Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 14th, 2021

Ethereum

Ethereum rallied by 5.83% on Sunday. Following a 0.70% gain from Saturday, Ethereum ended the week down by 7.40% to $2,510.23.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,309.67 before making a move.

Steering clear of the first major support level at $2,270, Ethereum rallied to a late intraday high $2,550.00.

Ethereum broke through the first major resistance level at $2,463. Coming up against the second major resistance level at $2,554, however, Ethereum eased back to sub-$2,520 levels.

At the time of writing, Ethereum was down by 0.47% to $2,498.40. A mixed start to the day saw Ethereum rise to an early morning high $2,524.99 before falling to a low $2,496.05.

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

ETHUSD 140621 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,457 pivot to bring the first major resistance level at $2,604 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $2,550.00.

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 $2,697.

A fall through the $2,457 pivot would bring the first major support level at $2,363 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level sits at $2,216.

Looking at the Technical Indicators

First Major Support Level: $2,363

Pivot Level: $2,457

First Major Resistance Level: $2,604

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 5.66% on Sunday. Reversing a 0.63% loss from Saturday, Litecoin ended the week down by 3.04% to $171.02.

A bearish start to the day saw Litecoin fall to an early morning intraday low $156.54 before making a move.

Finding support at the first major support level at $156, Litecoin rallied to a late intraday high $171.73.

Litecoin broke through the first major resistance level at $166 and the second major resistance level at $170.

A late pullback saw Litecoin briefly fall back through the second major resistance level before ending the day at $171 levels.

At the time of writing, Litecoin was down by 0.29% to $170.53. A mixed start to the day saw Litecoin rise to an early morning high $172.66 before falling to a low $170.22.

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

LTCUSD 140621 Hourly Chart

For the day ahead

Litecoin would need to avoid the $166 pivot to bring the 62% FIB of $174 and the first major resistance level at $176 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the 62% FIB.

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 $182.

A fall through the $166 pivot would bring the first major support level at $161 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $151.

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: $161

Pivot Level: $166

First Major Resistance Level: $176

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rallied by 6.20% on Sunday. Reversing a 1.81% decline from Saturday, Ripple’s XRP ended the week down by 6.67% to $0.88289.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.81861 before making a move.

Steering clear of the first major support level at $0.8100, Ripple’s XRP rallied to a late intraday high $0.88876.

Ripple’s XRP broke through the first major resistance level at $0.8498 and the second major resistance level at $0.8681. More significantly, Ripple’s XRP also broke back through the 62% FIB of $0.8573.

Late in the day, Ripple’s XRP briefly fell back to $0.87 levels before ending the day at $0.88 levels.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.88278. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.89280 before falling to a low $0.88210.

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

XRPUSD 140621 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.8634 pivot to bring the first major resistance level at $0.9082 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.88876.

Barring an extended crypto rally, the first major resistance level and resistance at $0.91 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 $0.9336.

A fall through the $0.8634 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8381 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7933.

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: $0.8381

Pivot Level: $0.8634

First Major resistance Level: $0.9082

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

Remittance Firms Slow to Add Bitcoin, Despite El Salvador Move

In a move that could be a harbinger of crypto becoming a more popular way to send money across borders, El Salvador on Wednesday became the first country to adopt bitcoin as a parallel legal tender.

President Nayib Bukele played up bitcoin’s potential as a remittance currency for Salvadorans overseas.

But despite the possible long-term risk to their business if such moves escalate, only a few of the traditional remittance companies who send the bulk of cross-border transfers are dabbling.

Any efforts to get into crypto could be a double-edged sword, pushing down the fees that form the bedrock of their business.

“For Western Union and some of the other remittance providers keep in mind that most of the volume in the remittance industry is going from developed markets to emerging markets primarily to people -families and friends – that operate in cash,” said Kenneth Suchoski, U.S payments and fintech analyst at Autonomous Research.

“To the extent that bitcoin isn’t adopted and there’s not widespread acceptance, these remittance providers are still going to be relevant for the years to come,” he added.

Less than 1% of the volume of global cross-border remittances are currently in crypto, estimated Suchoski. But in the future crypto is expected to account for a larger slice of the more than $500 billion in global annual remittances.

Yet bitcoin offers, in theory, a quick and cheap way to send money across borders without relying on traditional remittance channels.

An early mover among remittance firms, MoneyGram International said last month it will allow customers to buy and sell bitcoin for cash at 12,000 U.S. retail locations under a partnership with Coinme, the U.S.’s largest licensed crypto cash exchange.

“We’ve built a bridge to connect bitcoin and other digital currencies to local fiat currency,” MoneyGram said in an emailed statement to Reuters. “As crypto and digital currencies rise in prominence, a core barrier to further growth is the on/off ramps to local fiat currencies.”

Western Union, the largest remittance business, had tested using bitcoin and crypto in the past and hadn’t come up with a good “use case” that involved significant cost savings, said Suchoski.

Western Union and other large players, including Wise, WorldRemit, Remitly, Xoom and Ria Money Transfer did not respond to requests for comment.

CRYPTO CRIME

The remittance industry has successfully made the evolution from transfers via physical retail outlets to online in recent years, a trend hastened by the COVID-19 pandemic.

Cross-border remittances via mobile money rose by 65% in 2020 to $12 billion.

But any transition from digital to crypto may prove more challenging.

“I really have a hard time seeing how they’re gonna compete, unless they really slash their price – you can’t compete for free,” Ray Youssef, CEO of crypto platform Paxful, which is popular in Africa and seeks to compete with traditional remittance firms.

Remittance firms are already under pressure to cut fees, which averaged 6.5% in the fourth quarter of 2020, according to a World Bank report, more than double the United Nations Sustainable Development Goal’s 2030 target for remittance fees.

