Dogecoin – Daily Tech Analysis –June 16th, 2021

Dogecoin

Dogecoin fell by 2.20% on Tuesday. Reversing a 1.11% gain from Monday, Dogecoin ended the day at $0.3203.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3306 before hitting reverse.

Falling well short of the first major resistance level at $0.3367, Dogecoin slid to an early afternoon intraday low $0.3165.

Dogecoin fell through the first major support level at $0.3191 before a partial recovery to $0.32 levels.

At the time of writing, Dogecoin was down by 0.09% to $0.3200. A mixed start to the day saw Dogecoin fall to an early morning low $0.3184 before rising to a high $0.3215.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 160621 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.3225 pivot to bring the first major resistance level at $0.3284 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.3250 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3306 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3366 and resistance at $0.35. The third major resistance level sits at $0.3507.

Failure to move through the $0.3225 pivot would bring the first major support level at $0.3143 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.31 levels. The second major support level sits at $0.3084.

A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.3143

Pivot Level: $0.3225

First Major Resistance Level: $0.3284

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – June 16th, 2021

Bitcoin, BTC to USD, fell by 0.92% on Tuesday. Partially reversing a 3.87% gain from Monday, Bitcoin ended the day at $40,137.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $39,445.9 before making a move.

Steering clear of the first major support level at $39,167, Bitcoin rallied to a late intraday high $41,273.0.

Falling short of the first major resistance level at $41,415, however, Bitcoin fell back to sub-$40,500 and into the red.

The near-term bullish trend remained intact supported by the latest move back through to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Tuesday.

Bitcoin Cash SV slumped by 14.22% to lead the way down, with Polkadot sliding by 6.56%.

Crypto.com Coin (-3.07%), Litecoin (-2.68%), and Ripple’s XRP (-2.70%) also struggled.

Binance Coin (-0.96%), Cardano’s ADA (-1.27%), Chainlink (-1.79%), and Ethereum (-1.51%) saw relatively modest losses on the day.

Early in the week, the crypto total market fell to a Monday low $1,591bn before rising to a Tuesday high $1,708bn. At the time of writing, the total market cap stood at $1,638bn.

Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Tuesday high 46.12%. At the time of writing, Bitcoin’s dominance stood at 45.89%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $40,094.0. A bearish start to the day saw Bitcoin fall from an early morning high $40,143.0 to a low $39,940.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.09%) and Polkadot (+0.01%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 0.80% to lead the way down.

BTCUSD 160621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $40,285 pivot to bring the first major resistance level at $41,125 and the 38.2% FIB of $41,592 into play.

Support from the broader market would be needed for Bitcoin to break back through to $41,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at the 38.2% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 before any pullback. The second major resistance level sits at $42,112.

Failure to move through the $40,285 pivot would bring the first major support level at $39,298 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$39,000 levels. The second major support level sits at $38,458

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 16th, 2021

Ethereum

Ethereum fell by 1.51% on Tuesday. Partially reversing a 2.89% gain from Monday, Ethereum ended the day at $2,543.58.

A bullish start to the day saw Ethereum rise to a mid-morning intraday high $2,640.00 before hitting reverse.

Coming up against the first major resistance level at $2,641, Ethereum slid to a late intraday low $2,506.23.

Steering clear of the first major support level at $2,493, Ethereum moved back through to $2,550 levels before easing back.

At the time of writing, Ethereum was down by 0.65% to $2,527.15. A bearish start to the day saw Ethereum fall from an early morning high $2,543.62 to a low $2,525.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 160621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,563 pivot to bring the first major resistance level at $2,620 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2,640.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,697.

Failure to move through the $2,563 pivot would bring the first major support level at $2,487 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,430 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,487

Pivot Level: $2,563

First Major Resistance Level: $2,620

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.68% on Tuesday. Partially reversing a 5.32% gain from Monday, Litecoin ended the day at $175.15.

Tracking the broader market, Litecoin rose to an early morning intraday high $181.26 before hitting reverse.

Falling short of the first major resistance level at $185, Litecoin slid to a late intraday low $172.18.

While steering clear of the first major support level at $161, Litecoin fell through the 62% FIB of $174 before finding support.

Late in the day, Litecoin broke back through the 62% FIB to end the day at $175 levels.

At the time of writing, Litecoin was down by 0.58% to $174.14. A bearish start to the day saw Litecoin fall from an early morning high $175.20 to a low $173.75.

While leaving the major support and resistance levels untested, Litecoin tested support at the 62% FIB of $174.

LTCUSD 160621 Hourly Chart

For the day ahead

Litecoin would need to move through the $176 pivot to bring the first major resistance level at $180 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $181.26 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $185.

Failure to move through the $176 pivot would bring the 62% FIB of $174 and the first major support level at $171 back into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $167.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $176

First Major Resistance Level: $180

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP fell by 2.70% on Tuesday. Reversing a 0.55% gain from Monday, Ripple’s XRP ended the day at $0.86683.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $0.90166 before hitting reverse.

Falling short of the first major resistance level at $0.9252, Ripple’s XRP slid to an early afternoon intraday low $0.85640.

Ripple’s XRP fell through the first major support level at $0.8598 and the 62% FIB of $0.8573.

Finding late support, however, Ripple’s XRP broke back through the 62% FIB and the first major support level to end the day at $0.86 levels.

At the time of writing, Ripple’s XRP was down by 0.43% to $0.86314. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.86607 to a low $0.86186.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 160621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8750 pivot to bring the first major resistance level at $0.8935 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.89 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.90166 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.95. The second major resistance level sits at $0.9202.

