Bitcoin (BTC), Ethereum (ETH), XRP Price Analysis and Forecast – June 20

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Bitcoin (BTC-USD)

Bitcoin

BTC has exhibited a bullish outlook in the last 24hrs; BTC/USD pair began the day trading at $9142.57 and is currently trading at $9240.16.

This was followed by a short-term period of consolidation, which consolidated around $9150.54 and $9051.48. Even though the market began with lack of market momentum, the bulls still managed to up their move and take control of the market.

A massive bullish momentum is later seen that push the price performance up to close to a high of $9362.00. This was signaled by the moving averages whereby the 7-day MA crossed over the 21-day MA at around 20:00.

The RSI is seen almost crossing level 70, thus indicating overbought market.  The price momentum, later on, dipped due to lack of confidence from investors thus placed BTC at $9240.16.

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FORECAST

At the moment the RSI is seen trading flat this shows lack of dominance from either buyers or sellers. High chances of a sideways momentum are likely to be encountered in the next few hours between $9380 and $9500.

Ethereum (ETH-USD)

ETH

Unlike BTC, ETH has experienced a bullish outlook in the last 24hrs. On an hourly chart, ETH started trading at $266.720 (A). The price, later on, rallied up to close at $271.526. The RSI X is seen almost above level 70 indicating an overbought market.

At around 20 June as at 03:00, a bearish engulfing pattern emerged that reverse the trend to a downtrend. This, therefore, dipped the price whereby it rallied to close at $270.048.

ETH later on consolidated around $268.421 and $ 267.148 levels before it rose up to the current price of $268.900.

FORECAST

The coin is likely to continue a bearish trend; this is because the 21 day MA is above the 7-day MA that indicates a bearish signal. New target should be set at 265.45.

XRP-USD

XRP

XRP/USD pair has also experienced a bearish outlook in the last 24hrs. XRP started trading at $0.4315 (A) and is currently trading at $0.42515; XRP has, hence, dipped by 1.5%. This shows that sellers dominate the market momentum.

It began the day trading with a bullish outlook whereby the price momentum rose up to a high of $0.43983 before embarking on a steady flow at $0.43983 level (S).

At around 20 June 10:00 selling pressure is encountered whereby sellers took control of the market momentum and dipped the price to a low of $0.42268.

FORECAST

New target should be set at $0.42528; a bearish momentum is most likely to be seen since the 21 day MA is still above the 7-day MA thus indicating a bearish signal.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.