Bitcoin price completed a major downside correction near $7,480 and recently climbed higher. BTC is currently placed above $8,000 and it is likely to grind higher towards $8,480 or $8,740.
Moreover, there was a decent recovery in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash(BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. If BTC continues to rise, it could drag altcoins higher in the near term.
- Bitcoin price found a strong buying interest near the $7,480 and $7,500 levels.
- Ethereum price remained well bid above the main $226 support area.
- Ripple price is still holding the key $0.3700 support area, but struggling near $0.4100.
- EOS price seems to be forming a major breakout pattern with resistance near $6.600.
- EQL, VOCO and PPP are up more than 250% in the past 7 days.
Bitcoin Price Analysis
This week, bitcoin price retested the key $7,480 and $7,500 support levels. Sellers were not able to gain strength below $7,500, resulting in a bullish reaction in BTC/USD above the $7,600 and $7,700 resistance levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $7,478 and recently traded above the $7,800 resistance area. There was even a close above the $8,000 level and the 21 simple moving average (4-hours).
The price even climbed above the 23.6% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low. Moreover, there was a break above a major bearish trend line at $8,000 on the same chart.
Finally, the price moved above the $8,200 level, but it faced a strong resistance near the $8,300 level. It seems like the 50% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low is acting as a resistance for the bulls.
If there is an upside break above the $8,300 level, the price could continue higher. The next resistance could be $8,500 or the 61.8% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low.
Above $8,500, the price is likely to accelerate towards the $8,740 level. Conversely, if there is a downside correction, the price might find bids near the $8,100 level or the 21 simple moving average (4-hours).
The main support is near the $7,850 level, below which the price could correct further lower towards the $7,500 support.
Overall, bitcoin price is likely to continue higher towards $8,500 and $8,740 as long as it is trading above the $7,500 support zone.
Ethereum Price Analysis
Ethereum price declined steadily below the $260 and $250.00 support levels. ETH price traded below the $240.00 support and revisited the main $225-226 support area, where the bulls emerged.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price formed a swing low near $227 and recently started an upside correction. It broke the $240 resistance and the 21 simple moving average (4-hours).
Moreover, there was a break above a major bearish trend line at $241 on the same chart. The price surpassed the $250 resistance and the 50% Fib retracement level of the last decline from the $289 swing high to $227 swing low.
The price is now trading above the $250 level and the 21 simple moving average (4-hours). However, the 61.8% Fib retracement level of the last decline from the $289 swing high to $227 swing low is acting as a resistance.
The price is currently correcting lower, but the 21 simple moving average (4-hours) is acting as a support near the $250 level. If there is a downside break, the price could retest the $240 support area.
On the upside, the price must gain pace above the $265 level to continue higher. The next stop for the bulls could be $274 or the 76.4% Fib retracement level of the last decline from the $289 swing high to $227 swing low.
Above $274, the price could accelerate above the $280 and $282 levels.
Ripple Price Analysis
Ripple price declined sharply after it failed to climb above $0.4400 against the US Dollar. XRP/USD even traded below the $0.4000 support area and revisited the main $0.3700 support zone.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $0.3700 and recently started an upside correction. It broke the $0.3820 resistance and the 21 simple moving average (4-hours).
There was a break above the 23.6% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low. The price climbed and recovered above the $0.3920 and $0.3950 resistance levels.
Finally, there was a push above the $0.4000 level and the 50% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low.
However, the upward move was capped by a bearish trend line near $0.4100 on the same chart. Moreover, the 61.8% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low also acted as a resistance.
The price is currently trading near $0.3950 and the 21 simple moving average (4-hours), with a risk of more losses below the $0.3920 and $0.3900 levels. The main support is at $0.3700 and $0.3640, below which ripple price could decline heavily.
To start a fresh upward move, the price must break the $0.4050 and $0.4100 resistance levels. The next key hurdle is at $0.4200, followed by $0.4240.
EOS Price Analysis
There was a sharp reversal in EOS price below the $8.000 and $7.500 support levels against the US Dollar. The price even broke the $6.800 support area to enter a bearish zone.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price extended losses below the $6.500 and $6.200 support levels. There was also a close below the $6.800 pivot level and the 21 simple moving average (4-hours).
The price spiked below $6.000 and found support near $5.900. A swing low was formed at $5.927 before the price started consolidating losses. It recovered above the $6.200 and $6.300 levels.
However, EOS is facing resistance near $6.600 and the 23.6% Fib retracement level of the last decline from the $8.671 high to $5.927 low.
Moreover, there is a breakout pattern forming with resistance near $6.600 on the same chart. If there is an upside break above $6.600, the price could stage a strong upward move.
The next key resistances are near $6.800 and $7.000. The main hurdle is near $7.300 and the 50% Fib retracement level of the last decline from the $8.671 high to $5.927 low.
Conversely, if there is a downside break below $6.200, the price may even struggle to stay above the $6.000 support area.
During the past 7 days, a few small cap altcoins climbed higher and gained more than 150%, including EQL, VOCO, PPP, WISH, NOW, IFOOD, ZXC, BOMB, VRA, WGP, A and VIDT (trading volume more than $50K). Out of these, EQL rallied around 570% and VOCO gained nearly 280%.
Overall, bitcoin price started a convincing upward move above the $8,000 pivot level. If BTC accelerates above $8,300 and $8,500, it could help major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA to gain bullish momentum.