Failure to move through the $0.8750 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8483 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8297 should limit the downside.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.8483

Pivot Level: $0.8750

First Major resistance Level: $0.8935

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob

Meme Tokens DOGE and SHIB in Spotlight as Investors Hunt Catalysts

Crypto meme coins are trading mixed as investors look to spark a rally that will have legs. Dogecoin and Shiba Inu, the latter of which was created as a rival coin to its larger peer, are giving investors something to talk about rather than just discussing buying the dip. DOGE is down nearly 2% in the last 24 hours while SHIB is holding onto 3% gains.

Technical analyst Eric Thies, who has more than 39K followers on Twitter, gave Dogecoin investors something to cheer. Thies stated and illustrated that there is a hidden bullish divergence on DOGE one-week chart. He added that while this trend is “substantial,” it might not play out overnight. Instead, it could be another two weeks before the bullish sentiment takes hold.

Sheriff of Crypto Land

Fellow meme cryptocurrency Shiba Inu coin, which calls itself the ‘Doge Killer,’ has gained 3% in the last 24 hours. SHIB has been giving up some ground in June compared to May, but there are a couple of catalysts in the pipeline that investors are banking on.

A petition to have Shiba Inu coin listed on mainstream investment app Robinhood is growing. The organizers have attracted more than 140,300 signatures, which is nearing their current goal of 150,000, If the petition reaches that level, it will become one of the most popular on the Change.org site, according to the Shiba Inu petition, which was started by user Tristan Luke.

It isn’t unusual for investors to ask on social media platforms like Reddit how they can buy Shiba Inu. For now, the coin is listed on the leading crypto trading platform Binance and a couple of others. But the Shiba Inu community would like to make it even easier for retail investors to add SHIB to their portfolio using the commission-free Robinhood trading app.

Separately, trading platform Capital.com recently added a Shiba Inu CFD asset on its platform. Shiba Inu has a circulating supply of a whopping 394.7 trillion and there is also a petition to burn some of the token supply.

Forest for the TREES Token

Now that Tesla CEO Elon Musk has thrust sustainability into the cryptocurrency spotlight, don’t be surprised to see more environmentally friendly blockchain projects coming on the scene. One such project is called SafeTrees, the token for which is TREES. The TREES token is designed to support environmental projects.

While Shiba Inu is building a decentralized exchange (DEX), it is unclear if TREES will be trading on the platform, at least not yet. For now, TREES tokens can be swapped on PancakeSwap and purchased on Binance Smart Chain.

 

Is Bitcoin A Great Portfolio Diversifier? Paul Tudor Jones Thinks So

Bitcoin (BTC) has become one of the most exciting financial assets in recent years. With several investors entering the market due to its massive growth, billionaire investor Paul Tudor Jones believes that the leading cryptocurrency is a great portfolio.

Paul Tudor Jones likes Bitcoin

Billionaire investor and the founder of the Tudor Investment Corporation has revealed that he likes Bitcoin as an asset class. Tudor Jones made this revelation during an interview with CNBC yesterday. Tudor Jones pointed out that Bitcoin is a great portfolio diversifier, and he looks to boost his investment in the leading cryptocurrency.

Jones pointed out that Bitcoin and other cryptocurrencies have grown to become a store of wealth. “For me, it’s just a way of kind of foundationally looking at how do I protect my wealth. Over time it’s a great diversifier. Again, I look at bitcoin as a store of wealth,” he added.

The billionaire investor added Bitcoin as one of the assets he would hold to preserve his wealth against inflation. “I like bitcoin as a portfolio diversifier. Everybody asks me what should I do with my bitcoin? The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Jones added.

More institutional investors are trooping into the crypto market

The leading cryptocurrency has gained massive adoption over the past few years. In recent months, most of the adoption came from institutional investors. With a net worth of over $7 billion, the Bitcoin market would be gaining hundreds of millions of dollars if Tudor Jones invests 5% of his portfolio in BTC.

More asset management firms and hedge funds have been increasing their exposure in Bitcoin. Most of the institutional investors now view Bitcoin as a hedge against inflation, thanks to the US Federal Reserve (FED) and several other central banks globally printing money to combat the effects of the Coronavirus pandemic.

BTC/USD pair. Source: FXEMPIRE

Bitcoin climbed the $40k mark for the first time in weeks, as positive news lifted the spirit in the market. BTC is still trading around the $40k region at the time of this report, while Ether is up by 4% and trading above $2,500 per coin.

The U.S Crypto Morning Session – June 15th, 2021

It’s been yet another mixed start to the day for Bitcoin and the broader crypto market. Following a bullish start to the week for the broader market on Monday, Bitcoin and a number of the majors struggled through this morning.

At the time of writing, Bitcoin, BTC to USD, was down by 1.35% to $39,963.0. A mixed start to the day saw Bitcoin rise to an early morning high $40,798.0 before hitting reverse.

Falling short of Monday’s high $49,980 and the day’s first major resistance level at $41,415, Bitcoin fell to a late morning low $39,551.0.

In spite of falling through the day’s pivot $40,074 pivot level, Bitcoin managed to avoid the first major support level at $39,167.

BTCUSD 150621 Hourly Chart

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Through the morning, Bitcoin Cash SV slid by 13.17% to lead the way down.

Crypto.com Coin (-2.32%), Litecoin (-1.98%), Polkadot (-3.24%), and Ripple’s XRP (-1.11%) also joined Bitcoin in the red.

It has been a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 3.29% to lead the way.

Binance Coin (+0.07%), Cardano’s ADA (+0.26%), and Ethereum (+0.07%) saw modest gains, however.

