The S&P 500 fell 5.89% on June 11, its fourth worst fall this year. This brought back memories of the massive intense selling in March when investors dropped most asset classes in relation to the coronavirus epidemic.

Although gold closed in the green on June 11, the bitcoin (BTC) price fell 6.16%. This indicates that investors were looking for gold safety via BTC, the most popular cryptocurrency on CoinMarketCap.

In its report, the Organization for Economic Co-operation and Development said that governments should prepare for a possible second wave of coronavirus cases. The Organization for Economic Cooperation and Development emphasizes the continuation of the highly modified monetary policy and the increase in public debt until inflation and economic activity begin to rise and unemployment decreases.

During the current crisis, American debt exceeded $ 26 trillion. As the central bank balance continues to grow, some institutional investors may consider investing in high-risk assets, such as Bitcoin, to secure the portfolio against future currency crises.

If the second wave of coronavirus is as bad as medical experts expect, short-term cryptocurrency sales cannot be excluded, but lower levels are likely to see strong purchases from investors in the long run.

BTC / USD
Bitcoin (BTC) broke through the resistance line in the symmetrical triangle, and reached a five-digit mark on June 10. However, $ 10,000 once again proved a difficult obstacle to cross with the June 11 price drop.

This indicates that the bears strongly protect the resistance zone on their heads from $ 10,000 to $ 10,500.

Bulls had a simple 50-day moving average ($ 9177) on June 11 and managed to keep the BTC / USD pair inside the triangle. However, buyers are trying to push the price above the 20-day exponential moving average ($ 9,529).

If the pair stabilizes from the EMA for 20 days and breaks below $ 9078.96, a reduction can be made to $ 8,130.58. If this level is breached, the pair may start a new downtrend.

On the other hand, if bulls are able to scale the price during the EMA for 20 days, another attempt in the region will increase from $ 10,000 to $ 10,500. If successful, the pair is likely to gain momentum and start the next part of a steady uptrend.

ETH / USD
Air (ETH) June 10 and 11 overcame the resistance level at $ 247,827 but they could not sustain it. This attracted a redundant reservation, which on June 11 pulled the price below the bullish channel guide.

Bulls once again fell on the uptrend line, making this important support for careful observation.

Currently, bulls are trying to push the secondary cryptocurrency on CoinMarketCap into the upstream channel. If successful, it is possible to collect up to $ 253,556.

On the contrary, if the ETH / USD pair falls below the trend line, this will indicate a possible change in trend.

XRP / USD
A sharp drop in XRP on Symmetric Triangle Guide was halted on June 10. This is a positive sign because it shows that bulls are vigorously defending this support. Now they will try to push the price to the triangle trend line.

A downward breach will be a positive signal and might provide for traders a buying opportunity.

Above the triangle, the cryptocurrency, which ranks third in CoinMarketCap, can grow to $ 0.235688, then to the target level of $ 0.2707.

If the XRP / USD fails to sustain the bounce, the bears will try to lower the price below the triangle. If successful, it will likely drop to $ 0.16 and then to $ 0.14.

BCH / USD
Bitcoin (BCH) coin on June 10 surpassed $ 255.46, but failed to rise above $ 260. This resulted in short term traders achieving profits and the price fell below the moving averages.

The bulls are trying to push the fifth cryptocurrency on CoinMarketCap above the moving averages. If successful, it is possible to collect up to $ 255.46. The BCH / USD pair is likely to show strength above $ 260 and gain momentum above $ 280.47.

On the other hand, if the pair stabilizes from the moving averages, the bears will try to lower itself to the next support level at $ 217.55. If this support continues, the couple may stay between $ 217.55- $ 255.46. If the $ 217.55 level is broken, the pair might drop to $ 200.

Source: CoinTelegraph

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