Crypto exchange Bitrue is hacked, official said everything under control
Singapore-based exchange, Bitrue experienced a hack that lost them a total of $4.5 million worth of XRP and Cardano (ADA) just couple of hours ago.
Crypto exchange, Bitrue just experienced a hack just couple of hours today. The exchange announced the incident via their official Twitter account.
Before explaining the details about the hack, the team assures their 16.6K followers about the current status as well as the lost funds.
“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users,” Bitrue team tweeted.
They continued by saying, “And we are reviewing our security measures and policies to ensure this does not happen again.”
The hack that lost them about USD 4.5 million in XRP and Cardano (ADA), with current price, happened on June 26th at 5pm, when a hacker exploited a vulnerability in the exchange’s Risk Control team’s second review process to their 90 users’ funds
Fortunately, the team realized the attack soon after, immediately suspended the activity and notified receiving exchanges, such as Huobi and Bittrex to freeze the funds and accounts.
As of now, the exchange is still down for “unexpected maintenance” as can be seen on the website.
Bitrue reiterated that all affected funds will be replaced and that all funds are insured, while also informing the steps they take to handle the incident.
Lastly, the team also provided a link through which users can track the stolen funds.
The responses for the announcement are mostly very supportive, given the transparency of the Bitrue team regarding the incident.
Founder of failed crypto exchange, Mt Gox, hit with lawsuit over management
Mt. Gox founder, Jed McCaleb, is facing a lawsuit over his managing of the failed crypto exchange.
Former traders from the platform, Joseph Jones and Peter Steinmetz alleged that McCaleb’s representation of the exchange was fraudulent and negligent. They blame this misleading behavior on why they lost their Bitcoin when the exchange was hacked in 2014.
Launched in July 2010, the Mt. Gox crypto exchange was hacked in February 2014, with losses of around 850,000 BTC. This was the equivalent to $400 million at the time.
The complaints by the former traders were submitted on May 19 to a California court, and claim that the exchange was already suffering from safety issues in January 2011, one year after their launch. These safety issues include two security breaches, which resulted in the loss of “thousands of a Mt. Gox user’s Bitcoin.” They claim that even though McCaleb was immediately made aware of the incident, he did not publicly disclose the hack or take action of any kind.
An excerpt from the complaint goes into more details on the allegations:
“Plaintiffs are further informed and on that basis allege, that McCaleb schemed with Karpeles about how to deal with the missing 80,000 Bitcoin and given the fact that Mt. Gox was already profitable in early 2011, that Mt. Gox would be able to easily recover or account for the missing 80,000 Bitcoin. These Bitcoin, and hundreds of thousands of more Bitcoin would either be stolen, lost, or otherwise, and never recovered by Mt. Gox.”
Crypto Analyst: Prepare for 40% Bitcoin Retracement – Plus Ethereum, Ripple and XRP, Stellar, Cardano, VeChain
From a warning on Bitcoin’s wild swings to new adoption for Ethereum and VeChain, here’s a look at some of the stories breaking in the world of crypto.
Senior eToro market analyst Mati Greenspan says crypto traders should prepare for Bitcoin to pull back by as much as 40% in the current rally.
In a new interview with BlockTV, Greenspan says wild swings come with the crypto territory.
“We’ve seen this market cycle play out before where we see huge surges and then massive retracements like we saw in 2018. And now, speculation is rising that we’re going to see another really huge surge. And if that’s the case, what we’re seeing now is still small potatoes.
Even within the hottest bull markets we’ve ever seen, sometimes there are massive retracements. We’ve seen bull market retracements of 20%, 30% and even 40% before. So it wouldn’t surprise me to come back and see a test of that $10,000 or even $9,000 level. What tends to happen is that when traders get really bullish, they go and take on more and more risk. And when they do that, they run the risk of getting stopped out, basically. And that type of situation can create a chain reaction where in an instant you see a 10%, 20% pullback.”
Opera has released its new web 3.0 browser with built-in support for Ethereum on the iPhone.
The browser includes an Ethereum wallet that supports all ERC20 tokens.
Ripple and XRP
Ripple has reportedly signed a deal with the blockchain analysis company Coinfirm.
The deal could ensure that the second largest cryptocurrency by market cap complies with new regulatory guidelines from the Financial Action Task Force (FATF), reports Forbes.
Coinfirm says it can identify whether an address is owned by an exchange that doesn’t verify its customers and determines whether an address was created in a “high risk” country. Once Coinfirm analyzes an address, it grades the likelihood that it has been involved in money laundering on a scale of 0 to 99.
The nonprofit behind the 12th largest cryptocurrency Stellar is looking for three new engineers to join the team, all based in San Francisco.
The Stellar Development Foundation says it’s hiring a new platform engineer, senior core engineer and senior platform engineer.
Cardano’s commercial development branch Emurgo has released a new overview on how the Cardano blockchain differs from other platforms in the space, including Bitcoin.
“Within Bitcoin, the people with the power to keep the ledger updated are the bitcoin miners. Once Cardano is fully decentralized, the people with the power to keep the ledger updated are those who have a stake in the system. This means that anyone who owns ADA (Cardano’s native cryptocurrency) can help keep Cardano decentralized.”
You can check out the full piece here.
Walmart China says it’s using the VeChainThor blockchain to track the origin and freshness of products in its stores. A video that appears to show the food safety technology in action was posted on Twitter, and caught fire on Reddit.