Through the early hours, the crypto total market fell to an early morning low $1,640bn before rising to a high $1,683bn. At the time of writing, the total market cap stood at $1,662bn.

Bitcoin’s dominance rose to an early high 45.59% before falling to a low 44.96%. At the time of writing, Bitcoin’s dominance stood at 45.10%.

For the Day Ahead

Bitcoin would need to move back through the $40,074 pivot to support the run at the first major resistance level at $41,415 and the 38.2% FIB of $41,592.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $40,980.0.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended rally, Bitcoin could test resistance at $43,000 levels before any pullback. The second major resistance level sits at $42,322.

Failure to move back through to the $40,074 pivot would bring the first major support level at $39,167 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$38,000 levels.

The second major support level sits at $37,826.

Looking beyond the support and resistance levels, the 50 EMA has pulled further away from the 100 and the 200 early on.

We have also seen the 100 EMA continue to pull away from the 200 EMA delivering a bullish signal.

The indicators support a continued upward trend through the day and a run at $41,000 levels. Breaking back through the day’s pivot level at $40,074 will be key, however.

Shiba Inu Tests Key Resistance At $0.000007

Shiba Inu Gains Ground As Bitcoin Tests Resistance At $40,000

Shiba Inu is currently trying to settle back above the key resistance level at $0.000007 while Bitcoin is testing the major resistance at $40,000, which is bullish for crypto markets.

Other cryptocurrencies are also moving higher. Ethereum managed to settle above $2,500 and is testing the resistance at the 50 EMA at $2,620. Meanwhile, Dogecoin is slowly moving towards the resistance at its 50 EMA at $0.3435.

The lack of momentum in Dogecoin has put some pressure on Shiba Inu in recent weeks. However, it looks that Dogecoin managed to find material support near $0.30 and may try to develop additional upside momentum which will be bullish for Shiba Inu.

Technical Analysis

shiba inu june 15 2021

Shiba Inu has recently received support at $0.0000055 and managed to gain upside momentum. Currently, Shiba Inu is trying to settle above the major resistance level at $0.000007 which has previously served as support. A move above this level will show that Shiba Inu managed to recover from the recent sell-off and is ready to develop additional upside momentum.

In this case, Shiba Inu will move towards the next resistance level at $0.000008.  A successful test of this resistance level will open the way to the test of the resistance which is located at $0.000010. In case Shiba Inu manages to settle above the resistance at $0.000010, it will head towards the next resistance level at $0.000012.

On the support side, Shiba Inu needs to stay below $0.000007 to have a chance to develop downside momentum in the near term. The next support level for Shiba Inu is located at $0.0000063. If Shiba Inu declines below this level, it will head towards the next support at the recent lows at $0.0000055. A successful test of the support at $0.0000055 will open the way to the test of the support at $0.0000044. There are no important levels between $0.0000044 and $0.0000055 so this move may be fast.

For a look at all of today’s economic events, check out our economic calendar.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – June 15th, 2021

EOS

EOS rose by 4.01% on Monday. Following a 5.35% rally on Sunday, EOS ended the day at $5.2979.

A mixed start to the day saw EOS fall to a late morning intraday low $4.9516 before making a move.

Steering clear of the first major support level at $4.7973, EOS rallied to a late afternoon intraday high $5.3296.

EOS broke through the first major resistance level at $5.2465 before easing back to sub-$5.20 levels.

Finding late support, however, EOS broke back through the first major resistance level to end the day at $5.29 levels.

At the time of writing, EOS was up by 0.42% to $5.3202. A mixed start to the day saw EOS fall to an early morning low $5.2770 before rising to a high $5.3699.

EOS left the major support and resistance levels untested early on.

EOSUSD 150621 Hourly Chart

For the day ahead

EOS would need to avoid the $5.1930 pivot to bring the first major resistance level at $5.4345 into play.

Support from the broader market would be needed for EOS to break out from this morning’s high $5.3699.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $5.70 before any pullback. The second major resistance level sits at $5.5710.

A fall through the $5.1930 pivot and would bring the first major support level at $5.0565 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$5.00 levels. The second major support level sits at $4.8150.

Looking at the Technical Indicators

First Major Support Level: $5.0565

First Major resistance Level: $5.4345

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen fell by 0.49% on Monday. Following a 5.18% rally on Sunday, Stellar’s Lumen ended the day at $0.3433.

A bearish start to the day saw Stellar’s Lumen fall to a late morning intraday low $0.3269 before making a move.

Steering clear of the 62% FIB of $0.3216 and the first major support level at $0.3209, Stellar’s Lumen rallied to a late afternoon intraday high $0.3500.

Falling short of the first major resistance level at $0.3588, Stellar’s Lumen fell back to end the day at sub-$0.3450 levels.

At the time of writing, Stellar’s Lumen was up by 0.74% to $0.3459. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3398 before rising to a high $0.3474.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 150621 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.3401 pivot to bring the first major resistance level at $0.3532 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.3500.

Barring an extended rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.37 before any pullback. The second major resistance level sits at $0.3632.

A fall back through the $0.3401 pivot would bring the first major support level at $0.3301 into play.

Barring an extended sell-off on the day, Stellar’s Lumen should steer clear of the second major support level at $0.3170. The 62% FIB of $0.3216 should limit the downside.

A sustained fall through the 62% FIB of $0.3216 would form a near-term bearish trend from 16th May’s swing hi $0.7978.