In contrast, bitcoin transfer fees in Nigeria, for example, would typically total about 2%-2.5%.

Increasing regulatory costs related to efforts to combat money laundering and terrorism financing are another burden for traditional remittance firms.

Western Union’s annual compliance costs had risen closer to $200 million from around $100 million a decade or so ago, said Suchoski.

Bitcoin would likely add to that burden.

Bitcoin’s potential for anonymous transactions has long worried regulators, who fear it can facilitate money laundering and terrorism financing. Many crypto companies have boosted compliance steps, such as requesting user ID, but this is a costly process.

“Bitcoin has been used in a lot of underground transactions,” Suchoski said.

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

(Reporting by Tom Aronold and Tom Wilson; Editing by Aurora Ellis)

The Crypto Daily – Movers and Shakers – June 13th, 2021

Bitcoin, BTC to USD, slid by 4.75% on Saturday. Reversing a 1.79% gain from Friday, Bitcoin ended the day at $35,564.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $37,461.3 before hitting reverse.

Falling well short of the first major resistance level at $38,016, Bitcoin slid to a late morning intraday low $34,630.0.

The extended sell-off saw Bitcoin fall through the first major support level at $36,295 and the second major support level at $35,251.

Steering clear of sub-$35,000 levels, however, Bitcoin broke back through the second major resistance level to revisit $36,000 levels before easing back.

Going into the 2nd half of the day, the first major support level had pinned Bitcoin back.

The near-term bullish trend remained in spite of the latest fall back to sub-$35,000 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 mixed day on Saturday.

Polkadot rose by 4.07% to lead the way, with Cardano’s ADA (+2.89%), Chainlink (+0.68%), and Ethereum (+0.70%) also finding support.

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

Bitcoin Cash SV slid by 7.67% to lead the way down, with Crypto.com Coin falling by 4.93%.

Binance Coin (-0.57%), Litecoin (-0.63%), and Ripple’s XRP (-1.81%) saw relatively modest losses.

In the current week, the crypto total market rose to a Monday high $1,670bn before falling to a Tuesday low $1,374bn. At the time of writing, the total market cap stood at $1,493bn.

Bitcoin’s dominance fell to a Monday low 41.28% before rising to a Friday high 45.66%. At the time of writing, Bitcoin’s dominance stood at 44.51%.

This Morning

At the time of writing, Bitcoin was down by 0.18% to $35,501.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,652.5 before falling to a low $35,391.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, rising by 0.27%.

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

At the time of writing, Cardano’s ADA was down by 0.57% to lead the way down.

BTCUSD 130621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $35,885 pivot to bring the first major resistance level at $37,140 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $37,461.3 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,716.

Failure to move through the $35,885 pivot would bring the first major support level at $34,309 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,054 should limit the downside.

The Crypto Daily – Movers and Shakers – June 12th, 2021

Bitcoin, BTC to USD, rose by 1.79% on Friday. Reversing a 1.89% fall from Thursday, Bitcoin ended the day at $37,338.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $35,929.0 before making a move.

Steering clear of the first major support level at $35,540, Bitcoin rose to a late morning intraday high $37,650.0.

Falling short of the first major resistance level at $38,061, Bitcoin fell to $36,500 levels before finding support.

A late move back through to $37,300 levels delivered the upside on the day.

The near-term bullish trend remained intact supported by the latest move back through to $37,000 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 mixed day on Friday.

Bitcoin Cash SV rose by 3.76% to buck the broader trend and join Bitcoin in the green.

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

Polkadot slid by 9.32% to lead the way down, with Cardano’s ADA (-6.22%) and Chainlink (-7.01%) also seeing heavy losses.

Binance Coin (-1.80%), Crypto.com Coin (-0.76%), Ethereum (-4.71%), Litecoin (-3.23%), and Ripple’s XRP (-2.85%) saw relatively modest losses.

In the current week, the crypto total market rose to a Monday high $1,670bn before falling to a Tuesday low $1,374bn. At the time of writing, the total market cap stood at $1,519bn.

Bitcoin’s dominance fell to a Monday low 41.28% before rising to a Friday high 45.64%. At the time of writing, Bitcoin’s dominance stood at 45.74%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $37,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,461.3 before falling to a low $37,040.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Chainlink was down by 2.04% to lead the way down.

BTCUSD 120621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $36,972 pivot to bring the first major resistance level at $38,016 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

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

In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,693.

A fall through the $36,972 pivot would bring the first major support level at $36,295 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,251.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 12th, 2021

Ethereum

Ethereum fell by 4.71% on Friday. Following on from a 5.35% decline on Thursday, Ethereum ended the day at $2,355.27.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,499.34 before hitting reverse.

Falling short of the first major resistance level at $2,588, Ethereum slid to a late intraday low $2,322.16.

The reversal saw Ethereum fall through the first major support level at $2,392 before steadying to end the day at $2,350 levels.

At the time of writing, Ethereum was down by 0.32% to $2,347.83. A mixed start to the day saw Ethereum rise to an early morning high $2,359.53 before falling to a low $2,338.12.

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

ETHUSD 120621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,392 pivot to bring the first major resistance level at $2,462 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $2,450 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $2,499.34 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $2,600 before any pullback. The second major resistance level sits at $2,569.

Failure to move through the $2,392 pivot would bring the first major support level at $2,285 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,215.

Looking at the Technical Indicators

First Major Support Level: $2,285

Pivot Level: $2,392

First Major Resistance Level: $2,462

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 3.23% on Friday. Following on from a 2.69% decline on Thursday, Litecoin ended the day at $162.90.

A mixed start to the day saw Litecoin rise to an early morning intraday high $173.76 before hitting reverse.

While falling short of the first major resistance level at $180, Litecoin tested resistance at the 62% FIB of $174.

The reversal saw Litecoin slide to a late intraday low $160.58.

