The cryptocurrency market took another sharp dive on June 10 with the total market capitalization going below the $300 billion mark. As of press time, total market capitalization is at $296 billion and Bitcoin price is hovering around the $6,700 level. It seems that this is an extension of the triple bottom formation that happened during the month of May. While the whole market is currently losing ground, here are the price actions for Bitcoin, Ethereum, and Tron.
BTC/USD
On the daily chart, Bitcoin closed below the major support trend line at the $7,000 mark, which coincides with the 0.786 Fibonacci level. This means that there was insufficient trade volume, which resulted to the sharp dive in Bitcoin price. The MACD crossed below the signal line again, which means that momentum is currently bearish. The RSI on the other hand is currently at the oversold territory, which means that a recovery pullback in price can be expected. This could mean that the 100% Fibonacci level is successfully holding support at the $6,500 mark. We might see further consolidation of price in the coming days before the start of an upward recovery.
ETH/BTC
Trading over Bitcoin, Ethereum has been resilient during this market correction. As of press time, Ethereum is trading at the 0.078 BTC level. Using the Fibonacci Retracement Tool, Ethereum price was able to bounce from the 0.5 Fibonacci level (0.075788 BTC) and continue recovery towards the 0.382 Fibonacci level (0.077032 BTC). The MACD indicates that momentum is currently undeterminable as the MACD is still on almost same level as the signal line. The RSI is currently on almost flat line, which shows same neutral indication. A break above the trend lines with resistance at the 0.236 Fibonacci level (0.078572 BTC) could tip the scales back to upward momentum.
TRX/BTC
After the much anticipated MainNet launch, Tron basically traded lower, and eventually plummeted during yesterday’s market slump. The price chart indicates that TRX price broke below the major support level at 754 Satoshis. As of press time Tron is trading at the 700 Satoshi level. The MACD indicates that momentum is currently in favor of the downward trend, and the RSI is just barely above the oversold regions. This means that we could still see further decline in prices until RSI makes a confirmed cross to the oversold region.
Overall, the cryptomarket seems to have reached a bounce level, which could mean that we have reached bottom. If the total market capitalization increases dramatically in the coming days, we may see a decent recovery from this recent slump.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)
