Africa, Australia, Ghana, and Switzerland are the top countries currently searching for Bitcoin (BTC), compared to Uruguay, Dominican Republic, Nicaragua, Panama, and Albania that run searches for Libra.
The BTCUSD at press time trades at a monthly high of 11369.0 USD.
BTCUSD: 4HOUR Chart
Following an initial breakout of bearish accumulation on June 16 ’19 19:00, the pattern established support at 8945.0 and later flagged a breakout of another bearish accumulation in combination with a hidden bullish divergence on June 19 15:00.
The bullish patterns of June 18 and 19 set the pace for about 23.85% price increase before signaling an opposite regular bearish divergence pattern on June 23 ’19 19:00.
Although the bears threaten to drive the BTC price south from a bearish divergence setup on June 23 19:00, the bulls hold firm to the breakout of bearish accumulation support of 10346.0 USD on the 11th hour of June 23.
BTCUSD: 1HR Chart
From an intraday perspective, the Bitcoin price entered the overbought territory on June 21 ’19 16:00 for a 14.6% price increase.
A signal to exit long positions came after a price breakdown of bullish accumulation support and exit of the overbought territory on June 22 ’19 09:00.
The BTC price transitioned into hidden bullish divergence on June 22 and 23 ’19, before breaking below another bullish accumulation support of 11369.0 on June 23 ’19 16:00.
A cluster of buying pressure signaled on June 24 ’19 01:00 gets the pair set for a rally into the 11000.00 USD zone.
Critical Resistance Levels of Bitcoin (BTC)
11232.0, 10985.0, 11122.0, 11369.0, 10855.0
Critical Support Levels of Bitcoin (BTC)
8945.0, 9066.0, 9680.0, 10556.0, 10346.0
9912.1, 10425.0, 10572.0, 10631.0
ETHUSD (Ether) Technical and Fundamentals
Microsoft, the US Tech Giant, and the Ethereum Foundation recently join a list of companies on the Hyperledger greenhouse hosted by the Linux Foundation.
Enterprise-grade solutions are being developed by a host of other businesses and tech companies on the expanding tools built on the Hyperledger.
Such blockchain projects include Supply chain management, Identification and provenance systems are major use case implementations on the distributed ledger.
ETHUSD: Daily Chart
The Ether (ETH) price, as illustrated above from a daily chart overview, is enclosed in an expanding channel, which has been known to show a potential increase in the ETH price.
A regular bearish divergence setup sets the upper resistance trend line, while lower bullish support from the breakout of selling pressure on June 19 ’19 sets the bullish trend line support.
The price failed to close below the 227.20 level on June 10 ’19 and moved to set new support at 226.01, for an upward rally of about 29.5% where it entered the overbought area on June 22 ’19, with support set at 292.99.
ETHUSD: H4 Chart
After a break above bearish accumulation resistance on June 14 ’19, the Ether price initialized a bullish campaign on the 4hour time frame, which was further strengthened by a hidden bullish divergence setup in combination with a breakout of double bearish accumulation on June 18; 19 23:00.
The pair increased by roughly 19.40% before signaling an opposing regular bearish accumulation setup on June 23 ’19 15:00 (322.00).
Hidden bullish divergence is in view, and the price decline may be a mere retracement for a later continuation.
ETHUSD: H1 Chart
The above 1hour chart shows how the bears failed to an increase in buying power on the zero, 11th and 18th hour of June 21 ’19, as well as the 12th and 18th hour of June 22 ’19.
The only way the bears managed to show their presence was after the price chart flagged regular bearish divergence setups on the 1st and 16th hour of June 23 ’19.