Litecoin fell through the first major support level at $162 before ending the day at $162 levels.

At the time of writing, Litecoin was down by 1.09% to $161.12. A mixed start to the day saw Litecoin rise to an early morning high $163.04 before falling to a low $161.11.

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

LTCUSD 120621 Hourly Chart

For the day ahead

Litecoin would need to move through the $166 pivot to bring the first major resistance level at $171 and the 62% FIB of $174 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.

Barring an extended crypto rally, the first major resistance level and the 62% FIB 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 $179.

Failure to move through the $166 pivot would bring the first major support level at $158 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level at $153 should limit the downside.

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: $158

Pivot Level: $166

First Major Resistance Level: $171

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 2.85% on Friday. Following on from a 5.80% slide on Thursday, Ripple’s XRP ended the day at $0.84400.

After a mixed start to the day, Ripple’s XRP rose to an early afternoon intraday high $0.87937 before hitting reverse.

Falling short of the first major resistance level at $0.9149, Ripple’s XRP slid to a late intraday low $0.83459.

Ripple’s XRP fell through the 62% FIB of $0.8573 and the first major support level at $0.8374.

Finding late support, however, Ripple’s XRP broke back through the first major support level to end the day at $0.84 levels.

At the time of writing, Ripple’s XRP was down by 0.25% to 0.84188. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.84672 to a low $0.84188.

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

XRPUSD 120621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8527 pivot and the 62% FIB of $0.8573 to bring the first major resistance level at $0.8707 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.87937 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.90. The second major resistance level sits at $0.8974.

Failure to move through the $0.8527 pivot and the 62% FIB would bring the first major support level at $0.8259 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8079 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: $0.8259

Pivot Level: $0.8527

First Major resistance Level: $0.8707

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

The U.S Crypto Morning Session – June 11th, 2021

It’s been another mixed start for Bitcoin and the broader crypto market. Following a pullback for the broader market on Thursday, Bitcoin found early support.

At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $37,448.9. A mixed start to the day saw Bitcoin fall to an early morning low $35,929.0 before making a move.

Steering clear of the first major support level at $35,540, Bitcoin rose to a late morning high $37,650.0.

Falling short of the first major resistance level at $38,061, however, Bitcoin eased back to sub-$37,500 levels.

BTCUSD 110621 Hourly Chart

The Rest of the Pack

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

Through the morning, Binance Coin was up by 2.64% to lead the way, with Crypto.com Coin (+1.77%) and Litecoin (+2.00%) also finding support.

While trailing the front runners, Ripple’s XRP (+0.43%) also avoided the red early on.

It’s been a bearish morning for the rest, however.

Polkadot was down by 2.19% to lead the way down.

Bitcoin Cash SV (-0.63%), Cardano’s ADA (-0.48%),  Chainlink (-0.52%), and Ethereum (-0.07%) were also in the red.

Through the early hours, the crypto total market fell to an early morning low $1,520bn before rising to a high $1,579bn. At the time of writing, the total market cap stood at $1,571bn.

Bitcoin’s dominance fell to an early low 44.21% before rising to a high 44.74%. At the time of writing, Bitcoin’s dominance stood at 44.71%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the $36,939 pivot to bring the first major resistance level at $38,061 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $37,650.0.

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 $40,000 before any pullback. The second major resistance level sits at $39,460.

A fall back through to the $36,939 pivot would bring the first major support level at $35,540 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 $34.418.

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

More significantly, however, the 100 EMA continued to converge on the 200 EMA.

A bullish cross would bring $40,000 levels and the 38.2% FIB of $41,529 into play.

Failure for the 100 EMA to cross through the 200 EMA would bring $35,000 levels and support levels into play, however.

The Crypto Daily – Movers and Shakers – June 11th, 2021

Bitcoin, BTC to USD, fell by 1.89% on Thursday. Partially reversing an 11.83% rally from Wednesday, Bitcoin ended the day at $36,663.0.

A mixed start to the day saw Bitcoin recover from a mid-morning low $36,250.0 to strike a late morning intraday high $38,337.0.

Falling short of the first major resistance level at $39,088, Bitcoin fell to a late intraday low $35,816.

Steering clear of the first major support level at $34,058, Bitcoin found support to end the day at $36,600 levels.

The near-term bullish trend remained intact supported by the latest move back through to $37,000 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 Thursday.

Chainlink slid by 9.57% to lead the way down.

Binance Coin (-6.28%), Cardano’s ADA (-5.90%), Ethereum (-5.35%), and Ripple’s XRP (-5.80%) also struggled.

Bitcoin Cash SV (-2.95%), Crypto.com Coin (-1.98%), Litecoin (-2.69%), and Polkadot (-0.39%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $1,670bn before falling to a Tuesday low $1,374bn. At the time of writing, the total market cap stood at $1,527bn.

Bitcoin’s dominance fell to a Monday low 41.28% before rising to an early Friday high 44.45%. At the time of writing, Bitcoin’s dominance stood at 44.45%.

This Morning

At the time of writing, Bitcoin was down by 0.28% to $36,560.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,249.0 before falling to a low $36,311.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 1.85% to lead the way down.

BTCUSD 110621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $36,939 pivot to bring the first major resistance level at $38,061 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $38,337.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,460.

Failure to move back through the $36,936 pivot would bring the first major support level at $35,540 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $34,418.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 11th, 2021

Ethereum

Ethereum fell by 5.35% on Thursday. Reversing a 4.07% gain from Wednesday, Ethereum ended the day at $2,471.59.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,625.00 before hitting reverse.

Falling short of the first major resistance level at $2,691, Ethereum slid to a late intraday low $2,428.16.

The reversal saw Ethereum fall through the first major support level at $2,469 before ending the day at $2,471 levels.

