The coming week could be decisive for the crypto market and set the tone for the coming months. Many Bitcoin derivative contracts are coming to maturity, including semi-annual futures contracts on the CME (Chicago Mercantile Exchange) and even options on the Deribit platform. As of June 24, Bitcoin had a weekly variation of only -1.3%, trading at €8,300 ($9,400) and has been trapped for the last 2 months in a range between $9,000 and $10,000. It is likely that high volatility will return in the short term, indicating the direction of the market for this summer 2020.
Regarding altcoins, Ethereum obtained better results with a 1.2% increase over one week. Also noteworthy is the fine performance of Chainlink, which gained 17% over the week and reached its historical highs. All this in a context that remains very uncertain on the stock markets, torn between encouraging recovery figures and fears of a second wave of coronavirus.
According to CoinGecko, Market capitalization increases slightly to $273 billion from $270 billion seven days ago.
Bitcoin’s dominance remains stable at 64% this week.
the best performance of the top 50 is signed by the Compound token (COMP) with +193% over the week but in low volumes.
Paypal is going to launch into crypto via its subsidiary Venmo.
We invite you to discover our full analysis in video (in french and recorded on June 23):
Bitcoin (BTC)
Coinhouse’s Recommendation : Hold
Last week, we recommended buying on Bitcoin, but gave an invalidation level if the course dropped below the €7,900 ($8,900) level. This week, we recommend holding positions. Buyers have been holding the uptrend since mid-March, but uncertainty remains high as long as the price moves between €8,200 and €8,900 ($9,200 and $10,000).
The bullish scenario: Buyers confirm the rise of the beginning of the week and the price moves above the €8,700 to €8,800 ($9,800 to $9,900), level corresponding to the 0.5 and 0.618 Fibonacci retracement of the strong bearish move of June 2nd. After so many retests, it is very likely that the resistance of the €8,900 ($10,000) will finally broke. The price target to take profits remains around €9,800 ($11,000).
The bearish scenario: If the rebound at the beginning of the week proves to be short-lived and the price breaks the support of the €8,300 ($9,200), it will be a sell signal. The first level to watch for mid-term purchases will then be the support on the €7,600 ($8,200) level.
Ethereum (ETH)
Coinhouse’s Recommendation : Hold
Ethereum (ETH) is once again more bullish than Bitcoin and gains 3% over the week to stand at €214 ($241) on June 24. Last week, on June 15, we had a buy signal when the price returned to the €200-210 ($215-225) range. We are also holding Ethereum this week.
The bullish scenario: Ethereum’s price continues to consolidate above the €198-210 ($210-225) zone which has become a support. To keep our objective, we keep a price increase towards the resistant zone of €245 to €260 ($255 to $275), which corresponds to a previous market peak worked in February. Profit-taking will take place on technical signals at this price level.
The bearish scenario: Ethereum’s price is once again rejected on contact with the $250 zone. If it falls back below the previous resistant level of 200€ ($215), it will be a sell signal and we won’t try to buy again before the support of 170€ ($180).
Chainlink (LINK)
Coinhouse’s Recommendation : Buy
Chainlink (LINK) is giving us a great week with +17% at 4.19€ ($4.70) and is breaking its long-term range. A buying position is therefore possible this week, although we must remain cautious in case the Bitcoin price turns downwards, surely leading to a similar drop in the price of Chainlink.
Since 2019, the price of Chainlink has been moving in a wide range between $1.50 and $4.60. On June 23, Chainlink’s price will close for the first time above €4.20 ($4.70) in the daily time unit. This is therefore a buy signal. If this breakout is confirmed in the coming days, the price could move above its previous historical high, and offer very interesting performance.
If the price falls below $4.40, it will be a sell signal. In case of a bearish trend, a retracement on the level of €2.80 ($3.10) will then be favourable to buy again in the medium-long term.
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 contact our customer service department.
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