Bitcoin continues its sell-off, with bears taking advantage of a meaningful support at $6,339
Despite the general falls across the Crypto board, the short-term outlook is quite different for each analyzed asset
A clear selling opportunity has opened up during the European morning, with key technical supports being broken across the main Crypto assets. The bearish trend has accelerated during an absence of news concerning new regulation or more exchange hacks. No news, good news for the bears. We are zooming in our analysis today, looking at the 1-hour charts. We are looking for potential intraday trades.
BTC/USD 60 Min
he bearish trend continues in Bitcoin, with the break of the support at $6.333, which has dragged BTC/USD straight to the next support level, at $6.195. After two days trading inside a narrow lateral range, there is a start of a new chapter in the long series of dips that have dragged the crypto assets since last February.
Looking at the chart we can see that Bitcoin is moving within a narrow bearish channel that could be very useful today to follow the price action. First target is at the $6,000 level, with a possible extension to $5,800.
Moving averages are now heading south, so we can expect multiple time periods of bearish continuation before a bullish reaction comes in.
Selling opportunity at $6,277, with Stop at $6,335.
The MACD at the 1-hour chart has reached the 0 level of the indicator and it has been rejected hard. If we look at its angle and slope, it has room for continuation with an increase in the hourly ranges.
Directional Movement Index shows us sellers in control, as buyers vanish, possibly surprised by a fall that complicates a lot the bullish development in the medium term.
ETH/USD 60 min
Ethereum is also dropping in the European morning, although it is doing so with less strength than Bitcoin. It's still in the current technical frame, from where it only came out to test the $425 level, but got rejected and then went back in. The floor of this scenario is at $428, and a break of this level would give a selling signal. The target is $417, a support for price congestion.
The moving averages have moved along the price and are indicating that the movement has potential for bearish continuation.
Sell opportunity with close below $427, with Stop above the previous sail's maximum. Primary target at $417.
The MACD at the 1-hour chart also crosses downwards and it has reached the 0 line of the indicator. It doesn't show as much inclination or opening as the Bitcoin. We will need to follow this indicator carefully.
The Directional Movement Index at the same timeframe shows sellers in control, but buyers are not withdrawing, and have even increased after the drop.
XRP/USD 60 Min
Ripple follows the bearish tone and has dropped to $0.43, slightly above its natural target of $0.428 and a secondary target of $0.40. Possible selling opportunity if there is a pullback movement to the EMA50, needing a close below the exponential average. The stop should be one point above the high of the closing candlestick or from the previous one.
Moving averages have not reacted as quickly as the other Cryptos analyzed. Possible downward lateral movement.
In the case of the Ripple, the 60-minute MACD does not come from the downside but from the positive side of the indicator. This structure is less bearish than in the two Cryptos priorly analyzed.
The Directional Movement Index does show sellers at mid-June levels as buyers are backing down and have reached monthly lows.
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.