Steady Is The Course For Cryptocurrencies
Following some early-June turbulence, there is a lot to be happy about if you are holding long positions in cryptocurrencies.
The first half of June has been a challenging period for cryptocurrencies. Values have fallen from the late-May bull run, suggesting an end to the post-U.S. tax day rally. However, the price action is a bit deceiving. Aside from the June 4th plunge, cryptos have steadily moved higher, showing resilience. At this point, it appears that the early-month correction may have been a normal retracement.
A Solid Seven Days For Cryptocurrencies
The past seven days haven’t been too bad for cryptos on the cash markets. Here is a quick look at the leading coins:
Coin % Gain Key Number
Bitcoin BTC 5.13% $8500
Bitcoin Cash BCH 1.45% $400
Litecoin LTC 8.25% $125
So, values are on the upswing as we move toward the second half of the trading month. At this point, there is a lot to be happy about if you are long cryptocurrencies.
Bitcoin Remains In Bullish Territory
June Bitcoin futures are hanging tough in bullish territory, just above the $8400 handle. Since rejecting the 62% retracement at $7422, this market has been on the upswing.
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Here are the levels to watch going into Monday’s trade:
- Resistance(1): Psyche Level, $9000
- Support(1): Daily SMA, $8225
Overview: For the time being, it is long-or-nothing in BTC. Until we see prices fall beneath $7400, holding onto BTC longs is the play. Another run above $9000 should draw enough participation to make $10,000 BTC a reality by the second week of July.
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