Looking at the Technical Indicators

First Major Support Level: $0.3301

First Major Resistance Level: $0.3532

23.6% FIB Retracement Level: $0.6160

38% FIB Retracement Level: $0.5035

62% FIB Retracement Level: $0.3216

Tron’s TRX

Tron’s TRX rose by 0.46% on Monday. Following a 4.63% gain on Sunday, Tron’s TRX ended the day at $0.07175.

A bearish start to the day saw Tron’s TRX fall to a late morning intraday low $0.06990 before making a move.

Steering clear of the first major support level at $0.6775, Tron’s TRX rallied to a late afternoon intraday high $0.07306.

Falling short of the first major resistance level at $0.7367, Tron’s TRX fell back to sub-$0.0710 levels before finding late support.

A late move back though to $0.0717 levels delivered the upside on the day.

At the time of writing, Tron’s TRX was up by 0.90% to $0.07240. A mixed start to the day saw fall to an early morning low $0.07157 before rising to a high $0.07311.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 150621 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through $0.07157 pivot to bring the first major resistance level at $0.07324 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning’s high $0.07311.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at the 62% FIB of $0.07480 before any pullback. The second major resistance level sits at $0.07473.

A fall through the $0.07157 pivot would bring the first major support level at $0.07008 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.06841.

A sustained fall back through the 62% FIB of $0.0748 would form a near-term bearish trend from April’s swing hi $0.1844.

Looking at the Technical Indicators

First Major Support Level: $0.07008

First Major Resistance Level: $0.07324

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

Dogecoin – Daily Tech Analysis –June 15th, 2021

Dogecoin

Dogecoin rose by 1.11% on Monday. Following a 6.20% rally on Sunday, Dogecoin ended the day at $0.3275.

A bearish morning saw Dogecoin fall to a mid-day intraday low $0.3199 before making a move.

Steering clear of the first major support level at $0.3110, Dogecoin rallied to a late afternoon intraday high $0.3375.

Dogecoin broke through the first major resistance level at $0.3335 before a slide back to sub-$0.3210 levels.

Finding late support, however, Dogecoin move back through to $0.327 levels to deliver the upside on the day.

At the time of writing, Dogecoin was up by 0.23% to $0.3282. A mixed start to the day saw Dogecoin fall to an early morning low $0.3263 before rising to a high $0.3306.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 150621 Hourly Chart

For the day ahead

Dogecoin would need to move back through the $0.3283 pivot to bring the first major resistance level at $0.3367 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.33 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3375 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.35 before any pullback. The second major resistance level sits at $0.3459.

Failure to move back through the $0.3283 pivot would bring the first major support level at $0.3191 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.31 levels. The second major support level at $0.3107 should limit the downside.

A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.3191

Pivot Level: $0.3283

First Major Resistance Level: $0.3367

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 15th, 2021

Ethereum

Ethereum rose by 2.89% on Monday. Following a 5.83% rally on Sunday, Ethereum ended the day at $2,582.86.

A bearish start to the day saw Ethereum fall to a late morning intraday low $2,461.63 before making a move.

Steering clear of the first major support level at $2,363, Ethereum rallied to a late afternoon intraday high $2,609.02.

Coming up against the first major resistance level at $2,603, Ethereum eased back to end the day at $2,580 levels.

At the time of writing, Ethereum was up by 0.32% to $2,591.11. A mixed start to the day saw Ethereum rise to an early morning high $2,597.76 before falling to a low $2,572.2.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 150621 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,551 pivot to bring the first major resistance level at $2,641 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $2,609.02.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,699.

A fall through the $2,551 pivot would bring the first major support level at $2,493 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,404 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,493

Pivot Level: $2,551

First Major Resistance Level: $2,641

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 5.32% on Monday. Following on from a 5.66% gain on Sunday, Litecoin ended the day at $180.02.

A bearish start to the day saw Litecoin fall to a late morning intraday low $166.33 before making a move.

Steering clear of the first major support level at $161, Litecoin rallied to a late intraday high $180.18.

Litecoin broke through the 62% FIB of $174 and the first major resistance level at $176 to end the day at $180 levels.

At the time of writing, Litecoin was down by 0.49% to $179.13. A mixed start to the day saw Litecoin rise to an early morning high $180.70 before falling to a low $178.46.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 150621 Hourly Chart

For the day ahead

Litecoin would need to avoid the $176 pivot and the 62% FIB of $174 to bring the first major resistance level at $185 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $180.70.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $189.

A fall through the $175 pivot and the 62% FIB would bring the first major support level at $171 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $162.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $171

Pivot Level: $176

First Major Resistance Level: $185

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rise by 0.55% on Monday. Following a 6.20% rally on Sunday, Ripple’s XRP ended the day at $0.89048.

A bearish morning saw Ripple’s XRP fall to a mid-day intraday low $0.86381 before making a move.

Steering clear of the 62% FIB of $0.8573 and the first major support level at $0.8381, Ripple’s XRP rallied to a late afternoon intraday high $0.92923.

Ripple’s XRP broke through the first major resistance level at $0.9082 before falling back to sub-$0.90 levels.

At the time of writing, Ripple’s XRP was down by 0.16% to $0.88905. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.89088 before falling to a low $0.88651.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 150621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8945 pivot to bring the first major resistance level at $0.9252 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.92 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.92923 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $0.9599.

Failure to move through the $0.8945 pivot would bring the first major support level at $0.8598 and the 62% FIB of $0.8573 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8291 should limit the downside.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.8598

Pivot Level: $0.8945

First Major resistance Level: $0.9252

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob

Dollar Steady as Fed Meeting Looms; Bitcoin Pops Above $40,000

Currency markets settled in tight ranges with implied volatility plumbing to multi-year lows after last week’s strong inflation readings and a dovish European Central Bank meeting failed to dislodge currencies from recent trading levels.

