XRP Bearish: Former Ripple Executive Explains Why Prices Is Still Below $0.50

Posted on June 13, 2024 by Dalmas Ngetich

XRP recovered yesterday, mirroring the general performance of top altcoins like Ethereum and Solana. Even so, the path of least resistance is southwards, and there won’t be any reprieve for bulls unless there is a breakout above immediate local resistance levels. Key reaction lines to watch out are $0.52 and $0.55. However, if the primary trend is sustained, XRP could tank, even retesting $0.40.

As bears maintain their presence and cracks widen on XRP, the coin is mostly stable in the past day, adding roughly 2%. At the same time, it is down 7% in the previous week. Since the uptick of June 12 wasn’t vigorous, the average trading volume is still at the $1.2 billion mark.

The following XRP and Ripple news developments are worth tracking:

A former Ripple executive, Sean McBride, believes that the ongoing Ripple versus the United States SEC court case is among the multiple key factors that suppress prices. Taking to X, McBride said once Judge Analisa Torres makes a ruling in the coming weeks or months, Ripple will be unbridled, even rallying.
Brad Garlinghouse, during the XRP Ledger Community Summit in Amsterdam, unveiled their stablecoin, RLUSD. The stablecoin, whose launch date is unspecified, will prime the broader XRPL ecosystem.

XRP Price Analysis

[[XRP/USD]] price action is generally muted, trending a few cents from the psychological $0.50 mark.

For now, the path of least resistance is southwards.

Accordingly, aggressive, risk-off traders can look to short on every attempt higher, targeting $0.46 and $0.40.

This preview is because prices are still trending inside the bearish engulfing bar of June 7.

Because bulls have been unable to turn around the trend. Bears have the upper hand from an effort versus result perspective; aligning with sellers of mid-April.

When XRP breaks $0.55 aggressively, this preview will be invalidated.

Bitcoin Risks Tumbling to $56,500 amid Miner Liquidation and Subsiding Spot ETF Demand

Posted on June 12, 2024 by Dalmas Ngetich

Bitcoin remains under intense selling pressure. The short-term trend has been set unless there is a breakout above the June 10 bar and the middle BB. Conservative bulls should revert to neutral as sellers look to double down, extending yesterday’s losses. Thus far, the emerging short-term trend is clear, but any sharp close pushing Bitcoin below $66,000 could signal to the market that the uptrend is over and buyers are exhausted.

Looking at the candlestick arrangement in the daily chart, it is evident that sellers are beginning to position themselves in readiness for a new wave of lower lows. Bitcoin is stable on the last day alone and down 5% in the previous week. At the same time, the average trading volume is up to over $29 billion. This recovery is notable, signaling that sellers are in position.

The following Bitcoin news events are worth tracking:

There is a Bitcoin miner capitulation, one analyst notes. Post Halving, more “weak miners” have been winding down operations. As they do so, they are selling, fanning the current sell-off.
As Bitcoin falls, inflows into spot ETFs is drying up. According to trackers, issuers redeemed roughly $65 million of BTC on the last day. As expected, most of these outflows are from GBTC.

Bitcoin Price Analysis

The path of least resistance, as the [[BTC/USD]] chart shows, is southwards.

The Bitcoin daily chart shows a wall at $70,000 and, most importantly, $72,000.

Aggressive traders can look to align with the bear breakout of June 11 by shorting on highs and targeting $66,000.

Conservative traders, on the other hand, can wait for a clean break below $66,000 and May 20 lows.

In the event, Bitcoin will likely collapse faster, retesting $60,000 and even May 2024 lows of around $56,500.

Any surge above $72,000 will cancel this preview, allowing buyers to push the coin to fresh all-time highs.

Ethereum Slides as Bears Close the May 20 Gap: Back To $3,300?

Posted on June 12, 2024 by Dalmas Ngetich

Ethereum is shaky when writing and continues to free-fall, which is a concern. Even though some expect the coin to rally in the sessions ahead, the current state of affairs swings heavily in favor of bears. Notably, Ethereum is trading way below the $3,700 level, dropping below $3,500 yesterday. At this pace, the coin might even break below $3,300, confirming the presence of sellers and even canceling out buyers of May 20.

