Bitcoin market update: BTC/USD second assault on $9,400 flops
BTC/USD is seen trading at 9,269 on Thursday as the bulls battle to hold onto the minor gains on Thursday. For most of the trading this week, BTC/USD has stayed above $9,000. However, its upside has been limited under the resistance at $9,400.
Looking at the hourly chart, the largest cryptocurrencies continues to respect the new June trendline. Following the crash from may highs marginally above $9,000, the bulls found solace at swing low ($7,451.39). This support gave Bitcoin the much-needed balance as bulls fought to bring the price above the 236% Fib retracement level taken from the last drop from $9,483.23 to a low around $7,451.39.
Ethereum (ETH) price analysis: ETH/USD breaks above $270, no follow through as of yet
Ethereum hit a high of $271.44 during early Asian hours and retreated to $270.30 by the time of writing. The second largest cryptocurrency with the current market capitalization of $28.5 billion is mostly unchanged both since the beginning of the day and from this time on Wednesday. An average daily trading volume for ETH is registered at $5.7 billion.
Looking technically, a sustainable move above $270.00 has improved the short-term technical picture; however, we will need to see a follow through to set the recovery back on track. The nearest resistance awaits ETH bulls at $274.00 (an upper line of 4-hour Bollinger Band). Once it is cleared, the upside is likely to gain traction with the next focus on $279.00 (June 17 high) and psychological $280.
Ripple price analysis: XRP/USD stuck in a tight range, $0.4400 is a hard nut to crack
Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4350, about 1% higher from this time on Wednesday. The coin hit $0.4627 on June 17, following the news about Ripple’s partnership with MoneyGram, but failed to keep the ground amid technical correction.
Ripple’s market value has settled at $18.4 billion, while the trading volumes settled at $1.1 billion.
XRP’s technical picture
The near-term trend remains bullish as long as the coin stays above $0.4270 (23.6% Fibonacci retracement for the upside from April 25 low). However, the recovery is capped by a psychological $0.44, followed by June 16 high of $0.4426. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.4500 and $0.4627, which is the highest level hit on June 3.
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