“It’s all about the FOMC this week, and we’ll be watching to see exactly how much taper talk has really been going on and if it has any impact on the medium term outlook,” Brad Bechtel, global head of FX at Jefferies, said in a note.

The dollar index, which measures the greenback against a basket of six currencies, was about flat on the day at 90.512. Last week the index rose 0.4%, its largest weekly change in five weeks.

Muted FX moves in recent weeks crushed the Deutsche Bank FX Volatility Index down to 5.6 on Friday, its lowest in nearly 16 months.

Against the yen the dollar rose 0.38% to a more than one-week high of 110.09 yen.

“A modest uptick in Treasury yields has been supportive of the rate-sensitive pairing,” said Ronald Simpson, managing director, global currency analysis at Action Economics.

The dollar’s strength against the Japanese currency may be a sign the FX market is looking for a less dovish outcome from the Fed meeting, Simpson said.

The Fed begins a scheduled two-day policy meeting on Tuesday. Nearly 60% of economists in a Reuters poll said a much-anticipated taper announcement will come in the next quarter, despite a patchy recovery in the job market.

Recent data pointing to a surge in inflation has raised concerns that price pressure following the post-COVID-19 economic reopening could force policymakers into an earlier tapering of currency-depreciating stimulus.

Sterling was largely unmoved by Monday’s news that Britain is set to delay the end of social distancing measures as the government seeks to contain a rapid rise in COVID-19 infections.

In cryptocurrencies, bitcoin traded above $40,000 for the first time in more than two weeks, before pairing gains to trade at $39,649.03.

(Reporting by Saqib Iqbal Ahmed in New York and Saikat Chatterjee in London; Editing by Catherine Evans, Bernadette Baum and Jonathan Oatis)

 

Stocks Waver as Investors Eye the Fed

The Dow Jones Industrial Average fell 248.82 points, or 0.72%, in midday trading. The S&P 500 lost 11.83 points, or 0.28%, while the Nasdaq Composite added 53.24 points, or 0.38%.

Yields on benchmark 10-year U.S. Treasuries rose slightly to 1.495%, after falling to a three-month low of 1.43% on Friday, a dip experts pegged to positioning and a watchful eye on the global pandemic.

“While it’s not entirely intuitive to us, we understand the move to be a combination of positioning, peak liquidity and renewed concerns about COVID as the U.K. pushes back its latest steps toward re-opening,” said Stephanie Roth, senior markets economist at JPMorgan Private Bank. “We are not surprised to see choppy markets ahead of Wednesday’s FOMC. Investors are wondering… whether the Fed will hint at tapering.”

That sentiment weighed on gold prices as well, as the precious metal slipped as much as 1.7%. Spot gold prices were down 0.66% by 1:26 p.m. EDT (1726 GMT) to $1,864.19 an ounce. U.S. gold futures dropped 0.7% to $1,865.10.

The recent uptick in inflation data heightens the stakes for the Fed’s upcoming policy-setting meeting, which will be followed by a news conference by Chairman Jerome Powell. Analysts said the central bank will have to tread a fine line, laying out its strategy for exiting an unprecedented era of pandemic-spurred accommodation without spooking investors.

“The Fed’s messaging this year will be critical; the Fed needs to convey its intention to wind down ultra-accommodative policy, but at the same time convey that it has no intention of abruptly tightening policy, a fine line that could easily be miscommunicated,” wealth management firm Glenmede cautioned in a client note.

The prospect of a return to economic normalcy put gas into oil prices, which hit their highest levels in more than two years. Brent rose 34 cents to $73.03 a barrel by 12:56 p.m. EDT (1656 GMT). Earlier in the session, it reached $73.64 a barrel, its highest since April 2019, boosted by the economic recovery and anticipated demand growth as vaccination campaigns accelerate.

U.S. West Texas Intermediate rose 27 cents to $71.18 a barrel. It hit a session high of $71.78 a barrel, its highest since October 2018. [O/R]

BITCOIN BUMP

In currencies, the U.S. dollar dipped slightly on Monday after logging its largest weekly change in over a month.

The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.058 point or 0.06%.

The yen stood little changed at 109.92 yen, while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.

Bitcoin has bounced back somewhat after Tesla Inc CEO Elon Musk tweeted that the electric carmaker could reopen the door to bitcoin transactions in the future. It was last bought at $40,140.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting Pete Schroeder in Washington. Editing by Jacqueline Wong, Alexander Smith, Chizu Nomiyama and Dan Grebler)

Dogecoin Catches Tailwinds from NFT Sale, Bitcoin Price

Dogecoin, the internet meme cryptocurrency that has taken the world by storm, has the wind at its sails today. DOGE has added 5% in the last 24-hour period but remains down nearly 14% over the past week. Year-to-date, Dogecoin is outperforming nearly every other asset.

The sixth-biggest cryptocurrency, which teeters between bubble status and sustainability champion, is on the rise today after making a splash in the hot NFT space coupled with a rising bitcoin price that has the top-10 cryptocurrencies seeing green.

Top DOGE

Two of the most popular themes in the cryptocurrency industry have connected. Non-fungible tokens, or NFTs, are a hot new trend in the crypto market. These tokens contain assets such as art, video, pictures and pretty much anything their creators can imagine. Most of them are built on the Ethereum blockchain, which has strengthened the use case for that network in the interim.