At the time of writing, Ethereum was up by 0.93% to $2,494.55. A mixed start to the day saw Ethereum fall to an early morning low $2,447.31 before striking a high $2,499.34.

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

ETHUSD 110621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,508 pivot to bring the first major resistance level at $2,588 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $2,550 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,705.

Failure to move through the $2,508 pivot would bring the first major support level at $2,392 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,311 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,392

Pivot Level: $2,508

First Major Resistance Level: $2,588

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.69% on Thursday. Partially reversing a 7.37% rally from Wednesday, Litecoin ended the day at $168.05.

A mixed start to the day saw Litecoin rise to an early morning intraday high $174.69 before hitting reverse.

While falling short of the first major resistance level at $180, Litecoin tested resistance at the 62% FIB of $174.

The reversal saw Litecoin slide to a late intraday low $162.21.

Steering clear of the first major support level at $159, Litecoin found support to end the day at $168 levels.

At the time of writing, Litecoin was up by 0.90% to $169.56. A mixed start to the day saw Litecoin fall to an early morning low $166.25 before striking a high $170.20.

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

LTCUSD 110621 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $168 pivot to bring the 62% FIB and the first major resistance level at $174 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $170.20.

Barring an extended crypto rally, the first major resistance level and the 62% FIB 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 $181.

A fall back through the $168 pivot would bring the first major support level at $162 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $156.

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: $162

Pivot Level: $168

First Major Resistance Level: $174

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 5.80% on Thursday. Reversing a 5.58% gain from Wednesday, Ripple’s XRP ended the day at $0.86864.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.93000 before hitting reverse.

Falling short of the first major resistance level at $0.9523, Ripple’s XRP slid to a late intraday low $0.85253.

Ripple’s XRP fell through the first major support level at $0.8615 and the 62% FIB of $0.8573.

Finding late support, however, Ripple’s XRP broke back through the major support level and the 62% FIB to end the day at $0.868 levels.

At the time of writing, Ripple’s XRP was up by 0.19% to $0.87019. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.85683 before rising to a high $0.87394.

While leaving the major support and resistance levels untested early on, Ripple’s XRP tested support at the 62% FIB of $0.8573.

XRPUSD 110621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8837 pivot to bring the first major resistance level at $0.9149 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.93000 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 $0.9612.

Failure to move through the $0.8837 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8374 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8062 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: $0.8374

Pivot Level: $0.8837

First Major resistance Level: $0.9149

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

The U.S Crypto Morning Session – June 10th, 2021

It’s been a mixed start for Bitcoin and the broader crypto market. Following a bullish day for the broader market on Wednesday, it was another mixed start to the day for Bitcoin and the pack.

At the time of writing, Bitcoin, BTC to USD, was up by 0.85% to $37,687.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,250.0 before making a move.

Steering clear of the first major support level at $34,058, Bitcoin rose to a late morning high $38,337.0.

Falling short of the first major resistance level at $39,088, however, Bitcoin fell back to sub-$37,500 levels before finding support.

BTCUSD 100621 Hourly Chart

The Rest of the Pack

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

Through the morning, Crypto.com Coin and Polkadot were up by 0.17% and by 1.23% respectively to join Bitcoin in the green.

It’s been a bearish morning for the rest, however.

At the time of writing, Chainlink was down by 5.36% to lead the way down.

Binance Coin (-4.17%), Cardano’s ADA (-4.39%), and  Ripple’s XRP (-4.70%) also struggled.

Bitcoin Cash SV (-0.57%), Ethereum (-2.84%), and Litecoin (-2.51%) saw relatively modest losses through the morning, however.

Through the early hours, the crypto total market fell to a mid-morning low $1,552bn before rising to a high $1,624bn. At the time of writing, the total market cap stood at $1,589bn.

Bitcoin’s dominance fell to an early low 43.45% before rising to a high 44.32%. At the time of writing, Bitcoin’s dominance stood at 44.28%.

For the Day Ahead

Bitcoin would need to avoid a fall back through to the early low $36,250 and the $35,779 pivot to bring the first major resistance level at $39,088 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $38,337.0.

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 before any pullback. The second major resistance level sits at $40,809.

A fall back through to the morning low and the $35,779 pivot would bring the first major support level at $34,058 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$34,000 levels.

The second major support level sits at $30,749.

Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 100 EMA. More significantly, however, was a the 50 EMA’s convergence on the 200 EMA. A bullish cross would support a run at $40,000 levels. Failure for the 50 EMA to cross through the 200, however, would bring sub-$35,000 levels into play.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 10th, 2021

Ethereum

Ethereum rose by 4.07% on Wednesday. Reversing a 3.22% fall from Tuesday, Ethereum ended the day at $2,611.27.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,406.33 before making a move.

Steering clear of the first major support level at $2,338, Ethereum rallied to a late afternoon intraday high $2,628.16.

Coming within range of the first major resistance level at $2,651, Ethereum eased back to end the day at $2,611 levels.

At the time of writing, Ethereum was up by 0.03% to $2,611.98. A mixed start to the day saw Ethereum fall to an early morning low $2,598.67 before striking a high $2,625.00.

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

ETHUSD 100621 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,549 pivot to bring the first major resistance level at $2,691 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,628.16.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 and the second major resistance level at $2,770.

A fall through the $2,549 pivot would bring the first major support level at $2,469 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,327.

Looking at the Technical Indicators

First Major Support Level: $2,469

Pivot Level: $2,549

First Major Resistance Level: $2,691

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 7.37% on Wednesday. Reversing a 0.75% loss from Tuesday, Litecoin ended the day at $172.57.

A mixed start to the day saw Litecoin fall to an early morning intraday low $152.46 before making a move.

Steering clear of the first major support level at $149, Litecoin rallied to a late afternoon intraday high $173.33.

Litecoin broke through the first major resistance level at $169 to test resistance at the 62% FIB of $174 before easing back.

