Bitcoin looks primed for a move to $8,000, but low trading volumes point to the risk of a bull trap.
The bullish outside-day candle followed by a bullish crossover between the 5-day and 10-day moving averages (MAs), and an upside break of the falling trendline, indicate scope for a rally to $8,000.
However, the decline in trading volume over the last seven days puts a question market on the sustainability of the corrective rally from $7,040 (May 29 low) to $7,779 (Sunday's high).
The bullish outside-day candle followed by a bullish crossover between the 5-day and 10-day moving averages (MAs), and an upside break of the falling trendline, indicate scope for a rally to $8,000.
However, the decline in trading volume over the last seven days puts a question market on the sustainability of the corrective rally from $7,040 (May 29 low) to $7,779 (Sunday's high).
On the 4-hour chart, trading volume has picked up as prices fell back to $7,549 from the high of $7,764.
The anemic trading volume during the price rally and the later increase in trading volume during negative price action indicates a high probability of a downside break of the rising wedge pattern. In such a case, bitcoin risks falling back to last week's low of $7,040.
The anemic trading volume during the price rally and the later increase in trading volume during negative price action indicates a high probability of a downside break of the rising wedge pattern. In such a case, bitcoin risks falling back to last week's low of $7,040.
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The upside break of the falling trendline has opened the doors for a rise to $8,000. However, low volumes may indicate a false breakout.
A downside break of the rising wedge seen in the 4-hour chart would allow a drop to $7,040.
Only a high-volume break above $7,700 could yield a sustainable rally to $8,000.
The upside break of the falling trendline has opened the doors for a rise to $8,000. However, low volumes may indicate a false breakout.
A downside break of the rising wedge seen in the 4-hour chart would allow a drop to $7,040.
Only a high-volume break above $7,700 could yield a sustainable rally to $8,000.
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Ripple, in cooperation with 17 leading universities, announced a new initiative to support and accelerate scientific research, technical developments and innovations in blockchain technology, cryptocurrency and digital payments.
Ripple, in cooperation with 17 leading universities, announced a new initiative to support and accelerate scientific research, technical developments and innovations in blockchain technology, cryptocurrency and digital payments.
#BTCUSD
OUTLOOK: Neutral
False breakout has neutralized the immediate bullish outlook.
A drop below $7,260 (May 24 low) would confirm the corrective rally has ended, would expose triangle support of $6,985.
Break abv $7,780 would revive bull outlook.
OUTLOOK: Neutral
False breakout has neutralized the immediate bullish outlook.
A drop below $7,260 (May 24 low) would confirm the corrective rally has ended, would expose triangle support of $6,985.
Break abv $7,780 would revive bull outlook.
#XRPUSD
OUTLOOK: Risks bearish revival
Acceptance below $0.63 would add credence to Monday's bearish outside-day candle & failure to retake rising trendline, confirming a bearish revival
Bulls need progress soon.
Resistance: $0.705, $0.75
Supp: $0.57, $0.54
OUTLOOK: Risks bearish revival
Acceptance below $0.63 would add credence to Monday's bearish outside-day candle & failure to retake rising trendline, confirming a bearish revival
Bulls need progress soon.
Resistance: $0.705, $0.75
Supp: $0.57, $0.54
#XRPBTC
OUTLOOK: BULLISH
Narrowing price range ended with bull breakout on June 2.
RSI is biased bullish.
5,10MA trend north and 5, 50MA bull cross seen.
Could rise to 0.00010 in a few days.
OUTLOOK: BULLISH
Narrowing price range ended with bull breakout on June 2.
RSI is biased bullish.
5,10MA trend north and 5, 50MA bull cross seen.
Could rise to 0.00010 in a few days.
CryptoBullet
Buy BNB @0.0203-0.02. Targets: 22-26-28.
BNB is currently trading at 0.0263 for 31% profit!
#BTCUSD
OUTLOOK: Bullish above $7,780
BTC is still operating in a bearish territory as indicated by wedge breakdown on 4hr chart.
Break abv $7,780 would allow rally to $8K.
The odds of a bull break abv $7,780 would drop sharply if BTC falls below $7,390.
OUTLOOK: Bullish above $7,780
BTC is still operating in a bearish territory as indicated by wedge breakdown on 4hr chart.
Break abv $7,780 would allow rally to $8K.
The odds of a bull break abv $7,780 would drop sharply if BTC falls below $7,390.
#ETHUSD
OUTLOOK: Bullish above $612
Break above $612 (50DMA + falling channel hurdle) would confirm bear-to-bull trend change and allow rally to $656 (100DMA).
Close below $575 (previous day's low) would embolden bears.
OUTLOOK: Bullish above $612
Break above $612 (50DMA + falling channel hurdle) would confirm bear-to-bull trend change and allow rally to $656 (100DMA).
Close below $575 (previous day's low) would embolden bears.
#BTCUSD
OUTLOOK: Bullish abv $7,780
Daily chart shows upside break of falling channel + higher lows as represented by rising trendline
Needs to clear immediate resistance at $7,780 to confirm a bear-to-bull trend change.
OUTLOOK: Bullish abv $7,780
Daily chart shows upside break of falling channel + higher lows as represented by rising trendline
Needs to clear immediate resistance at $7,780 to confirm a bear-to-bull trend change.
#ETHUSD
OUTLOOK: Teasing Bull Flag Breakout
Need a solid breakout - preferably a close abv $728.
A sideways breakout (prices remain near $610) wouldn't imply bull revival
OUTLOOK: Teasing Bull Flag Breakout
Need a solid breakout - preferably a close abv $728.
A sideways breakout (prices remain near $610) wouldn't imply bull revival