Dogecoin has become the top DOGE after a token with a picture of a Shiba Inu Japanese breed dog, which happens to be the mascot of the Dogecoin project, sold for  1,7000 ether, or USD 4.06 million. The real dog, whose name is Kabosu, evolved into the wildly popular Doge internet meme.

The transaction happened on decentralized auction house Zora. After sparking a bidding war, the winning offer went to Twitter user @PleasrDAO, a group that seems to collect NFTs.  The picture of the Shiba Inu was snapped in 2010 by the dog’s owner, Atsuko Sato.

Dogecoin joins the ranks of Beeple, the digital artist who recently sold his NFT entitled “Everydays: The First 5000 Days”for USD 69 million at auction house Christie’s.

Bitcoin Bump

Dogecoin has been trading with the sentiment in the broader cryptocurrency market. As fate would have it, bitcoin is leading the broader market higher on the heels of some bullish comments from Dogecoin bull Elon Musk about bitcoin. Musk recently exerted his influence in the cryptocurrency market by criticizing bitcoin’s high energy consumption, which triggered a downturn in the BTC price.

The Tesla chief has now tweeted that once about half of bitcoin mining originates from renewable energy sources instead of dirty fossil fuels, the EV maker will support BTC transactions once again. This has lifted the mood of the market, including DOGE.

While the Dogecoin community would prefer to see Dogecoin trading on its own merits rather than the whims of the market, they have nothing to complain about. Dogecoin has outpaced bitcoin’s gains this year by 50x, as noted by crypto influencer Udi Wertheimer.

The U.S Crypto Morning Session – June 14th, 2021

It’s been a mixed start to the week for Bitcoin and the broader crypto market. Following a bullish end to the week for the broader market on Sunday, Bitcoin was one of a few finding early support.

At the time of writing, Bitcoin, BTC to USD, was up by 0.81% to $39,316.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,777.0 before hitting reverse.

Falling short of the day’s first major resistance level at $40,649, Bitcoin fell to an early low $38,732.0.

Steering well clear of the first major support level at $36,075, however, Bitcoin moved back through to $39,000 levels.

BTCUSD 140621 Hourly Chart

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Through the morning, Bitcoin Cash SV (+4.89%) and Crypto.com Coin (+4.61%) found early support to join Bitcoin in the green.

It has been a bearish start for the rest of the majors, however.

At the time of writing, Polkadot and Cardano’s ADA were down by 3.11% and by 2.07% respectively to lead the way down.

Binance Coin (-1.78%), Litecoin (-1.80%), and Ripple’s XRP (-1.42%) also struggled early on.

Chainlink (-0.97%) and Ethereum (-0.61%) saw relatively modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,628bn before falling to a low $1,591bn. At the time of writing, the total market cap stood at $1,607bn.

Bitcoin’s dominance fell to an early low 45.44% before rising to a high 45.89%. At the time of writing, Bitcoin’s dominance stood at 45.83%.

For the Day Ahead

Bitcoin would need to avoid a fall through the $37,724 pivot to support the run at the first major resistance level at $40,649.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $39,777.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 and at $42,000 levels before any pullback. The second major resistance level sits at $42,298.

A fall through to the $37,724 pivot would bring the first major support level at $36,075 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels.

The second major support level sits at $33,150.

Looking beyond the support and resistance levels, the 50 EMA has pulled further away from the 100 and the 200 early on.

We have also seen the 100 EMA continue to pull away from the 200 EMA after yesterday’s bullish cross.

The indicators support a continued upward trend through the day and a run at the major resistance levels.

Bitcoin Breaks Above 21 Ema Resistance in 5 Waves

Bitcoin (BTC/USD) made a bullish bounce at the 78.6% Fibonacci retracement level. It was followed by a bullish breakout above the 21 ema resistance zone as expected in our analysis.

This article analyses the expected Elliott Wave and FIbonacci patterns on the Bitcoin 4 hour and 1 hour charts.

Price Charts and Technical Analysis

BTC/USD 14.06.2021 4 hour chart

The BTC/USD made a strong bullish reversal after testing the previous bottom and Fibonacci retracement levels:

  1. The bullish reversal is probably part of a ABC (green) wave or even a potential 123.
  2. Price action managed to break above the resistance trend line (dotted orange) during the weekend.
  3. But price action still faces hefty resistance (red box) from the previous top and long-term moving averages.
  4. A bearish bounce (orange arrows) could retest the support again where a bullish bounce is expected (green arrows).
  5. A bullish breakout (blue arrow) could indicate an immediate push up. A bull flag pattern (grey arrows) could indicate even more upside (purple arrow).
  6. A break below the support line (green) places it on hold (orange circle) and a break below the bottom invalidates it (red circle).

On the 1 hour chart, price action is showing strong bullish momentum:

  1. A 5 wave pattern (black 1-5) seems to be visible.
  2. The bullish 5 waves could complete a wave 1 (blue).
  3. A bearish ABC (black) could indicate a wave 2 (blue).
  4. The Fibonacci retracement levels of wave 2 could act as support (blue arrows).
  5. Especially the support zone (green box) could indicate a bounce due to the inverted head and shoulders pattern.
  6. All Fibonacci levels are potentially support levels.
  7. A break below the 88.6% Fib makes it less likely (orange circle) whereas a break below the bottom invalidates it (red circle).

Bitcoin 14.06.2021 1 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Is Back To The Key Resistance Level At $40,000

Bitcoin Moves Higher At The Start Of The Week

Bitcoin gained additional upside momentum and moved closer to the key resistance level at $40,000 after Elon Musk stated that Tesla would allow customers to use Bitcoin as payment for the company’s cars after Bitcoin miners’ usage of clean energy increases to 50%.

