# Price Analysis 24/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA

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Market data is provided by the HitBTC exchange.

The recent rally in bitcoin has turned around sentiment completely. Analysts are projecting a rally to new lifetime highs within the end of this year. Bitcoin Knowledge podcast host Trace Mayer has a target objective of $21,000based on his analysis. That would entail a move of about 78.5% from the current levels. Though this number looks easily achievable, especially after the sharp up-move from the lows, as the price moves higher, we anticipate greater supply to hit the market. The people stuck at higher levels from the previous bull market will try to bail out of their positions and the traders who bought at lower levels will book profits. Hence, we expect a correction or consolidation in the markets soon. The number of people searching google for bitcoin has increased. However, the number is way below the peak hit during the previous bull market. This shows that people are beginning to notice it again but there is still no euphoria around it, which is a positive sign for the long term. ## BTC/USD Bitcoin (BTC) has been holding near$11,000 for the past two days, which is a positive sign. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, we anticipate the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command.

However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support. On a bounce off the 20-day EMA, we anticipate the bulls to again try to propel the price towards its target objective of $12,000. The BTC/USD pair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of$7,413.46 will signal a deeper correction.

## ETH/USD

Ether (ETH) came close to its target objective of $335 on June 22 and 23 but the bulls could not sustain the rise above$322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground. A consolidation between $280 and$322.06 indicates strength and increases the probability of a breakout above $322.06. If the ETH/USD pair closes (UTC time frame) above$322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, we expect the pair to face stiff resistance near$480.

Contrary to our assumption, if the pair fails to sustain above $322.06, it can drop to$280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum.

## XRP/USD

Ripple (XRP) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to$0.6250. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand.

Conversely, if the XRP/USD pair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on the longposition at$0.41. We will suggest to trail stops higher as the price moves northwards.

Though Litecoin (LTC) closed above $140.3450 on June 22, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of$158.91 and above it $184.7949. If the bulls fail to defend the support, the LTC/USD pair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaining long positions with a stop loss placed just below the 20-day EMA. ## BCH/USD Bitcoin Cash (BCH) remains in an uptrend. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command. The price rallied above the immediate resistance of$481.99 on June 22 but turned down from the resistance line of the channel.

If the BCH/USD pair breaks out of the channel, it is likely to pick up momentum and rally to $639 and above it to$889. If the bulls fail to break out of the channel, the pair might dip back to the 20-day EMA. The digital currency will indicate a trend change if it breaks below both the moving averages and the support line of the channel.

## EOS/USD

While EOS has sustained above the breakout level of $6.8299 for the past three days, it is struggling to move up. This shows a lack of demand at higher levels. Currently, it is back at$6.8299, which is an important support. The 20-day EMA is just above this level, hence, we anticipate buyers to defend this support.

However, if the bears sink the price below the 20-day EMA, the momentum will weaken. In such a case, a range-bound action between $175 and$255.620 is likely. The trend will turn down if the price sustains below $175. ## TRX/USD Tron (TRX) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of$0.04156575. If the price breaks out of the overhead resistance, a rally to  $0.05218328 is possible. Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. The TRX/USD pair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Our bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of$0.02815521.

Cardano (ADA) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips. If the bulls break out and sustain the ADA/USD pair above$0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close (UTC time frame) above$0.10 and buy as suggested in our earlier analysis.
Our bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between$0.076254 and $0.10 for a few days. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView. • 49 | expand good expand nice expand nice expand nice expand nice expand nice expand nice expand nice expand 1 expand 2 expand 3 expand 4 expand nice5 expand 6 expand 1 expand 2 expand 1 expand 2 expand 1 expand 2 expand 1 expand 2 expand 1 expand 2 expand 1 expand 2 expand 1 expand 2 expand 1 expand You should login to reply You will reward to {{ username }} Available Balance: {{balance}} ≈$ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)