Ethereum is in red when writing, stable on the last day, and down 8% in the previous trading week. The probability of this trend continuing is elevated since the $3,700 support (now resistance) was aggressively broken. In the short term, sellers dominate, participation is expanding as they do, and the trend shifts. On the last day, the average trading volume shot to over $15 billion.

The following Ethereum news events are worth monitoring today:

When Ethereum slid below $3,700, a critical support, the Industrial & Commercial Bank of China (ICBC) wasn’t fazed. Instead, it described the platform as the new digital oil hosting digital innovation. As the network upgrades, it will power the digital future, the bank added.
The community is eagerly waiting for the eventual approval of spot Ethereum ETFs. Accelerating the green lighting of S-1 registration forms, the United States SEC listed ProShares’ Ethereum ETF Filing on its website. Even so, it is highly likely that the regulator will approve all S-1 forms from all applicants at once.

Ethereum Price Analysis

[[ETH/USD]] is on a bearish path.

Looking at the performance in the daily chart, ETH is down 12% from May highs.

Sellers are actively closing the May 20 bullish gap.

At this pace, and as sellers align with the June 11 bar, the next target would be $3,300—a key reaction point.

This preview will only change once Ethereum peels back all losses posted on June 11 and breach $3,700.

If not, once $3,300 is broken, the coin could retest $2,800, unwinding gains posted in May.

XRP Bears Relentless, Whales Buying But Ripple Preparing For $0.40?

Posted on June 12, 2024 by Dalmas Ngetich

XRP has not been spared in the current sell-off. As it is, sellers have the upper hand as the trend shifts, favoring aggressive bears. Unless there is a breakout above $0.52 and $0.55, sellers could continue pressing on lower, targeting $0.40 in the short term. Thus far, there are prints suggesting that the downward momentum is strong, looking at the reaction of the BB indicator.

At press time, XRP is in red, and the short-term bear trend could be in the early stages. To quantify, the coin is down 1% in the last day and 9% in the previous trading week. If the trend is to change and buyers take over, there must be a sharp uptick in trading volume above the current average of $1.2 billion printed on the last day.

The following XRP and Ripple news events might influence price action:

XRP whales, on-chain data shows, are actively accumulating. Specifically, addresses with at least 100 million coins have been buying more, taking advantage of the price contraction. Even so, the number of active addresses is down by approximately 40% in June.
Ripple launched the Asia Pacific Fund to spark on-chain development on the XRPL. The fund is part of the 1 Billion XRP initiative to encourage building on the blockchain.

XRP Price Analysis

[[XRP/USD]] is under immense selling pressure at press time.

Even though the June 11 bar had a long lower wick, suggesting buying pressure, the trend is southward.

Accordingly, aggressive traders can look to sell on every attempt higher within the June 11 bar, targeting June 6 lows.

This means the immediate target would be at least $0.46 but ideally $0.40.

Of note, this preview aligns with the established trend of April when prices plunged to register Q1 2024 lows.

Any upswing above $0.52, reversing all losses of June 11 and June 7, invalidates this bearish formation.

Forex Signals Brief June 12: Holding the Break Until the CPI and FOMC

Posted on June 12, 2024June 12, 2024 by Skerdian Meta

UK labor market data for April reflected challenges yesterday, including higher unemployment and a decline in employment. Persistent wage growth amid softening labor market conditions raises concerns about inflationary pressures. The April ILO unemployment rate came in higher than expected at 4.4%, compared to the consensus forecast of 4.3%.

Continue reading “Forex Signals Brief June 12: Holding the Break Until the CPI and FOMC” →

Ethereum finds support in $3,500 levels, ProShares filed an S-1 registration

Posted on June 12, 2024June 12, 2024 by Olumide Adesina

Ether has struggled to surpass the $3,900 resistance in the past few weeks; however, price recovery is set in motion. Bulls got some respite as ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, confirming and expanding on the roles of various fund participants.

Coinbase Credit is set to function as the trade credit lender for the company, permitting it to obtain cash and Ethereum (ETH) for certain transactions surpassing its trading balance. Bank of New York Mellon will handle purchase and redemption requests.

