Cryptocurrencies

Bitcoin (BTC) continued to fall more than 3% this week as the bears maintained…

Bitcoin (BTC) continued to fall more than 3% this week as bears maintained selling pressure. Although the price fell below the short-term holder’s realized price (STH-RP) of $64,230, the bears were unable to deepen the correction. This suggests that the bulls are trying to defend STH-RP, which forms the basis of the total cost for Bitcoin holders – wallets that store Bitcoin for 155 days or less.

Bitcoin weakness has led to sustained outflows from Bitcoin exchange-traded funds since June 13, according to data from Farside Investors. This suggests that Bitcoin investors are concerned about the near-term outlook.

Daily view of crypto market data. source: Queen360

Independent analyst Willy Wu said in an article on In 2020, the hash rate recovered in 8 days; In 2017, healing took 24 days. Wu added that it takes a long time for miners to capitulate after this year’s halving, perhaps due to “profit-increasing streaks.”

If Bitcoin starts trading above $64,602, it will likely attract buying from some altcoins. Let’s take a look at the top 5 cryptocurrencies that look strong in the charts.

Bitcoin Price Analysis

Bitcoin fell below the $64,602 support level on June 21, but the bears failed to capitalize on their advantage. This indicates that sales are drying up at lower levels.

BTC/USDT daily chart. source: Trading View

The bulls will need to push the price above the moving averages to trap the aggressive bears. If they do, the BTC/USDT pair is expected to gain momentum and reach $70,000 and then $72,000. The bears should put up a strong defense in the $72,000-$73,777 region.

Conversely, if the price falls from the current level or the moving averages, it will indicate that sentiment is still negative and traders are selling on rallies. This will increase the likelihood of a deeper correction to $60,000.

BTC/USDT 4-hour chart. Source: Commercial View

The 4-hour chart shows that the bulls are trying to recover and are likely to sell at the 20 EMA. If the price continues to decline, the bears will once again attempt to push the pair below $63,379 and resume the downward movement. If they do, the pair could fall to $60,000.

However, a positive divergence in the Relative Strength Index (RSI) indicates that selling pressure may be decreasing. The bulls will gain strength on the breakout and close above the 50 simple moving average. The pair could rise to $67,000 and later to $70,000.

Toncoin price analysis

The bulls did not let Toncoin (TON) fall below its 50-day simple moving average ($6.83), which indicates strong buying at lower levels.

TON/USDT daily chart. Source: Commercial View

The bulls are trying to push the price above the upper resistance level of $7.67. If they succeed, the TON/USDT pair could reach $8.29. This level could provide strong resistance, but if the bulls prevail, the pair could begin its march towards $10.

Contrary to this assumption, if the price drops from the current level and falls below $6.60, it will complete a head and shoulders pattern. This could start a downtrend towards the setup target at $4.91.

TON/USDT 4-hour chart. source: Trading View

The bears repeatedly pulled the price below the uptrend line, but were unable to initiate a downward move. This suggests that the bulls have been buying aggressively at lower levels. The $7.67 to $8.29 area will likely see heavy selling from the bears, but if the bulls prevail, the pair could move towards $10.

The first support to watch on the downside is the 20 EMA. If this level breaks down, it will indicate that the pair could fluctuate between $6.60 and $7.67 for some time. The bears will have the upper hand in the event of a breakout and close below the $6.77 level.

Baby price analysis

Pepe (PEPE) has corrected in recent days, but the rebound from $0.000010 shows that the bulls are trying to rebound.

PEPE/USDT daily chart. Source: Commercial View

Buyers will need to push the price above the downtrend line and moving averages to signal the start of a sustainable recovery. The PEPE/USDT pair could rise to $0.000014 and then to $0.000016.

Conversely, if the price falls from the downtrend line or moving averages, it will indicate that the bears continue to sell during rallies. A break below $0.000010 could open the door to a fall to $0.000008.

PEPE/USDT 4-hour chart. source: Trading View

The 20 moving average on the 4-hour chart has flattened and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers push the price above the downtrend line, the pair could reach $0.000014. This level may pose a minor hurdle, but if breached, the pair could extend its relief rally towards $0.000016.

The advantage will tilt in favor of the bears if the uptrend line collapses. This could pull the price towards the strong support zone between $0.000009 and $0.000010.

about: Bitcoin Ready for a Breakout with “$90,000+” BTC Price Target – New Analysis

Kaspa Price Analysis

Kaspa (KAS) bounced off the 50-day simple moving average ($0.14) on June 18, suggesting buying at lower levels. The bulls continued their buying and pushed the price above the 20-day EMA ($0.15) on June 23.

KAS/USDT daily chart. Source: Commercial View

If buyers maintain their momentum and push the price above the downtrend line, it will indicate that the correction may be over. The KAS/USDT pair may attempt to reach the strong general resistance level at $0.19.

An important support to watch on the downside is the 50-day simple moving average. A breakout and close below this level will signal the start of a sharper correction to $0.10. The bulls will try to stop the decline at $0.10.

KAS/USDT 4-hour chart. source: Trading View

The moving averages on the 4-hour chart are about to cross and the RSI is in positive territory, indicating that the bulls are attempting to make a comeback. A breakout and close above $0.16 will pave the way for an increase to $0.18.

On the other hand, if the price falls below the moving averages, the bears will again attempt to push the pair below $0.14. If this level holds, the pair is likely to consolidate between $0.14 and $0.16 for some time. If it breaks above the $0.14 level, the pair could fall to $0.13.

JasmyCoin Price Analysis

JasmyCoin (JASMY) rebounded from the 50-day simple moving average ($0.03) on June 21, suggesting that lower levels are attracting buyers.

JASMY/USDT daily chart. Source: Commercial View

The 20-day EMA remains stable ($0.03) and the RSI is approaching the midpoint, indicating that selling pressure is decreasing. If buyers overcome resistance at the 20-day EMA, JASMY/USDT could reach $0.04.

Alternatively, if the price falls from the 20-day EMA, it will indicate that the bears have not given up and are continuing to sell on rallies. The pair may then spend some time fluctuating between the moving averages. A breakout and close below the 50-day simple moving average could result in a deeper decline towards $0.02.

JASMY/USDT 4-hour chart. source: Trading View

The 4-hour chart shows that the bulls are attempting to initiate a comfortable rally, facing resistance in the area between the 50-SMA and the downtrend line. The crucial support to watch on the downside is the 20 EMA. If the price rebounds from the 20 EMA, it will improve the chances of a breakout above the downtrend line. If this happens, the pair could reach $0.04.

Contrary to this assumption, a drop below 20 EMA would indicate that the bears are maintaining their pressure. Selling could intensify in the event of a break below the channel. The pair could then fall to $0.02.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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