Musk also added that Tesla sold just about 10% of its Bitcoin holdings, which served as an additional bullish catalyst as some traders were worried that Tesla was decreasing its position in Bitcoin.

The second largest cryptocurrency, Ethereum, is also moving higher. Currently, it is trying to settle above the $2,500 level. Dogecoin is mostly flat, and it looks that Bitcoin’s recent upside move was not bullish for all cryptocurrencies.

In fact, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently trying to settle above the 20 EMA at 45.75%. A move above this level will indicate that interest in Bitcoin is rising.

Technical Analysis

bitcoin june 14 2021

Bitcoin managed to get back above the 20 EMA near $38,000 and is trying to settle above the key resistance level at $40,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above the key resistance at $40,000, it will head towards the next resistance level which is located near the 50 EMA at $42,000. A successful test of the resistance at the 50 EMA will open the way to the test of the next resistance at $44,000. In case Bitcoin gets above $44,000, it will head towards the resistance level which is located at $46,000.

On the support side, the previous resistance level at the 20 EMA near $38,000 will serve as the first support level for Bitcoin. A successful test of the support at the 20 EMA will push Bitcoin towards the next support level at $37,000. If Bitcoin settles below this level, it will head towards the next support at $35,000.

For a look at all of today’s economic events, check out our economic calendar.

Tesla Will Accept Bitcoin Again. On One Condition

Tesla CEO Elon said the electric car manufacturer would resume accepting Bitcoin again. However, the company will only do so if the Bitcoin miners use renewable energy.

Tesla wants miners to use renewable energy

The leading cryptocurrency has come under fire in recent weeks for apparently contributing to the climate change concerns due to the miners using massive non-renewable energy to mine Bitcoin. As such, Tesla removed Bitcoin as a payment option for its electric vehicles.

However, the company could resume accepting BTC as a payment option once everything is in order. Tesla CEO Elon Musk revealed this yesterday while replying to a post by Cointelegraph that criticized him for causing pumps and dumps in the market with his tweets.

Musk denied the allegations and went on to reveal that Tesla will start accepting Bitcoin again once miners commit to using renewable energy to mine BTC and other cryptocurrencies. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” he tweeted,

 

Musk also clarified that Tesla still holds on to most of the bitcoins it bought earlier this year. The electric car manufacturer bought $1.5 billion worth of bitcoins in a few months. Following Tesla’s decision to stop accepting Bitcoin as a means of payment and Musk’s subsequent attack on the cryptocurrency, most people speculated that Tesla had sold its bitcoins.

However, Musk corrected that Tesla only sold 10% of its bitcoins holding, and the company did so to prove that BTC could be liquidated easily without moving the market.

Bitcoin’s energy concerns remain

There are numerous theories regarding Bitcoin’s massive energy usage. According to the Cambridge Bitcoin Electricity Consumption Index, the energy used in mining Bitcoin is the same as the annual carbon footprint of Argentina.

BTC/USD pair. Source: FXEMPIRE

The leading cryptocurrency has been in a bearish trend for the past few weeks. Its price has struggled to surpass the $40k mark despite recent positive news in the market. At the time of this report, Bitcoin’s price is up by 12% over the past 24 hours, and it is trading at $39,587 per coin on various crypto exchanges.

For a look at all of today’s economic events, check out our economic calendar.

Elon Musk’s Tweet Revives Bitcoin Bulls

At the time of filing this report, Bitcoin traded near the $40,000 mark, posting gains of about 12% for the day.

Present price actions reveal the most popular crypto asset had been hovering in a lower corridor between the $30,000 and $40,00 price levels since the second week of last month, suggest the asset was consolidating.

Though recent macros reveal that investors are increasing their buying capacity on the crypto asset partly attributed on Elon Musk’s recent comment suggesting Tesla would resume buying and accepting Bitcoin once miners go 50% with renewable energy.

These fundamentals boosted the faith among vintage bulls having a long-term mindset on the most popular Crypto amid recent calls for tough Crypto regulations.

The tech Billionaire’s tweet also suggested that the world’s most valuable carmaker will resume allowing Bitcoin transactions, once those terms were met.

Consequently, Elon Musk reiterated his earlier statements on Tesla having sold only 10% of its Bitcoin holdings, which seem to indicate Tesla’s hasn’t sold anymore, triggered more bullish sentiments around the Crypto asset, in the early hours of Monday.

Such a surge on the price of the flagship Crypto pushed the market value of Bitcoin to about $740 billion or 45% of the total crypto market valuation.

Though it’s important to note Bitcoin is still down by about 38% from its all-time high of $64,778 set on April 14.

Additionally, market sentiments around Bitcoin seem to be rallying stronger on reports that President Hassan of Tanzania instructed its central bank on reforming their banking processes, singling out crypto assets as the future of finance, further gave Bitcoin bulls the much-needed momentum in aiming for the resistance level of $40,000.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin and Ethereum – Weekly Technical Analysis – June 14th, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 9.00% in the week ending 13th June. Following a 0.48% gain from the previous week, Bitcoin ended the week at $38,998.9.

A bearish start to the week saw Bitcoin fall to a Tuesday intraweek low $31,075.0 before making a move.

The reversal saw Bitcoin fall through the first major support level at $33,466 and the second major support level at $31,152.

Finding mid-week support, however, Bitcoin rallied to a Sunday intraweek high $39,374.0.

Bitcoin broke through the first major resistance level at $38,788 to end the week at $38,900 levels.