The first major resistance level delivered support late in the day.

At the time of writing, Litecoin was up by 0.76% to $173.89. A mixed start to the day saw Litecoin fall to an early morning low $171.96 before striking a high $174.41.

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

LTCUSD 100621 Hourly Chart

For the day ahead

Litecoin would need to avoid the $166 pivot to bring the 62% FIB and the first major resistance level at $180 back into play.

Support from the broader market would be needed, however, for Litecoin to break out from the 62% FIB of $174.

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 $200. The second major resistance level sits at $187.

A fall through the $166 pivot would bring the first major support level at $159 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $145.

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: $159

Pivot Level: $166

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 rose by 5.58% on Wednesday. Following a 1.45% gain on Tuesday, Ripple’s XRP ended the day at $0.92205.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.83125 before finding support.

While steering clear of the first major support level at $0.8100, Ripple’s XRP fell through the 62% FIB of $0.8573.

The recovery, however, saw Ripple’s XRP break back through the 62% FIB to hit a final hour intraday high $0.92205.

Ripple’s XRP also broke through the first major resistance level at $0.9124 to wrap up the day at $0.92 levels.

At the time of writing, Ripple’s XRP was up by 0.78% to $0.92924. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.91691 before rising to a high $0.92924.

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

XRPUSD 100621 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.8918 pivot to bring the first major resistance level at $0.9523 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.95 levels.

Barring an extended crypto rally, the first major resistance level 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 $0.0926.

A fall through the $0.8918 pivot would bring the first major support level at $0.8615 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.8010. The 62% FIB of $0.8573 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: $0.8615

Pivot Level: $0.8918

First Major resistance Level: $0.9523

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

Dogecoin Follows Bitcoin’s Lead, Flips Green

The Dogecoin price has flipped green after the sixth-biggest cryptocurrency shed about one-quarter of its value in the past week. Bitcoin is leading a market rebound today after regulatory jitters sent investors looking for the exit signs in recent days, a sell-off that spilled over to altcoins.

Dogecoin Developments

Dogecoin investors have plenty to celebrate, however, after a mainstream investment app added support for the cryptocurrency. Neobank Revolut announced on June 8 that users can now trade the popular meme coin. Dogecoin is not the first cryptocurrency on the Revolut platform and bolsters the list of digital assets supported by the challenger bank to 30.

The company is responding to user demand after seeing the size of crypto assets on its platform more than double from USD 48 million at year-end 2018 to USD 121 million the following year.

In addition, with all the fuss about a bitcoin ETF in the United States, one company just made it easier for investors to add BTC to their retirement portfolio. iTrust Capital, a crypto IRA and 401(k) platform, has added support for Dogecoin.

iTrust touted what it described as Dogecoin’s “scarce supply,” but a characteristic about DOGE is that there is unlimited supply. There is a cap on the number of Dogecoins that can be issued each year, however, and that is 5 billion. Nonetheless, compared to its larger rival bitcoin, which is debatably a deflationary asset, Dogecoin’s supply is deemed inflationary in nature.

Vitalik on Doge

Ethereum Co-Founder Vitalik Buterin has become a rock star in the cryptocurrency community. His presence at the recent bitcoin conference in Miami had some pontificating that bitcoin needs a front-man similar to how Vitalik is the face of Ethereum. Satoshi Nakamoto is bitcoin’s creator, but he hasn’t been heard from since 2011 when he said that he had “moved on to other projects.”

Vitalik in a recent podcast with Lex Fridman said that he turned USD 25K investment in Dogecoin into millions of dollars five years ago. DOGE was trading at USD 0.07 at the time compared to its current price of USD 0.32. He sold 50% of his holdings back then, donating more than USD 4 million to charity.  If he still holds the other half of his original DOGE investment, he is up USD 20 million.

Dogecoin’s mascot, a Shiba Inu Japanese breed dog, has similarly fueled the popularity of the coin.

 

 

The U.S Crypto Morning Session – June 9th, 2021

It’s been a choppy start for Bitcoin and the broader crypto market. Following a mixed session for the majors on Tuesday, it was another mixed start to the day for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 2.28% to $34,165.0. A bearish start to the day saw Bitcoin fall to an early morning low $32,469.0 before making a move.

Steering clear of the first major support level at $31,634, Bitcoin rose to a late morning high $34,534.0.

Coming within range of the first major resistance level at $34,611, Bitcoin fell back to sub-$34,000 levels before finding support.

BTCUSD 090621 Hourly Chart

The Rest of the Pack

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

Through the morning, Bitcoin Cash SV and Crypto.com Coin were up by 4.42% and by 5.32% respectively to join Bitcoin in the green.

It’s been a bearish morning for the rest, however.

At the time of writing, Polkadot was down by 4.23% to lead the way down.

Cardano’s ADA (-2.43%) and Chainlink (-2.40%) also struggled, with Litecoin (-1.44%) and Ripple’s XRP (-1.50%) not far behind.

Binance Coin (-0.49%) and Ethereum (-0.73%) saw relatively modest losses through the morning, however.

Through the early hours, the crypto total market fell to an early morning low $1,435bn before rising to a high $1,542bn. At the time of writing, the total market cap stood at $1,507bn.

Bitcoin’s dominance fell to an early low 41.84% before rising to a high 42.55%. At the time of writing, Bitcoin’s dominance stood at 42.54%.

For the Day Ahead

Bitcoin would need to avoid a fall back through to sub-$34,000 levels and the $32,843 pivot to bring the first major resistance level at $34,611 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $34,534.0.

Barring an extended crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,820.

A fall back through to sub-$34,000 levels and the $32,843 pivot would bring the first major support level at $31,634 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 levels.

The second major support level sits at $29,866.

