Last week continued the trend of the fall of the cryptocurrency market. So, starting from 19 June, the capitalization of the stock market decreased by 14.6% (c $294,2 billion to $254,6 billion.). In turn, the price of the first cryptocurrency fell to February lows at $6178,00 (at the time of this writing).
Bitcoin price has broken an important psychological resistance level of $6000.00, then, reached a minimum value of $5800.00.
Fig. 1 – BTCUSD, Daily
In the current situation the price is testing horizontal support level of $5867,99, consolidation under which will move to $5000,00.
Despite this, in this situation, one can expect the prices rebound from the above mentioned resistance level and the beginning of the upward movement to the trend line (black oblique line in Fig. 1), which is a strong resistance level. It becomes clear that for the formation of a bullish trend, price will first have to consolidate above this inclined level. In this context, the important levels will be $6900,00 – $7000,00, $7776,49.
The price of cryptocurrency Ethereum is also characterised by bearish sentiments. So, last week the price dropped from almost $500,00 to $421,68, followed by a pullback to $450,00.
The chart continues to move in a downward sloping channel, borders of which serve as levels of support and resistance.
Fig. 2 – ETHUSD, Daily
Logical, in this situation, will be fixing prices below $447,06, and then continued to the support level of $359,00.
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Analysis-Bitcoin/Ethereum held analyst Analytics TSI Yegor Tishin.
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