The paper also outlines positions that have already been made public, including those of Delaware Trust Company as trustee, ProShare Capital Management as sponsor, Coinbase Custody as Ethereum custodian, Coinbase Inc. as primary execution agency, and BNY Mellon as cash and administrator. Changes to each job are permitted in the file; for example, BNY Mellon’s administrator role has an initial two-year term with yearly renewals.

SEC has acknowledged the proposed rule amendment submitted by NYSE Arca on behalf of ProShares. If approved, the move will allow the exchange to list and trade fund shares.

The SEC has not yet approved the proposed regulatory modification relevant to ProShares’ fund. Based on market projections, the decision is expected to take a few weeks or months.

A closer examination of the daily chart reveals that Ethereum experienced strong selling activity that led to a big rejection following a brief period of consolidation near the critical $4K resistance. This highlights aggressive short positions close to the previous major swing high of $4K and suggests substantial selling interest around that level. A head and shoulders pattern has formed in the 4-hour chart due to recent congestion near the $4K mark, suggesting a lack of bullish momentum and an increase in supply. This well-known pattern points to a possible bearish short-term reversal. However, a bearish scenario is more likely now that the price has broken below the neckline of this structure.

Further highlighting selling domination is a negative divergence between the price and the RSI indicator, which raises doubts about Ethereum’s future course. Ether’s value hovers around $3.5K, a crucial support level. The most likely consequence is that the bearish trend will continue if sellers can cross this crucial level. The EMA50’s negative pressure supports the price actions that indicate a bearish trend for the upcoming period. It is observed that a close over $3641.82$ will put an end to the projected decline and take the price back on its main upward track.

Forex Signals Brief June 11: UK Employment Highlights the Day

Posted on June 11, 2024June 10, 2024 by Skerdian Meta

Yesterday it was Monday and the price action was slow. Following Friday’s NFP announcement, the EURUSD maintained its downward trend after gapping lower. Admittedly, it was held during the weekend EU elections. Buyers pushed the EURUSD back higher as the USD pulled back from Friday’s 1 cent rise after the NFP.

Continue reading “Forex Signals Brief June 11: UK Employment Highlights the Day” →

Bitcoin Crashing: Short Sellers Victorious As BTC Bears Target $66,000

Posted on June 11, 2024 by Dalmas Ngetich

Bitcoin is down when writing. As bears take over, it appears traders are rushing to the exit. Even so, the path of least resistance, at least from a top-down preview, is northwards. However, what’s needed is a total reversal of June 6 losses, which will see Bitcoin align with May 20 gains.

Bears are in control at spot rates, aligning the trend with June 6. The slip below local support earlier today means Bitcoin is in red. It dropped by 3% on the last day but is mostly stable in the past week. At the same time, there is an uptick in the average trading volume, now approaching the $30 billion level. Technically, as long as prices are above $66,000, there is hope for bulls, which is a net positive for sentiment.

Bitcoin daily chart for June 11

The following Bitcoin news events would likely shape price action in the coming sessions:

One analyst notes that roughly $12 billion worth of BTC shorts are stacked between $70,000 and all-time highs. If prices extend gains from around spot rates, the resulting short squeeze could easily boost BTC to over $80,000. For now, bears have the upper hand, and short sellers are in the money.
Arthur Hayes, the co-founder of BitMEX, is bullish on Bitcoin. Citing the shift in monetary policy among G7 banks, Hayes said BTC will likely benefit, rising even faster from current levels.

Bitcoin Price Analysis

[[BTC/USD]] is deep in red when writing following the breakout below local support.

Even so, eyes are on the $66,000 support level, marking the May 20 lows.

Since the top-down preview is bullish, buyers may take over only once there is a breakout above $72,000.

However, following the confirmation of the June 6 bar, every high should be an opportunity for aggressive traders to stack, targeting $66,000.

Further losses could see Bitcoin drop to as low as $60,000.

Bitcoin crashes bulls’ party, drops below $68K

Posted on June 11, 2024June 11, 2024 by Olumide Adesina

Bitcoin value dropped to a weekly low ahead of Tuesday’s Fed meeting and U.S. inflation statistics, and US spot Bitcoin exchange-traded funds (ETFs) saw their first net outflow in more than 19 trading days.

