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Monday

21 June 2021

Price analysis 6/9: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, SOL, BCH

Price analysis 6/9: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, SOL, BCH


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Bitcoin broke below the trendline of the symmetrical triangle on June 7, indicating the uncertainty resolved in favor of the bears.

If the price turns down from this resistance, it will suggest that the sentiment remains negative and traders are selling on rallies.

The next leg of the downtrend could begin after the bears sink the price below the $31,000 to $28,000 support zone.

Binance Coin (BNB) broke below the trendline on June 8 but the bears could not sustain the lower levels.

If buyers push the price above the 20-day EMA ($389), the BNB/USDT pair could rise to the overhead resistance at $433.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the trendline, it will suggest that bears have overpowered the bulls.

Cardano dropped below the 50-day SMA ($1.57) on June 8 but the bears could not capitalize on this weakness.

This balance will shift in favor of the bears if the price breaks below the trendline.

However, unless the bulls push the price above the moving averages quickly, the bears will once again try to sink the DOGE/USDT pair below the neckline.

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

Polkadot (DOT) turned down from the 20-day EMA ($24.99) on June 7 and broke below the trendline of the ascending channel.

Uniswap (UNI) dipped below the $21.50 support on June 8 but the bears could not sustain the lower levels.

This level may act as a stiff resistance and if the price turns down from it, the pair could remain range-bound between $21.50 and $30 for a few days.

Solana (SOL) turned down from the 61.8% Fibonacci retracement level at $43.38 on June 7 but the bears could not pull the price below the trendline.

If buyers thrust and sustain the price above $43.38, the SOL/USDT pair could move up to the 78.6% retracement level at $49.97.

This positive view will nullify if the price turns down and plummets below the trendline.

If the bulls can sustain the price above $616.04, the BCH/USDT pair could make one more attempt to rise above the downtrend line.

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cointelegraph.com
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