According to the price analysis, an upside trend has been adopted by the four major coins. In accordance with the latest news, Denmark just joined the EU Blockchain partnership, DHL was involved in a partnership with TradeIX Blockchain Platform in order to trade finance. Google searches for the word “Bitcoin” have dropped by around 75% this year which is according to the google trends research. Finally, Steve Woznick is supporting the Jack Dorsey idea of Bitcoin being just a web currency.
Bitcoin has been enjoying an upside trend in the previous week. This saw it surge above the $7,500 price level. On June 5 however, the cryptocurrency was subjected to a downside which saw it trade at the $7,397 levels. Currently, an upside has placed it at the $7,611 price level which is a substantive improvement.
Since the cryptocurrency seems to have gained momentum, a continuous upside trend might place Bitcoin at the $7,800 price level. On the other hand, dropping significantly below the $7,400 price level might attract more losses.
Support level: $7,400
Resistance level: $7,800
Ethereum has been experiencing an upside from the last downside which covered almost last month. The cryptocurrency was involved in an upside on June 3 which pushed it to trade at the $620 levels. On 5th June however, Ethereum dropped significantly to the $580 price level before gaining momentum. Currently, it has rallied to the $608 price level.
Since the upside has already manifested, we expect an upside to the $620 price level. On the other hand, a drop below the $580 price level might lead to more and more losses for the investors and also the exchange organizations.
Support level: $580
Resistance level: $620
Bitcoin Cash BCH
Bitcoin cash last week was involved in an upside which saw the cryptocurrency improve from the $960 price levels to the $1,203 levels in the entire week. However, a downside saw it trade lower on June 5 at the $1,068 levels. However, an upside has rallied Bitcoin cash back to the $1,140 price levels and more upside is expected.
Since the upside trend has already initiated, we expect Bitcoin cash to follow an upside trend and rally to the $1,180 levels. However, on the downside, dropping below the $1,050 level might attract losses.
Support level: $1,050
Resistance level: $1,180
Ripple has also attained an upside trend during the past week and to the start of this week when it attained the highest level. On June 4, Ripple was trading at the $0.70 levels from the $0.60 levels. On June 5, a downside was subjected to the cryptocurrency which saw it trade at the $0.64 but has since rallied again to the $0.679 levels.
A continuous upside trend might push the prices of Ripple to the $0.69 levels. On the other hand, dropping below the $0.65 level might attract losses.
Support level: $0.65
Resistance level: $0.69
According to the price analysis, all the major coins have been subjected to an upside trend. Although yesterday was a rough day for the cryptocurrencies as depicted in the price analysis, all the digital coins gained momentum and are now experiencing an upside.