3 days in the green that included an 11.87% rally on Wednesday and a 9.66% gain on Sunday delivered the upside for the week. A 6.17% slide on Monday and a 4.75% decline on Saturday limited the upside, however.

For the week ahead

Bitcoin would need to avoid a fall through the $36,483 pivot to support a run the 38.2% FIB of $41,592 and the first major resistance level at $41,890.

Support from the broader market would be needed for Bitcoin to break back through to $41,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $42,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,782.

A fall through the $36,483 pivot would bring the first major support level at $33,591 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,184.

At the time of writing, Bitcoin was up by 0.29% to $39,111.0. A mixed start to the week saw Bitcoin fall to an early Monday low $38,782.0 before rising to a high $39,777.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTCUSD 140621 Daily Chart

Ethereum

Ethereum slid by 7.40% in the week ending 13th June. Partially reversing a 13.54% rally from the previous week, Ethereum ended the week at $2,510.23.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $2,849.15 before hitting reverse.

While falling short of the first major resistance level at $2,976, Ethereum broke through the 38.2% FIB of $2,740.

The reversal saw Ethereum fall to a Saturday intraweek low $2,259.91.

Ethereum fell back through the 38.2% FIB and through the first major support level at $2,361.

Finding late support, however, Ethereum broke back through the first major support level to end the week at $2,500 levels.

4-days in the red that included a 4.37% fall on Monday and a 5.35% slide on Thursday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,540 to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,820 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $2,849.15 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,129.

Failure to move through the pivot at $2,540 would bring the first major support level at $2,230 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels. The second major support at $1,951 should limit the downside.

At the time of writing, Ethereum was down by 0.36% to $2,501.17. A mixed start to the week saw Ethereum fall to an early Monday low $2,486.72 before rising to a high $2,525.00.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 140621 Daily Chart

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – June 14th, 2021

EOS

EOS rose by 5.35% on Sunday. Reversing a 1.69% loss from Saturday, EOS ended the week down by 12.96% to $5.0891.

A mixed start to the day saw EOS fall to an early morning intraday low $4.6628 before making a move.

Finding support at the first major support level at $4.6369, EOS rallied to a late intraday high $5.1120.

EOS broke through the first major resistance level at $4.9708 to end the day at $5.08 levels. The second major resistance level at $5.1110 pinned EOS back late in the day.

At the time of writing, EOS was down by 0.24% to $5.0432. A mixed start to the day saw EOS rise to an early morning high $5.1585 before falling to a low $4.9973.

EOS left the major support and resistance levels untested early on.

EOSUSD 140621 Hourly Chart

For the day ahead

EOS would need to avoid the $4.9546 pivot to bring the first major resistance level at $5.2465 into play.

Support from the broader market would be needed for EOS to break out from the morning high $5.1585.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $5.50 before any pullback. The second major resistance level sits at $5.4038.

A fall through the $4.9546 pivot and would bring the first major support level at $4.7973 into play.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $4.5054.

Looking at the Technical Indicators

First Major Support Level: $4.7973

First Major resistance Level: $5.2465

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 5.18% on Sunday. Following a 3.11% gain on Saturday, Stellar’s Lumen ended the week down by 9.32% to $0.3449.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3108 before making a move.

While steering clear of the first major support level at $0.3041, Stellar’s Lumen fell through the 62% FIB of $0.3216.

Finding early afternoon support, however, Stellar’s Lumen rallied to a late intraday high $0.3487.

Stellar’s Lumen broke through the first major resistance level at $0.3487 before ending the day at sub-$0.3450 levels.

At the time of writing, Stellar’s Lumen was down by 1.04% to $0.3413. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.3500 before falling to a low $0.3389.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 140621 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid the $0.3348 pivot to bring the first major resistance level at $0.3588 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from this morning’s high $0.3500.

Barring an extended rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3727.

A fall through the $0.3348 pivot would bring the 62% FIB of $0.3216 and the first major support level at $0.3209 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.30 levels. The second major support level sits at $0.2969.

A sustained fall through the 62% FIB of $0.3216 would form a near-term bearish trend from 16th May’s swing hi $0.7978.

Looking at the Technical Indicators

First Major Support Level: $0.3209

First Major Resistance Level: $0.3588

23.6% FIB Retracement Level: $0.6160

38% FIB Retracement Level: $0.5035

62% FIB Retracement Level: $0.3216

Tron’s TRX

Tron’s TRX rose by 4.63% on Sunday. Reversing a 1.73% loss from Saturday, Tron’s TRX ended the week down by 8.08% to $0.07142.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.06632 before making a move.

Steering clear of the first major support level at $0.06614, Tron’s TRX rose to a late intraday high $0.07224.

Tron’s TRX broke through the first major resistance level at $0.6992 and the second major resistance level at $0.07158.

A bearish end to the day, however, saw Tron’s TRX fall back through the second major resistance level to end the day at $0.0714 levels.

At the time of writing, Tron’s TRX was down by 0.39% to $0.07114. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.07224 before falling to a low $0.07023.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 140621 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through $0.06999 pivot to bring the first major resistance level at $0.07367 and the 62% FIB of $0.07480 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning and yesterday’s high $0.07224.

Barring an extended crypto rally, the 62% FIB of $0.07480 would likely cap any upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.080 before any pullback. The second major resistance level sits at $0.07591.

A fall through the $0.06999 pivot would bring the first major support level at $0.06775 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.06407.

A sustained fall back through the 62% FIB of $0.0748 would form a near-term bearish trend from April’s swing hi $0.1844.

Looking at the Technical Indicators

First Major Support Level: $0.06775

First Major Resistance Level: $0.07367

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob