Bitcoin, Ether, Major Altcoins – Weekly Market Update June 21, 2021

 The complete crypto market cap erased $309 billion from its worth for the final seven days and now stands at $1,305 billion. The prime 10 cash had been all in pink for a similar time interval with all of them posting double-digit losses. Dogecoin (DOGE) and Polkadot (DOT) had been the worst performers with 31 and 23 % of losses respectively. Bitcoin (BTC) is at present buying and selling at $32,200, ether (ETH) is at $1,940.

BTC/USD

Bitcoin closed the Sunday, June 13 buying and selling at with 9 % elevated after forming a strong inexperienced candle to $38,900. The sudden reversal to the upside (which was preceded by a bullish divergence on the RSI) helped the preferred cryptocurrency surpass the necessary $37,000 line, which not too long ago acted as an area resistance.

What is extra, the coin broke above the 21-interval EMA on the every day chart, and the downtrend resistance coming as an extension of the diamond sample from early May. It ended the week 8.8 % greater in comparison with the earlier 7-day interval and 25 % up from its seven-day interval low.

On Monday, the BTC/USD pair continued to maneuver within the upward path and reached $40,527, closing a every day candle out of the $39,000-$33,500 vary for the primary time since May 21.

The Tuesday session noticed a peak of $41,423, however bulls couldn’t lengthen the rally to the zone above the January excessive of $42,000. Instead of that, the coin retraced right down to $40,150.

The mid-week day on Wednesday was marked by a major pullback forward of the US Federal Reserve assembly. Bitcoin moved right down to $38,250 and closed on the 21-interval EMA.

On Thursday, June 17, the coin was primarily hovering across the $38,000 zone and though it touched the $39,400 mark within the early hours of buying and selling, it shortly retraced within the afternoon, finally closing with a loss.

The Friday session introduced the fourth consecutive pink candle for the preferred cryptocurrency. It fell additional to $35,800 erasing an extra 6.2 % from its market cap and breaking beneath the $37,000 horizontal native assist line in addition to the talked about extension of the diamond formation, which beforehand acted as a diagonal resistance.

The weekend of June 19-20 began with a drop to $34,800 throughout intraday buying and selling on Saturday and partial restoration to $35,400 on the every day candle shut.

Then on Sunday bitcoin hit the decrease boundary of the outdated vary – $32,300 throughout intraday, however shortly recovered to shut the session at $35,500.

The coin is buying and selling considerably decrease, at $32,200 as of the time of writing, severely hit by the persevering with stress from the Chinese authorities.

ETH/USD

The Ethereum undertaking token ETH jumped 6.2 % on Sunday, June 13 and moved again into the lengthy-time period uptrend hall, hitting the $2,500 S/R zone. The coin was utilizing the 23.60% Fibonacci line close to $2,362 as a assist in the previous couple of days conserving the bullish construction intact. It was 7.4 % down on a weekly foundation.

On Monday, the main altcoin and main decentralized functions platform climbed additional to $2,611, however suffered as soon as extra rejection on the 21-interval EMA being unable to shut above this dynamic line since June 3. The ether moved away from the talked about assist zone, however the general buying and selling volumes weren’t that top to assist a possible rally within the upward path.

The second day of the week got here with one other rejection on the transferring common and a pullback right down to $2,540.

This was adopted by a deeper retrace on the Wednesday, June 16 when the ETH/USD pair erased 6.7 % of its worth and misplaced each the horizontal and diagonal helps. However, it was in a position to as soon as once more discover stability across the first Fibonacci retracement stage.

On Thursday, the ether traded flat within the $2,370 zone above the 23.60 Fibonacci retracement stage, which was appearing as a horizontal assist since June 8.

Sellers, nevertheless, had different issues in thoughts and on the final working day of the week pushed the value 6 % down to achieve the $2,228 mark. The ETH token even touched $2,128 throughout intraday – it’s lowest level since May 24.

The first day of the weekend got here with a continuation of the downtrend and a contemporary new weekly low – $2,166.

On Sunday, the coin fashioned the very same candle, however in the wrong way to shut the week at $2,230.

ETH is buying and selling at $1,940 on Monday morning.

Leading Majors

Theta is among the few cash within the Top 20 to stay comparatively steady within the final two weeks. The coin was nonetheless buying and selling above the 21-interval EMA on each every day and weekly timeframes over the last seven days and remains to be 90 % up from its May low of $3.7.

Looking on the 1D chart, the THETA/USDT pair on Binance was not too long ago rejected on the $9.5 stage the place the diagonal downtrend and the horizontal resistance meet. It can be the place essentially the most actively traded zone is situated (Point of Control, Volume profile indicator).

Theta is at present buying and selling close to the $7 zone, which has already proved its stability prior to now and is one other level of excessive buying and selling exercise. However, the altcoin misplaced the 21-day EMA throughout right now’s extreme correction and moved beneath the decrease boundary of the triangle sample.

Altcoin of the Week

Our Altcoin of the week is XDC Network (XDC). The XinFin XDC Network is a decentralized hybrid blockchain, which facilitates international finance and commerce. This little-recognized cryptocurrency undertaking goals at creating an ecosystem that improves and will increase effectivity and suppleness within the markets. It already powers an trade service referred to as TradeFinex.

It is unknown what’s the purpose behind the latest surge within the value of XinFin Digital Contract (XDC) – the native asset of the XinFin Network, but it surely may simply be the rising demand for hybrid and cross-chain blockchain options.

The coin added 37 % to its worth for the final seven days, peaking at $0.08 on June 18. This helped it transfer as much as #86 on the CoinGecko Top 100 record with a complete market capitalization of roughly $730 million.

As of the time of writing the XDC is buying and selling at $0.061 towards USDT on Bitfinex.

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About the Author: Daniel