Looking beyond the support and resistance levels, the 50 EMA narrowed marginally on the 100 EMA and the 200 EMA early on. Going into the 2nd half of the day, however, there was no sign of an imminent bullish cross, leaving downside risk in play.

Shiba Inu Failed To Settle Below The Key Support Level

Shiba Inu Video 09.06.21.

Support At $0.000007 Stays Strong

Shiba Inu has recently made an attempt to settle below the key support level at $0.000007 but failed to develop sufficient downside momentum and moved back above this level.

Shiba Inu found itself under material pressure in recent trading sessions as the crypto market moved lower. Bitcoin has recently tried to get to the test of the support at $30,000 which hurt sentiment across crypto markets.

Today, Bitcoin moved closer to the $35,000 level and other cryptocurrencies are also moving higher. Ethereum managed to get back above the $2,500 level while Dogecoin is trying to settle above $0.33.

The market sentiment will likely depend on Bitcoin which needs to settle above $35,000 to have a chance to develop additional upside momentum in the near term. If Bitcoin fails to settle above this level, it will likely move closer to $30,000 which will be bearish for the whole crypto market and may push Shiba Inu below the key support at $0.000007.

Technical Analysis

shiba inu june 9 2021

Shiba Inu tested the support at $0.000007 but failed to settle below this level. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Shiba Inu declines below the support at $0.000007, it will move towards the next support level which has recently emerged at $0.0000063. A successful test of this level will push Shiba Inu towards the next support at $0.0000044. There are no important level between $0.0000044 and $0.0000063 so this move may be fast.

On the upside, Shiba Inu needs to stay above $0.000007 to have a chance to develop upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.000008. In case Shiba Inu manages to settle above this level, it will head towards the key resistance level which is located at $0.000010.

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

The Crypto Daily – Movers and Shakers – June 9th, 2021

Bitcoin, BTC to USD, slipped by 0.04% on Tuesday. Following a 6.17% slide on Monday, Bitcoin ended the day at $33,402.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $34,052.0 before hitting reverse.

Falling short of the first major resistance level at $35,721 Bitcoin slid to a mid-afternoon intraday low $31,075.0.

Bitcoin fell through the first major support level at $32,487 and the second major support level at $31,401.

Finding late support, however, Bitcoin broke back through the major support levels to return to $33,000 levels.

The near-term bullish trend remained intact in spite of the latest fall back through to $31,000 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 mixed day on Tuesday.

Cardano’s ADA (+1.13%), Polkadot (+0.41%), and Ripple’s XRP (+1.45%) saw green to buck the trend on the day.

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

Crypto.com Coin tumbled by 14.04% to lead the day down.

Bitcoin Cash SV (-4.34%) and Ethereum (-3.22%) also struggled.

Binance Coin (-1.46%), Chainlink (-1.96%), and Litecoin (-0.75%) saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $1,546bn before falling to a Monday low $1,374bn. At the time of writing, the total market cap stood at $1,475bn.

Bitcoin’s dominance rose to a Monday high 42.28% before falling to a Monday low 41.53%. At the time of writing, Bitcoin’s dominance stood at 42.07%.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $33,166.3. A mixed start to the day saw Bitcoin rise to an early morning high $33,570.0 before falling to a low $32,469.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 3.21% to buck the trend early on.

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

At the time of writing, Chainlink was down by 3.72% to lead the way down.

BTCUSD 090621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $32,843 pivot to bring the first major resistance level at $34,611 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $35,820 and resistance at $36,000.

Failure to avoid a fall back through the $32,843 pivot would bring the first major support level at $31,634 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000. The second major support level sits at $29,866.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 9th, 2021

Ethereum

Ethereum fell by 3.22% on Tuesday. Following a 4.37% loss on Monday, Ethereum ended the day at $2,509.11.

A bullish start to the day saw Ethereum rise to an early morning intraday high $2,621.91 before hitting reverse.

Falling short of the first major resistance level at $2,769, Ethereum tumbled to a mid-afternoon intraday low $2,308.75.

Ethereum fell through the first major support level at $2,495 and the second major support level at $2,398.

Finding late support, Ethereum broke back through the major support levels to end the day at $2,500 levels.

At the time of writing, Ethereum was down by 2.79% to $2,439.09. A mixed start to the day saw Ethereum rise to an early morning high $2,525.00 before falling to a low $2,425.26.

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

ETHUSD 090621 Hourly Chart

For the day ahead

Ethereum would need to move back through the $2,480 pivot to bring the first major resistance level at $2,651 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 $2,621.91 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,793.

Failure to move back through the $2,480 pivot would bring the first major support level at $2,338 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,167 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,338

Pivot Level: $2,480

First Major Resistance Level: $2,651

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.75% on Tuesday. Following an 8.16% slide on Monday, Litecoin ended the day at $160.76.

A mixed start to the day saw Litecoin rise to an early morning intraday high $164.58 before hitting reverse.

Falling short of the 62% FIB of $174 and the first major resistance level at $176, Litecoin slid to a mid-afternoon intraday low $145.20.

Litecoin fell through the first major support level at $154 and the second major support level at $146.

Finding late support, however, Litecoin broke back through the support levels to end the day at $160 levels.

At the time of writing, Litecoin was down by 3.02% to $155.91. A mixed start to the day saw Litecoin rise to an early morning high $161.55 before falling to a low $154.84.

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

LTCUSD 090621 Hourly Chart

For the day ahead

Litecoin would need to move back through the $157 pivot to bring the first major resistance level at $169 into play.

Support from the broader market would be needed, however, for Litecoin to out from Tuesday’s high $164.58.

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 the 62% FIB of $174 and the second major resistance level at $176.

Failure to move back through the $157 pivot would bring the first major support level at $149 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.

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: $149

Pivot Level: $157

First Major Resistance Level: $169

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rose by 1.45% on Tuesday. Partially reversing an 8.77% slide from Monday, Ripple’s XRP ended the day at $0.87457.

