Market Review For June 6th 2018

 In Market News, Technical View
Market Review For June 6th 2018

Market Review For June 6th 2018

During the first few days of 2018, most cryptocurrency analysts held wildly bullish views about Bitcoin; projecting target prices for 2018 that have not come into fruition. It is only after the huge drop in market capitalization and prices across the board that some of these price predictions have been readjusted.

Now were are in the second quarter of the year and many are concerned about the slow pace of upward retracement. This has even concluded with certain analysts revising their previous targets with bearish predictions.

It seemed in January that across the board of cryptocurrency experts, sentiments and forecasts even pointed to a $35,000 Bitcoin. At this point, these predictions are closer to 50% less than the former target.  

 

At this point in time, it’s a good idea to maintain a most fundamental approach when it comes down to buying cryptocurrency. Prices across the board of top market cap cryptos are cheap and the way to make a good investment is to participate in this next round of accumulation period.

The entrance of smart money and institutional investors will inevitably make a great impact and when this happens, we will see that same kind of bullish price action that we got so used to last year. So find those dips and buy them!

BTC/USD:

Bitcoin is still range bound trading between $6,000-$12,000. On the upside a breakout above $8,000 is a good place to initiate a buy position while on the downside, anywhere below $6,500.

ETH/USD:

Ethereum will show signs of strength once it closes above $635. Currently the trading pair is not doing the best of jobs and is finding support along the descending channel. Any break along this support channel can see ETH falling below $550.

XRP/USD:

Ripple has been trading in a very tight and close range for the past several days now. This helps us gain confidence that the pair will consolidate in the near term.

The most agreed upon tight range is likely between $0.634-$0.745; If 63 cents can’t hold then we might see the trading pair fall to $0.55.

LTC/USD

Litecoin-dollar trading pair is currently trading within a range of 107 dollars to 127 where it is finding tough resistance. The closest level of support right now is $115. Above $127, we’ll see LTC/USD move up to $140 while below $107, Litecoin can drop all the way to $85.

Market Review For June 6th 2018
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