Bitcoin’s (BTC) needs a stronger bullish momentum to inspire any further uptrend. At the moment, it appears set for a downward trend.
It is finding it difficult to hold above $6,700 over the last several hours.
BTC/USD rose to a high of $6,729 in early hours of the Asian trading hours, though it also touched on lows of $6,615.
The top coin has consecutively pushed towards the intraday high levels above Tuesday’s prices.
Despite crossing that level in the last 24 hours, it has failed to marshal sustained support. This has seen it close below $6,800 on each occasion.
Bitcoin currently trades at $6,361 and could yet drop to the important price level at $6,000.
Any upward attempts have key resistance at $6,776, $6,835, and $6,883. The immediate key support is at $6,370, $6,222, and further below there’s $6,063.
The coin’s 100SMA cuts below the 200 SMA, which suggests that BTC is likely to find the least resistance on a downtrend.
What this means is that we are likely to see a sell-off resume as opposed to having a reverse.
The RSI is trending south and that has put sellers in charge.
If the downtrend continues, the coin would face stronger selling pressure and move towards the 38.2% break at $6,300.
Market sentiment is swaying towards the south and though it has bottomed out, further drops to $5000 are possible.
ETH prices failed to break above the $545 barrier on June 21, 2018, and dropped to hit a low of $516 against the US dollar. Currently, the ETH/USD pair trade just above $516 and is likely to decline even further.
The week began with a bullish outlook, but that has since been erased as the market faces a test against a bearish trend.
Ethereum is trading under selling pressure and will remain in bearish conditions as it trends below the 100 SMA and bears take charge.
After failing to break above the $545 resistance level, ETH/USD has declined past its support zones at $540 and $530.
A sharp decline has seen it break the 50% Fib retracement range of the last wave at $489 to $548.
The bulls must find support above the immediate support level at $518. Any correction below will open declines towards $500.
If it doesn’t consolidate above this level, we could see it crash below the 61.8% Fib retracement level from the last wave.
Ripple is trading at $0.52 against USD, about 3 percent lower on its value over the last 24 hours.
There’s a bearish momentum building for XRP as it failed to reach $0.55 during Wednesday’s break for most cryptocurrencies.
It also failed to rally above the 61.8% Fib retracement level of the last decline from the $0.6026 high to $0.5037 low.
The coin continues to bog down by fears of regulatory crackdowns concerning whether it’s a security or not.
If XRP bulls find support above $0.536, the coin would be able to experience an upside and make for the key resistance area at $0.54 and $0.56.
If it clears the former, then it would break above the 76.4% Fib retracement level of the last wave at $0.58.
However, with sentiment heading south and uncertainty still shrouding the market, it’s difficult to see where that support will come from. If the bears take charge, XRP could see its price decline to values below $0.50.
Litecoin currently trades just above $94.00, prices declining by about 4 percent in the last 24 hours.
Even though LTC/USD has depreciated over the last few hours, it’s still trending within the short-term bullish range.
It has a key support area at $93. If the prices recover and correct upwards, we could see it reach yesterday’s highs of $98.
Further upsides can open chances for bulls to retest the $100 price level. This will happen if bulls come in and marshal support to prevent any further downward trend.
To gain upwards, LTC must break above its key resistance price levels at $97, $100, and $102.
The bulls might be able to rally if they break above the $100 point, opening up further ground for a retest of its $107 value.
On the flipside, if sell-off pressure mounts, we could yet see the coin’s value plummet to the June 13 price range.
The bears may be about to re-enter the market and prices could yet drop further, with $90 providing an area of a psychological boost.