Bitcoin (BTC) price has risen to $39,000 high after buyers successfully breach the $37,000 resistance. In the first uptrend since May 31, buyers could not sustain the bullish momentum above the $37,000 high.
Bitcoin (BTC) Price Long-Term Prediction: Bearish
On June 3, the resistance was breached after three days of a downward correction. Bitcoin fell to the low above $36,000 and rebounded. On June 2, the resistance was breached as Bitcoin continued its upward move.
BTC price also corrected for two days before overcoming the resistance at $38,000. On the upside, BTC’s price is expected to rally above $40,000 resistance, if the current bullish momentum is sustained. Further upside is likely to $46,000 high. Conversely, if buyers fail to push above the $40,000 resistance, BTC price will be range-bound between $35,000 and $40,000. Bitcoin will continue with the downward correction.
Bitcoin (BTC) Indicator Reading
BTC price is rising and approaching the support line of the descending channel. If the price breaks and closes above the support line, the uptrend is likely to continue on the upside. The crypto is at level 44 of the Relative Strength Index period 14. It indicates that the crypto is in the bearish zone. The market is also above the 80% range of the daily stochastic. It indicates that the crypto’s price is trading in the overbought region.
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $50,000 and $48,000
What Is the Next Direction for BTC/USD?
BTC/USD is in an uptrend. The crypto is approaching the $40,000 price level. Meanwhile, on June 1 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extensions or level $41,430.40.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out
After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.
Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.
On paper, this made Williamson the richest man in the world.
‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.
I look at it again and I’m like… at that point I fall out of my bed, literally.”
Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.
Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected.
This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents.
Williamson is keeping a positive attitude on the situation.
“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.
‘So, you know, let me know.’”
BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
Binance Coin’s recovery hinged on this
Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.
Binance Coin 4-hour chart
Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.
Visible Range’s point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.
However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236
Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.
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Ethereum, MATIC, Solana Price Analysis: 22 June
With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support.
Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week.
ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility.
The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows.
MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06.
A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.
Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between.
SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after.
The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone.
The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility.
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