Crypto Analysis

Week 24 2021

June 12, 2021
Covered Instruments:
Bitcoin cryptocurrency
Ethereum Cryptocurrency
XRP Cryptocurrency
Litecoin Cryptocurrency
Question Mark Symbol Coin of the week
Coin of the week
Bitcoin cryptocurrency

Technically, the past week’s price action structure didn’t show us a reversal of the downtrend. We are still trading in the range created by the resistance and support areas marked on the chart while at the same time making lower highs. The higher probability move in our opinion is a continuation to the downside even if it can spike up to retest the resistance. For a reversal we have to break the resistance and see signs of continuation.

Ethereum cryptocurrency
ETHUSD (Ethereum) – Week 24

From a technical perspective, Ethereum, at least until now, follows the price action structure of Bitcoin. It trades in a range between the resistance and support area marked on the chart. As we study the market structure for this pair, we think that it has a higher probability of making a move to the upside and reach the resistance area. Keep in mind that the downtrend is not yet finished so a continuation from here to the downside or a reversal from the resistance (if it reaches that area) are good probability bets.

XRP cryptocurrency
XRPUSD (Ripple) – Week 24

Technically, XRP finds itself in a low volatility trading range between $1,10 and $0,64. As you can see from the chart, next week, we can have an up move that will reach the small resistance area marked on the chart or a low vol consolidation in this area followed by a continuation to the downside.

Litecoin cryptocurrency
LTCUSD (Litecoin) – Week 24

Technically, this week we can see a move to reach the resistance area of $220 per LTC. If it reaches that area, we must carefully study the price action and decide if it will reverse and continue the downtrend or consolidate and go up. Keep in mind that the downtrend on the big timeframe is not over and a spike to the resistance area has a high probability of being a corrective one followed by a reversal. We advise caution.

Question Mark Symbol Coin of the week
VeChain (VETUSDT) - Coin of the Week

Technically, this pair follows the price structure of the big market cap cryptocurrencies. We had an uptrend that reached a price at the top of 0,28 USDT followed by a brutal market correction. If we go to the 4h timeframe we can see the price trading between the resistance and support area. Even if the price goes to the upside and reaches the resistance area once again if we don’t have a true breakout of the blue trendline marked on the chart, the high probability move is a reversal and continuation to the downside.