Bitcoin and Ether Market Update June 18, 2020
Total crypto market cap added $13.7 billion to its value since Monday morning and now stands at $267.8 billion. Top ten coins are mostly flat for the last 24 hours with Cardano (ADA) adding 4.6 percent to its value. At the time of writing Bitcoin (BTC) is trading at $9,441 on the Bitstamp daily chart, while Ether (ETH) is hovering around $233 and Ripple’s XRP fell to $0.191.
Bitcoin moved down to $9,323 on Sunday, June 14 and closed the week with a 4.4 percent loss. The coin fell below both the horizontal support area around $9,500 and the mid-term uptrend line. It managed, however, to keep the price above both the 50 and the 100-day EMAs.
On Monday, the BTC/USD pair formed a green candle to $9,442 and avoided further decrease. The session was marked by extreme volatility and we saw the leading cryptocurrency falling as low as $8,912 in the early hours of trading and peaking at $9,500 later in the evening.
Buyers successfully pushed BTC up to $9,532 on Tuesday, June 16 and surpassed the lower end of the S/R zone, also regaining positions above the diagonal line.
The mid-week session on Wednesday, however, was not that good for bitcoin bulls.
They were struggling to consolidate in the mentioned zone and were forced to retreat back to $9,462. The extremely saturated indicator-wise zone and the decreasing volumes were also not in their favor.
The 24-hour volumes climbed up to $29 billion on Monday and Tuesday but went back down to $23 billion on Wednesday and Thursday morning.
What we are seeing in the early hours of June 18, is the BTC/USD pair trading even lower, at $9,433 in a rising wedge continuation formation.
The Ethereum Project token ETH stopped at $231 on Sunday, June 14 right after hitting the $230 support line. The coin was 5.3 percent down on a weekly basis, still not being able to recover from the June 11 drop.
The new trading period on Monday started with a slight decrease down to $230. It is worth noting that the ETH/USD pair hit $217 during intraday in what looked like a flash crash on the Bistamp exchange.
On Tuesday, June 16, the ether rebounded from the mentioned support zone and formed a solid green candle to $235. We have marked this zone as our next point of interest up on the way to $240 and $250.
The third session of the week came with a short pullback as bears managed to take advantage of the high volatility. The Ethereum token was moving in the $237 – $227 range before closing with a small loss to $233.
The coin remains flat on Thursday morning, but there is a bear pennant formation on the daily chart that might result in further correction if confirmed.