Prices have continued to trade in a downtrend as the market fails to build on last Sunday’s positives. All the cryptocurrencies have been trading in the red.
Even though there’s a flicker of hope for the bulls, the support remains too weak. Here are the latest price indicators for Bitcoin, Ethereum, EOS, and Litecoin.
Bitcoin (BTC)
Bitcoin made a slight retrace to break above $6k on Monday. That psychological move has seen it consolidate above it, though support is weak.
BTC/USD is changing hands at $6087 and could still retest momentum above $6,200. A quick move by the buyers saw its price rise to hit above $6,131.
However, that was only fleetingly as it retraced to a low of $6,026 (data from Coinbase).
Despite the negative sentiment, BTC bulls are fighting to avoid a break below the current low.
The major support at the latest stop means that we will see prices hit a higher low.
If the selling pressure tells, then prices can retest the $5,669 reversal zone.
That, however, looks unlikely. We expect that Bitcoin will hold above the $6k price level. If it breaks below, it will find massive support at $5,867.
Ethereum (ETH)
Ethereum is struggling to build momentum that would take its price above $450, the last prices it comfortably reached with a bullish burst on Monday.
For the better part of today, ETH/USD has traded in a bearish zone as bulls offer weak support and fail to consolidate moves above $440.
It has failed to break above $445, briefly touching that level before retracing to a low of $426.
There may be further movement below current support zones, though it will likely hold above its immediate buying zone.
Buyers re-entered the market at prices just above $420 to stop any break below this psychological point. The battle has meant prices are likely to hit a higher low or decline and trade in a tight range between $421 and $430.
Medium-term, ETH will remain bearish. It will continue to face selling pressure even bulls wait for an appropriate entry point.
Ethereum’s trading volume has dropped sharply from $4 billion on June 25, 2018, to just above $1.3 billion over the last 24 hours.
ETH/USD is trading in the red by 3 percent in the daily charts and by 18 percent in the weekly charts.
EOS (EOS)
EOS is trading at about $7.66 against the US dollar and is -3.60 percent lower on its value 24 hours ago.
EOS consolidated above its trendline though it has failed to reach new highs. It did, however; hit a new low, reaching $7.43.
It suggests that the retracement is coming to an end and we could see a pullback within the next few hours.
As the market awaits the much-anticipated infusion of institutional money, coins like EOS will continue to teeter.
EOS may well end up breaking above $8.00 and reach a key resistance level at $9.00. There may be some good for EOS bulls.
Technical indicators show that we are in oversold conditions. The bears may be receding, which is a signal for the bulls to take initiative.
If the buyers push it above $9.00, the momentum may see it retest $10. However, the 100 SMA has crossed below the 200 SMA. This means the coin has a higher chance of breaking lower than above.
Litecoin (LTC)
Litecoin (LTC) has had a fairly quiet day in the market, even as its prices continued to face resistance. Once again, it has failed to break above $80.
The coin has weak support at $76.55 and could decline to a low of $73.50 should selling pressure tell.
Litecoin resumed its downward wave once it failed to consolidate above $84 on Tuesday, June 26. The bearish trendline remains and might find it hard to break the $79.50 resistance.
Today sees its trade in a series of low highs that saw buyers push sellers before running out of support just under the $81.50 resistance level.
If the bears have their way and prices break below, the next stop would be the last lows at $73. On the upside, it could test momentum above the last wave high of $84.
Therefore, it is paramount to watch the movement of the 50 SMA and the 100 SMA. The gap is widening and means an extended bearish outlook persists.