Mixed feelings on the crypto market this week. Bitcoin shows a 5.5% increase over the last seven days to around €8,500 ($9,500) on June 3rd. Ethereum performs even better with +15%. But the continuous rise that started last week, propelling Bitcoin above €9,100 ($10,000), came to a sudden halt in the afternoon of June 2, with most assets losing around 7% within 15 minutes.
A price action that is causing turmoil in the market as prices seemed to be starting a new uptrend. The underlying trend is not called into question and remains bullish. But such an event may raise fears that many sellers are positioned at price levels close to the current price. Analysis.
According to CoinGecko, Market capitalization is clearly on the rise, with $270 billion, up from $256 billion seven days ago.
Bitcoin Dominance Continues to Decline to 64.7% from 65.6% Last Week.
The altcoin Cardano (ADA) offers the best performance of the top 50 with +48% over the week.
Investment funds continue to buy cryptocurrencies on a massive scale. Grayscale has got his hands on more than 18,000 Bitcoins since the halving.
We invite you to discover our full analysis in video (recorded on june 2nd, in french)
Bitcoin (BTC)
Coinhouse’s Recommendation : Wait
Following the bearish reaction on June 2nd, which pushed Bitcoin’s price from $10,200 to $9,300 in 15 minutes, it is wiser to wait for the price action to clear. Still, the price ended the day on June 2nd above the €8,500 ($9,500) level and the previous consolidation zone it was in for most of the time in May. The medium-term trend has therefore remained bullish since mid-March.
So the bullish scenario is: if the price very soon makes a bullish impulse to go back above €8,800 ($9,700), then yesterday’s sudden drop will have been just a "trap" to get too impatient investors out of the market. The price will return to the €9,300 ($10,200) resistance level. The chances will then be high that the price will cross it and move towards the €9,800 ($11,000) level.
The bearish scenario remains to be watched in the next few hours: if the price’s reintegration into the previous consolidation zone is confirmed, then we will have had a false $10,000 breakout. A bearish price action which should bring the price back to the €8,300 ($9,000) level and then to the support of €7,600 ($8,200) where we will then look for buy signals.
Ethereum (ETH)
Coinhouse’s Recommendation : Buy
Despite the flash crash of June 2, Ethereum (ETH) remains more bullish than Bitcoin. It still earns 15% over one week to settle around €212 ($237) on June 3rd. The flash crash has allowed Ethereum’s price to remain in the €205 ($225) zone, which was resistant until last week.
The bullish scenario: As long as the situation does not deteriorate further on Bitcoin, any return of Ethereum’s price on the €200-210 ($215-225) zone is an opportunity for buying. The target remains to rise to the next resistance zone around €245-258 ($255-270), which corresponds to a previous market peak worked in February. Profits can then be taken at this level.
The bearish scenario: Ethereum’s share price must absolutely stay above the breakout zone of €200 ($215). A daily closing price below this level will be a sell signal.
Cardano (ADA)
Coinhouse’s Recommendation : Buy
Several Altcoins have outperformed Bitcoin in recent weeks. Since May 27, the best performance in the top 50 of the market goes to Cardano (ADA) which is up 42% against Bitcoin to settle around 850 satoshis on June 3rd.
The Cardano versus Bitcoin chart is a classic case. We observe a large accumulation zone between 400 and 650 satoshis that lasted from July 2019 to the last few days. The bullish breakout that occurred on May 28 gave a strong buy signal. The ADA/BTC price is currently hitting a resistance zone ranging from 860 to 960 satoshis. It is possible to take advantage of this new sideways phase to take a buy position on Cardano, with a view to continuing the bullish run and breaking the resistance zone. Obviously, a strong rejection below 750 satoshis would cancel this scene and be a signal for resale.
Investors’ attention is drawn to the fact that the content of the articles does not constitute investment advice. Investment in cryptocurrencies carries a risk of total capital loss. For more information, please do not hesitate to contact our support department.
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