Bitcoin, Ethereum, Ripple, Dash: Market Update - June 7
|Bitcoin price analysis: BTC/USD holding onto minor intraday gains; price is range-bound
Although Bitcoin’s price broke above the descending trendline resistance, it was not able to hold onto the briefly claimed $8,000 support. The correction on Friday had Bitcoin touch a high of $8,039.19. Stalling momentum and buyers’ exhaustion resulted in a shallow reversal under $8,000.
The Bulls return – Bitcoin and Ethereum price anxiously wait for a catalyst
Ethereum, on one hand, managed to stay above key support at $240 amid the bearish trend on the market. On the other hand, its recovery has been limited under $260. From today’s low at $244.79, Ethereum has changed hands at highs around $251.71. However, due to the sellers’ influence, ETH/USD has corrected to the current value at $249. A correction above $250 is needed in order for the bulls to focus on levels towards $260 and $270 for the coming weekend sessions.
Ripple rumored to have acquired MoneyGram
Ripple has been in the headlines over the past few days mostly the good. The blockchain startup focused on developing financial solutions is aiming at becoming a global sensation in terms of international money remittance.
Dash (DASH) leads market recovery: This reversal has legs
Dash is the biggest single-digit gainer among the top twenty cryptocurrencies. With intraday gains in the excess of 3%, correction above $150 hurdle is an absolute possibility. The entire market is in the green with most cryptos showing gains between 0.1% and 3%.
CycleTrading: Potential Bitcoin Buy Signal
Prior to February, Bitcoin had been in a daily downtrend that was characterized by highs forming below the upper daily cycle band and lows forming below the lower daily cycle band. That changed in February.
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