Market Weekly Outlook of Major CryptocurrenciesJune 6, 2018
The cryptocurrency market remained under selling demands during the past couple of days, leading to downsides in ethereum, ripple, bitcoin cash, bitcoin and other leading cyber currencies. The price of bitcoin settled below the $7,600 and $7,500 support levels, opening possibilities for further losses. When you look at the present market sentiment, there are lots of bearish indications that can lead to decline in the price this week.
At present the price of bitcoin is down by 1 percent to $7, 220, with an instant support at $7, 150. A break under the stated $7, 150 supports will push the value further lower toward the all important $7, 000 level.
When USD/BTC sellers stay in control during the subsequent sessions, there’s a threat of a shortcoming break below $7,000. On the other hand, weekly resistance is at $7,500 and $7,600. The significant jump is over $8,000.
Ethereum dropped by over 8 percent and tumbled below the last low closer to $550. ETH and USD is at present under heavy selling demands and it can even test the $500 support. Under $500, there’s an open space up to $440. In contrast, if the value corrects higher, the past supports at $580 and $600 tend to serve as resistance. An everyday close above $600 is necessity for a considerable return in ethereum price in the near future.
BTC and XRP
The price of BTC or Bitcoin Cash was settled under a significant support at $1,000, clearing the way for further drops. At this point in time, the Bitcoin Cash and USD is down 6.5 percent to $925, with an instant support at $900. There is a weekly resistance of $980 and $1,000.
On the other hand, ripple close below $0.60 that is a good and firm bearish indication. Ripple and USD might now drop further and it can try the next weekly support at $0.55 that is a very significant level.
Other Altcoins Market in the present day
Virtually all low cap altcoind dropped at the moment which takes account of Nano, WAN, Kin, Tron, ICON, Zcash, KNC, Steem and many others. Thetwo altcoins, All Sports and Civic performed very well and they were traded higher by over twenty percent.
In general, the existing price action as well as technical structure is indicating a bearish partiality. To start a decent and respectable recovery, bitcoin should break the $7,600 resistance and should close above $8,000.