According to the daily chart, BTC is trading on a sideways trade this clearly indicates a lack of momentum in the market and intensive weakness.
BTC/USD pair started selling of at A where traders seemed to be rejecting the lower price thus closing the price near high of $9143.55 according to Bitstamp. This was followed by a bullish accumulation pattern that pushed the price up to a high of $9143.55 at B.
The leading coin seems to be going through strong selling pressure at around 16 June 15:00, showing that sellers had the upper hand, the price rally was forced down to a low of $8821.00 at C.
Later on, a bullish signal is seen as the buyers took control and reject the lower price. With assistance from a bullish marubozu pattern, the price is further pushed up to close at $9191.13, at around 17 June 0000h.
BTC later consolidated at around $9152.00 and is currently trading at $9284.21. The RSI indicator is trading flat thus indicating luck of dominance from either buyers or sellers.
A bullish market rally is likely to continue since the 7 day MA is above the 21-day MA during the last few hours. New support level should be set at around $9,238.
In the last 24hrs, XLM is exhibiting a sideways trend just like BTC. XLM, therefore, began the day trading at $0.12824 (A). Whereby, investor’s sentiments rose slightly before embarking on a steady flow.
A bullish rally is encountered as the bulls push the price rally further up to a high of $0.13481. This was signaled by the RSI X that almost crossed level 70 indicating a strong buying pressure.
The bears, later on, pulled the price down to a low of $0.12851 that resulted to support level (S) $0.12844 being tested. Price consolidation is later seen placing resistance level (R) $0.13039. XLM is trading at $0.130 at press time.
Bearish market momentum is likely to be seen. This is confirmed by the 21-day MA that has crossed over the 7-day MA in the last few hours thus indicating a bearish signal. A break down is likely to be seen in the near future.
Unlike Stellar, XRP is undergoing an upward trend. The bulls are currently having the upper hand. XRP started to sell off at $0.41939 (A) against the current value of $0.45192.
It had breached the support level $0.41938 and shifted up to a high of $0.44200 as indicated by the RSI X that is seen above level 70 reflecting the overbought market.
This was later followed by a meager selling pressure that dipped the price to a low of $0.4171 at around 16 June 19:00. The Bulls struggled and took the price up past resistance level $0.43302. Support level, therefore, has climbed up to $0.43323 where it was tested severally.
The continuous upward price rally is to be expected since the 7 day MA is still above the 21-day MA. New target should be set at $0.43708.