Bitcoin, Ethereum, Bitcoin Cash, Ripple: Daily Price Analysis And Prediction, June 1

Bitcoin is Eyeing $7,600

0 1,330

An upside trend has been adopted by the major coins as depicted in the price analysis. According to the recent news, Swiss port was involved in the adoption of the blockchain technology for the ground service systems. Additionally, the president of China thinks that Blockchain might help greatly in helping China to thrive and improve the global economy. The South Korean customs will also be involved in the development of a blockchain platform. Finally, Robert Shiller thinks that Bitcoin might be extinct by 2118.

Let’s find out the current cryptocurrency prices from the price analysis.

Bitcoin BTC

Bitcoin was in the past experiencing a downside. However, from 29 may, things took a different turn when an upside initiated. Currently, bitcoin has attained the $7,500 and the $7,600 price levels. However, it is just trading above the $7,500 price level which is a good sign. We expect this trend to continue.

According to the gradual upside in the last two days, we expect Bitcoin to continue with the bullish trend and surpass the $7,700 price level soon. However, on the other hand, dropping significantly below the $7,400 price level might subject the cryptocurrency to the $7,200 levels.

Support level: $7,400

Resistance level: $7,700

Ethereum ETH

Ethereum was also facing a downside for a long time. From 29 may, an upside initiated which has been made the cryptocurrency significantly improve. After attaining the $515 low, Ethereum has crossed the $550 price level and currently trades at the $580 price level. This trend should continue for some time.

According to the current bullish trend, we expect Ethereum to continue to the $600 price levels soon. Upon reaching this level, the $620 price level is possible. On the downside, dropping significantly below the $560 price level might attract losses.

Support level: $560

Resistance level: $600

Bitcoin Cash BCH

Bitcoin cash was experiencing the bearish trend just like the other cryptocurrencies. However, on May 29, things took a turn and the cryptocurrency started an upside. From the $885 price level, Bitcoin cash has rallied significantly to the $1,025 high and is currently trading slightly above the $1,000 price level.

Since an upside has already been initiated, improving significantly above the $1,025 price level might subject Bitcoin cash to the $1,050 levels. On the downside, dropping below the $975 price level might attract losses.

Support level: $975

Resistance level: $1,025

Ripple XRP

Ripple has just imitated an upside after being subjected to a downside for quite some time. After facing a $0.55 low, the cryptocurrency has been involved in an upside above the $0.60 price level and attained the highest level of $0.616. This is a substantive rally and we expect this trend to continue over time.

In the case that the bullish trend continues, we expect Ripple to rally significantly to the $0.63 price level and higher. On the downside, dropping below the $0.59 level might attract losses for the investors. Therefore, we should expect some purchasing currently.

Support level: $0.59

Resistance level: $0.63

Baseline

The price analysis shows that the major coins are still expecting an upside trend from May 29. This is a good trend as they are trying to recover from the last week’s lows and downside trend which was experienced in the last few days. Therefore, expect a continuous upside as suggested in the price analysis.

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