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Friday

25 June 2021

Price analysis 6/11: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

Price analysis 6/11: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH


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Some analysts view the sharp rebound from $31,000 level as a sign of accumulation at lower levels while others believe the failure to cross above the overhead resistance indicates that Bitcoin is still not out of the woods yet.

Bitcoin turned down from the resistance line on June 10 but the bears have not been able to sustain the price down below the 20-day exponential moving average ($36,604).

Contrary to this assumption, if the price turns down from $42,451.67, the BTC/USDT pair could correct to $31,000 and consolidate in this large range for a few days.

The trend will shift in favor of the bears if the pair turns down from the current level and breaks below the $31,000 to $28,000 support zone.

If bears sink and sustain the price below the triangle, the ETH/USDT pair could witness renewed selling that could pull the price down to $2,079 and then to $1,728.74.

If the price turns up from the current level, the pair may move up to the 20-day EMA and then extend its stay inside the triangle for a few more days.

A breakout and close above this resistance could push the price to the 50-day SMA ($478).

This positive view will be negated if the price turns down from the current levels or the overhead resistance and plummets below the trendline.

Dogecoin’s (DOGE) rebound off the neckline of the head and shoulders pattern turned down from the 20-day EMA ($0.34) on June 10, suggesting that bears are selling on every minor relief rally.

If the price turns down from this resistance, the possibility of a break below $0.21 increases.

If buyers thrust the price above the 20-day EMA, the XRP/USDT pair could rally to $1.10.

A breakout and close above this overhead resistance could result in a rally to $31.28.

On the contrary, if the price rebounds off $21.50, the pair may again try to rise above the 20-day EMA.

If the pair turns down from this resistance, the range-bound action may continue for a few more days.

If buyers drive the price above the resistance line of the triangle, the LTC/USDT pair could rally to the 50-day SMA ($241).

This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below the triangle.

Conversely, if the price turns down from the current level or the downtrend line, it will suggest that bears are selling on every minor rally.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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