Steady Is The Course For Cryptocurrencies - Forex News by FX Leaders
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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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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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