A choppy start to the day saw Ripple’s XRP fall to a mid-afternoon intraday low $0.78324 before finding support.

Ripple’s XRP fell through the 62% FIB of $0.8573 and the first major support level at $0.8109 before finding support.

Late in the day, Ripple’s XRP broke back through the 62% FIB to strike a late intraday high $0.8856.

Falling short of the first major resistance level at $0.9450, however, Ripple’s XRP eased back to end the day at sub-$0.88 levels.

At the time of writing, Ripple’s XRP was down by 3.31% to $0.84564. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.87611 before falling to a low $0.83982.

While leaving the major support and resistance levels untested, Ripple’s XRP fell back through the 62% FIB of $0.8573.

XRPUSD 090621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.8478 pivot and the 62% FIB to bring the first major resistance level at $0.9124 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.

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

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.9502.

Failure to move back through the $0.8478 pivot would bring the first major support level at $0.8100 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.7454.

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: $0.8100

Pivot Level: $0.8478

First Major resistance Level: $0.9124

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

Bitcoin Declined Below Key Support Level At $35,000

Bitcoin Video 08.06.21.

Bitcoin Remains Under Pressure

Bitcoin managed to get below the key support level at $35,000 and is testing the next support at $32,000.  Other cryptocurrencies are also moving lower.

Ethereum gained material downside momentum after it managed to settle below the 50 EMA at $2645. Currently, Ethereum trying to settle below $2500. Dogecoin declined below its 50 EMA at $0.3490 and made an attempt to settle below $0.3150.

The market mood is clearly bearish in absence of positive catalysts. The nearest significant catalyst for the crypto market and riskier assets in general is the release of U.S. inflation data on Thursday.

If inflation gets above the 5% level, riskier assets may find themselves under strong pressure which will be bearish for Bitcoin and other cryptocurrencies. It should be noted that the current analyst consensus calls for Inflation Rate of 4.7% in May, but a negative surprise is possible.

Technical Analysis

bitcoin june 8 2021

Bitcoin has recently made an attempt to settle below the support at $32,000 but failed to develop sufficient downside momentum and continued to trade in the $32,000 – $35,000 range. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Bitcoin declines below the support at $32,000, it will head towards the next support at $30,000. A successful test of this level will open the way to the test of the support at $29,000. If Bitcoin gets below $29,000, it will move towards the support at $27,500.

On the upside, the previous support level at $35,000 will serve as the first resistance level for Bitcoin. If Bitcoin manages to get above this level, it will head towards the next resistance at $37,000. A move above the resistance at $37,000 will open the way to the test of the resistance which is located at the 20 EMA at $38,000.

From a big picture point of view, Bitcoin remains in a downside trend, and there is a significant risk of an additional sell-off.

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

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 8th, 2021

Ethereum

Ethereum fell by 4.37% on Monday. Following a 3.1% gain on Sunday, Ethereum ended the day at $2,592.47.

A bullish start to the day saw Ethereum rise to an early afternoon intraday high $2,849.15 before hitting reverse.

Ethereum broke through the first major resistance level at $2,766 and the second major resistance level at $2,821.

More significantly, Ethereum also broke back through the 38.2% FIB of $2,740 before sliding to a late intraday low $2,575.01.

The reversal saw Ethereum fall through the 38.2% FIB and the first major support level at $2,636 to end the day at sub-$2,600 levels.

At the time of writing, Ethereum was up by 0.44% to $2,603.81. A mixed start to the day saw Ethereum fall to an early low $2,575.00 before rising to a high $2,615.00.

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

ETHUSD 080621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,672 pivot and the 38.2% FIB to bring the first major resistance level at $2,769 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,700 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,000. The second major resistance level sits at $2,946.

Failure to move through the $2,672 pivot would bring the first major support level at $2,495 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,398 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,495

Pivot Level: $2,672

First Major Resistance Level: $2,769

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 8.16% on Monday. Partially reversing a 1.95% gain from Sunday, Litecoin ended the day at $161.98.

A mixed start to the day saw Litecoin rise to mid-day intraday high $182.25 before hitting reverse.

Finding early support at the 62% FIB of $174, Litecoin broke through the first major resistance level at $180.

Coming up against resistance at Sunday’s high $182.25, Litecoin slid to a late intraday low $160.25.

The extended sell-off saw Litecoin fall back through the 62% FIB. Litecoin also fell through the first major support level at $172 and the second major support level at $168 to end the day at $161 levels.

At the time of writing, Litecoin was up by 0.25% to $162.39. A mixed start to the day saw Litecoin fall to an early low $160.82 before rising to a high $162.81.

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

LTCUSD 080621 Hourly Chart

For the day ahead

Litecoin would need to move through the $168 pivot to bring the 62% FIB of $174 and the first major resistance level at $176 into play.

Support from the broader market would be needed, however, for Litecoin to out from the 62% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $180 would likely cap any upside.

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

Failure to move through the $168 pivot would bring the first major support level at $154 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $146.

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: $154

Pivot Level: $168

First Major Resistance Level: $176

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 8.77% on Monday. Reversing a 2.55% gain from Sunday, Ripple’s XRP ended the day at $0.86301.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.97494 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.9575 and the second major resistance level at $0.9690.

The reversal, however, saw Ripple’s XRP slide to a late intraday low $0.84087.

Ripple’s XRP fell through the day’s major support levels and the 62% FIB of $0.8573.

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

At the time of writing, Ripple’s XRP was down by 0.40% to $0.85958. A mixed start to the day saw Ripple’s XRP fall to a low $0.85841 before rising to a high $0.86722.

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

XRPUSD 080621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8929 pivot to bring the first major resistance level at $0.9450 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.

