BITCOIN ANALYSIS JUNE,2021:
Not even Bitcoin could survive the recent market crash. The giant fell from its high of $65000 to a low of $30000 which has been proven to be a major support. Here’s the price analysis of Bitcoin.
Bitcoin has been consolidating between the range of $40000 and $34000 since a month, clearly forming a symmetrical triangle formation on the daily time frame.
It has given a breakout of this zone recently with decent buying volumes and has retested the same level so as to continue its bullish move. The next target for Bitcoin would be $45000 and it needs to sustain said levels to make a new all time high in the coming months.
Market Sentiment :
The Relative Strength Index stands at 47.03 which reflects a neutral to bullish bias for the upcoming days. The RSI has made its way from the over-sold region to the neutral region in a month which is a good indicator of a possible bull run.
The MACD is above the signal line and gives ‘Buy’ call for investors.
The historical charts of Bitcoin have proved to show a massive surge in prices after each crash. The crash from $1000 to $154 in 2015 , $20000 to $347 in 2018 and $14000 to $4000 in 2019 were followed by massive bull runs. History tends to repeat itself and it may repeat after Bitcoin’s recent 50% fall!
ETHEREUM ANALYSIS JUNE, 2021
Unlike Bitcoin’s 50% crash, Ethereum’s crash was worse. The second largest cryptocurrency fell from its high of $4372 to a low of $1729, which is nearly a 60.5% crash. Here’s the price analysis of ethereum.
However, it made a smart recovery from the low to $3000 levels and has been consolidating between a minor range on the daily time frame.
Currently, it hovers slightly above its support levels and any decisive close below $2350 could trigger yet another bearish trend. The dry volumes indicate lack of participation from investors. Another bearish indication is that the downward pressure from its 50 day exponential moving average.
Market Sentiment :
The Relative Strength Index has given a negative divergence and is now inching towards the over-sold region from the current neutral levels of 42.14. The RSI is yet another confirmation of a possible bearish trend below its crucial support levels. In addition , the MACD has given a negative crossover below the signal line which gives a ‘sell’ signal to investors. Both indicators are showing weakness for Ethereum for the coming days.
Ethereum is currently taking support at crucial levels and any significant breakdown of the zone could lead it right to its previous lows of $1800 zones. The next support levels for Ethereum are $2100 and the final support are the levels of $1780 to $1800. In order for it to continue its bull rally, active volumes and participation from investors are highly required. A highly cautious approach is required until a bullish reversal is achieved. Till then, creating fresh long positions is highly risky.
DOGECOIN ANALYSIS JUNE 2021
Dogecoin has indeed been to the moon, and back. The coin, started as a joke, gave investors a massive 2800% returns year-to-date when it touched its peak of $0.74 in May,2021. However, its conditions are looking bleak ever since. Here’s the price analysis of Dogecoin.
The coin fell over 70% from its high to make a low of $0.22 during the market fall. Dogecoin has been consolidating between the levels of $0.40 and $0.30 and now rests at a crucial support level. The downward pressure from its 20-day exponential moving average and the negligible volumes do not offer a promising future for the currency and it may be the end of the ‘Dogecoin Frenzy’.
A breakdown and close below the levels of $0.28 would be painful for the investors as it could trigger a massive bearish trend and targets of $0.24 and $0.18 can be seen in the medium time horizon.
Market Sentiment :
The Relative Strength Index has cooled down from the over-bought levels to the neutral region of 41.78 and could be heading towards the over-sold region as it has been in a downtrend since a month.
The MACD has been sustaining below the signal line since two weeks on the daily time frame which indicates a ‘strong sell’ signal for its investors. Both indicators are showing huge weakness for Dogecoin in the upcoming days.
The Dogecoin frenzy seems to have come to a disappointing end and its future looks bleak. Although it has taken support at a strong base, a bearish trend is likely to follow the current consolidating trend.
A very cautious approach is a must for investors while the coin still offers a chance to square-off long positions and shift their resources to better and stable coins.