Steady Is The Course For Cryptocurrencies

Posted Friday, June 14, 2019 by
Shain Vernier • 1 min read

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

Ethereum ETH                           2.70%              $255

Litecoin LTC                                8.25%             $125

Ripple XRP                                   6.13%            $0.40

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.

June Bitcoin Futures (BTC), Daily Chart
June Bitcoin Futures (BTC), Daily Chart

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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