Barring an extended crypto rally, the second major resistance level and Monday’s high $0.97494 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $1.0270.

Failure to move through the $0.8929 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8109 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.7589.

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: $0.8109

Pivot Level: $0.8929

First Major resistance Level: $0.9450

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

The U.S Crypto Morning Session – June 7th, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, Bitcoin and the majors got a solid kickstart through the early hours.

At the time of writing, Bitcoin, BTC to USD, was up by 1.87% to $36,450.1. A mixed start to the day saw Bitcoin fall to an early morning low $35,487.0 before making a move.

Steering clear of the first major support level at $35,174, Bitcoin rose to an early morning high $36,784.0.

Bitcoin broke through the first major support level at $36,341 before a pullback to sub-$36,000 levels.

In the late morning, however, Bitcoin broke back through the first major resistance level to revisit to $36,500 levels.

BTCUSD 070621 Hourly Chart

The Rest of the Pack

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

Through the morning, Ethereum and Crypto.com Coin were up by 3.74% and by 3.48% respectively to lead the way.

Cardano’s ADA (+2.97%), Chainlink (+2.80%), and Litecoin (+2.59%) also found relatively strong support.

Binance Coin (+1.74%) and Ripple’s XRP (+1.52%) trailed the front runners, with Bitcoin Cash SV (+0.11%) and Polkadot (+0.96%) seeing modest gains early on.

Through the early hours, the crypto total market fell to an early morning low $1,590bn before Rising to a high $1,665bn. At the time of writing, the total market cap stood at $1,642bn.

Bitcoin’s dominance rose to an early high 41.84% before falling to a low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.58%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $37,081.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $36,784.0.

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

In the event of a breakout, Bitcoin could test resistance at $39,000 before any pullback. The third major resistance level sits at $38,338.

Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 EMA and the 200 EMA early on. Going into the 2nd half of the day, however, there was no sign of an imminent bullish cross, leaving Bitcoin at risk of a reversal.

A fall back through the first major resistance level at $36,431 and $35,824 pivot would bring the first major support level at $35,174 into play.

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

The second major support level sits at $34,567.

Crypto adoption Continues CoinShares Lists Physically-Backed Cryptocurrency ETPs on Börse Xetra

The prices of the leading cryptocurrencies are down by nearly 50% from their recent all-time highs. However, that hasn’t stopped the wave of institutional adoption that has swept the market over the past few months.

CoinShares Adds Physically-Backed Crypto ETPs on Börse Xetra

CoinShares, the largest digital asset manager in Europe, has listed three physically-backed exchange-traded products (ETPs) on Germany’s Börse Xetra exchange. The exchange-traded products are set to make it easier for institutional investors to access the cryptocurrency market.

The digital asset manager listed ETPs of Bitcoin, Ethereum and Litecoin. According to a press release this morning, Frank Spiteri, CoinShares’ Chief Revenue Officer, revealed that since the CoinShares Physical platform was launched in January, it now has over $380m in assets under management. In addition, the platform is available in eleven countries as institutional demand for cryptocurrency-related products continues to increase.

“This cross-listing is another important step for CoinShares Asset Management, providing investors across Europe with easier access to digital assets. We look forward to leveraging the Company’s technology and expertise as we build on this momentum and move into new markets, investment exposures and strategic partnerships over the course of the year,” he added.

CoinShares listed the physically-backed crypto ETPs on Börse Xetra following the approval from the Swedish regulator. As a result, the digital asset firm now has the license to distribute the ETPs on various platforms across the European Union (EU). The cryptocurrency ETPs are available in Germany, Sweden, Italy, Spain, France, Belgium, the Netherlands, Denmark, Finland, Norway, Austria and Luxembourg.

Adoption Grows despite Crypto Prices still Battling

Cryptocurrencies continue to gain retail and institutional adoption despite the prices still down from their all-time highs. At the time of this report, Bitcoin (BTC) is trading at $36,600 on various cryptocurrency exchanges, up by 1% over the past 24 hours. However, it is over 40% down from its all-time high of $65,000.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

Ether is up by 4% over the past 24 hours and is trading above $2,800. However, it is also down from its recent all-time high of $4,700 per coin. Litecoin has lost its position amongst the top ten cryptocurrencies by market cap. It is now the 14th in terms of market cap, and its price is performing excellently since the news broke.

Theta Fuel, Post Record Weekly Gains Amid Stalled Rally in the Crypto Market

At the time of writing this report, the digital asset was trading at $0.48 with a daily trading volume of $108 million. Theta Fuel is up 9% for the day. The Crypto asset currently has a market value of about $2.56 billion.

Recent chart patterns reveal Theta fuel uptrend is still on course taking to account its record high buying pressures since the ending February remains intact.

In addition, price patterns further postulate the crypto asset is expected to test the upper resistance levels around $0.54 without drifting lower to support levels pegged around the price band of $0.35

TFUEL is a utility token and also acts as a gas token, on the Theta blockchain functions as a decentralized video and data delivery.

This means that it best described as the lifeline of the Theta blockchain, such as payments to relayers for sharing a video stream, fees associated with transacting nonfungible tokens, and for deploying and interacting with smart contracts.

The company also pointed to the ultra-low transaction fees on its native blockchain and lightning-fast execution as key fundamentals behind its increasing adoption.

“Our proof-of-stake protocol purpose-built for media becomes even more important as the cost of minting and transacting NFTs on Ethereum,” according to Theta Labs.

The digital asset is traded on leading Crypto exchanges like Coinbase and is usually bought indirectly as investors must possess an Ethereum or Tether to trade with it.

Investors are banking on the crypto assets for more return on investments after Google the owners of the world’s most valuable search engine some months ago joined the likes of Gumi Cryptos, Binance, and Blockchain Ventures, as external enterprise validators that propose and confirm new blocks on the Theta blockchain.