Market review, June 4, 2019

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2019-06-04 12:00:37

Over the past day, the price of the first cryptocurrency fell by more than 10% for the first time in the last week, dropping below $8,000.

The overall negative trend, which could be observed throughout Monday, continued on Tuesday night, when the price of Bitcoin for several hours fell from $8,500 to $7,750.

Earlier in the afternoon, the cryptocurrency was traded at around $8,700.

Subsequently, Bitcoin rose close to $8,000, where it is being traded at the time of publication on Tuesday morning ($7,980).

Together with Bitcoin, the rest of the cryptocurrency market entered the deep red zone, while among the leading altcoins, EOS suffered the greatest losses in the last 24 hours, the price of which fell by 12% to $6.70.

Let us recall that last week Bitcoin tested the mark of $9,000, but failed to fix there.

Nevertheless, many experts believe that the so-called “crypto winter” is in the past and Bitcoin will continue to conquer new heights.

Now, let's move to the technical analysis of Bitcoin (BTC):

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Over the past day, bitcoin fell in price from $8,500 to $7,800, and fixed above the levels of $7,850 - $7,900. We expect the resumption of purchases and the growth of the price of bitcoin to $8,300-$8,450. The support levels are $7,790, $7,840. The resistance levels are $8,000, $8,140, $8,200, $8,440, $8,600.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum bounced from the resistance level of $265 and reached the mark of $240. Considering the strength of the support level of $245, as well as an obvious increase in the price of bitcoin, we expect the growth of ethereum to the mark of $260. The support levels are $240, $244. The resistance levels are $250, $255 , $260, $266, $274.

Technical analysis of Ripple (XRP):

Ripple, in comparison with bitcoin and ethereum, looks stronger, holding the mark of $0.405. As part of trading with ripple, we consider long positions if the price fixes above $0.409, and short positions if it fixes below $0.407. The support levels are $0.405, $0.397, $0.385. The resistance levels are $0.4168, $0.4326, $0.4562, $0.4677.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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