Bitcoin attempted to breach the coveted $70,000 mark, but it was forcefully rebuffed and fell back by more than 2K within an hour. The value of the entire cryptocurrency market dropped by almost $100 billion because of the altcoins’ reddening. Daily, the total value of liquidated positions has increased to over $170 million.

The weekend saw mild movements in the price of Bitcoin, but Monday started more positively. Bitcoin tried to push through the psychological barrier at $70K but the bears prevented a clear triumph by quickly stopping the move even though they momentarily crossed that line.

The most valuable cryptocurrency, bitcoin, dropped more than 2% to $67.7K, continuing its decline from recent highs of almost $72K. The second-largest coin, ether dipped below $3,550 at one point.

Price action highlighted Bitcoin’s Bollinger Bands are currently contracting, an indicator of a slowdown in the market. The ultimate volatility explosion increases with the length of the Bollinger band squeeze. Bollinger bands, or volatility bands positioned two standard deviations above and below the price’s 20-day moving average, are displayed together with Bitcoin’s price on the chart.

Farside Investors data showed losses came into play after a collective withdrawal of $64.9 million from the spot bitcoin exchange-traded funds (ETFs) listed in the United States. This was the first loss from the ETFs since at least May 23. The market speculates that the recent big inflows are not the result of outright optimistic wagers, but rather from institutions’ increased interest in the non-directional basis trade.

The dollar index, which measures the value of the US dollar relative to a basket of other fiat currencies, steadied its two-day advances as yields declined and prices of the presumed haven, US Treasuries, moved higher. As per TradingView, a charting site, the yield on the benchmark 10-year note decreased by three basis points, reaching 4.45%. With $39.5 million in net outflows, the Grayscale Bitcoin Trust (GBTC) took the lead, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million and the Fidelity Wise Origin Bitcoin Fund (FBTC) with a meager $3 million outflow.

This coincided with meek inflows from Bitwise’s and BlackRock’s ETFs of $7.6 million and $6.3 million, respectively.

According to Morningstar, analysts predict that inflation will increase by 0.1% following a 0.5% increase in April, bringing the annual rate to 3.4%. Core inflation is projected to rise by 0.3% in May, continuing the trend from April. The Federal Open Market Committee (FOMC) will convene on Wednesday to decide on the Fed’s monetary policy.

Ethereum Generated Over $1 Billion In Q1 2024: Will Bears Take ETH To $3,300?

Posted on June 11, 2024 by Dalmas Ngetich

Ethereum is moving horizontally, but there is a big change. After yesterday’s close, Ethereum prices fell below $3,700—a key support level. This development means there was confirmation of the June 6 bear bar, and the odds of ETH dropping are high. Still, bulls are confident since the uptrend remains, at least for now, looking at the formation in the daily chart. Any confirmation of yesterday’s bar will pour cold water on the gains of May 20, dragging bulls.

At press time, sellers are in control. As Ethereum is trading below $3,700, there could be more sell-offs. In the past day, the coin is down 3%, pushing weekly losses to over 6%. At the same time, the average trading volume is above $15 billion.

Ethereum daily chart for June 11

In the sessions ahead, traders should be closely monitoring the following Ethereum news events:

In Q1 2024, when ETH prices soared to as high as $4,100, the network generated more revenue than Robinhood and Reddit. At slightly over $1 billion, Ethereum trailed, among others, Lyft and Airbnb.
As the crypto world prepares for the first spot Ethereum ETF, one analyst thinks the product will likely capture up to 20% of the current inflows going into the Bitcoin product. Even so, much depends on the clarification surrounding ETH staking, a feature that the United States SEC doesn’t want spot ETF issuers to engage in.

Ethereum Price Analysis

[[ETH/USD]] is under pressure when writing.

Bears are in control, extending losses posted after the breakout below $3,700.

Since there is a clean break out from the weekend range, forcing prices below June 10 lows, the dump could accelerate, as evident earlier today.

Looking at price action, ETH bears should target $3,500 and $3,300.

This preview will only change once Ethereum prices (unlikely) explode above $3,900. This is the last barrier that must be broken for ETH to retest 2021 highs.