Critical Resistance Levels of Ethereum (ETH)
279.05, 292.0, 314.58, 319.92, 322.00
Critical Support Levels of Ethereum (ETH)
227.20, 226.01, 292.99
243.05, 250.36, 262.33, 260.01, 266.00, 292.09
278.50, 290.07, 302.92, 300.46, 302.0
Ripple (XRP) Technical and Fundamentals
In an interview with Fortune on June 20, Ripple (XRP) CEO Brad Garlinghouse maintained that Ripple and Bitcoin are not in competition as he is long Bitcoin.
Garlinghouse pointed out the difference between the two, saying that Bitcoin (BTC) stands as a store of value, Ripple (XRP) on the other hand serves as a bridge for fiat to fiat transfers.
He went further to differentiate between the BTC and XRP in terms of their transaction fees, with the XRP transaction cost being as low as a fraction of a cent, and the BTC transaction costs 2.30 USD on average.
Ripple recently partnered with MoneyGram a primary money transaction service to develop cross-border payments and also using digital currencies to settle foreign exchange.
XRPUSD: H4 Chart
The Ripple (XRP) price paired against the USD showed the bulls dominating selling pressure on June 11, 14, and 18 ’19.
Expanding channels on the crypto chart are generally understood to signal an increase in the crypto price to the upside, as indicated by a hidden bullish divergence on June 20 ’19 19:00.
The XRP price exited overbought after establishing resistance at 0.510, then settled on the bullish accumulation support of 0.44736 of June 22 ’19 03:00.
XRPUSD: H1 Chart
A 1hour view of the Ripple (XRP) price chart shows the simultaneous trigger of a break above bearish accumulation resistance and cross above RSI level-50 on June 20 ’19 12:00, setting support at 0.42267 and racing up by approximately 18.8% after which the price breaks below bullish accumulation support on June 22 ’19 13:00 for a correction of the gains.
The hidden bullish divergence trend line collapsed after a dark cloud cover candle pattern was signaled on June 23 ’19 16:00 with resistance set at 0.4890.
At press time, a resistance level is set at 0.46875 with the RSI showing possibilities of a cross above level-50.
Critical Resistance Levels of RIPPLE (XRP)
0.41070, 0.46361, 0.510
0.4969, 0.51, 0.4890
Critical Support Levels of RIPPLE (XRP)
0.38350, 0.39162, 0.41874, 0.42117, 0.44736
0.42267, 0.43940, 0.45271, 0.470
MONERO (XMR) Technical and Fundamentals
Funded by generous donors of the Monero community, the Monero Konfrenco is designed to distribute scientific and technical results in the privacy and financial technologies like digital cash for censorship-resistance.
The conference topics are restricted to Monero, and the organizers call out to sponsors and speakers to come to support the move for privacy.
XMRUSD: Daily Chart
Similar to major cryptocurrencies on the top ten by market capitalization, the Monero (XMR) price ranges within a bearish and bullish divergence channel.
Confirmation to enter long position was confirmed after the second bullish divergence setup on June 10 ’19 with support established at 81.980, from which the pair skyrockets by about 39.3%.
The pair entered overbought on June 21 ’19, indicating new highs for profit taking. A bearish close below the 114.7 support level on June 23 ’19 will confirm a retracement of the gains.
XMRUSD: H4 Chart
Formation of hidden bullish divergence on June 14 in combination with triple bullish accumulation patterns on June 15 ’19 11:00 set the pair up for a price gain of roughly 33.0% from the bullish divergence pattern.
Another hidden divergence pattern is set on June 23 ’19 23:00 after establishing support at 112.090.
XMRUSD: H1 Chart
Critical Resistance Levels of MONERO (XMR)
Critical Support Levels of MONERO (XMR)
87.434, 92.295, 94.793, 111.85, 112.090
100.70, 105.130, 106.510, 112.760, 112.090
Conclusion and Projection
The current technical bullish patterns on the analyzed currency pairs and analysts at ThinkMarkets predicting the next bull run to fall within the range of 60K USD to 100K USD, there is still room for the total cryptocurrency market capitalization to hit the 2018 high of 771 Billion USD or even exceed it.
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