Insights > Technical analysis > Bitcoin remains bullish by holding above $8900

Bitcoin remains bullish by holding above $8900

17 June 2020

Temps de lecture 4 minutes

Julien Moretto

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Volatility is coming back somewhat this week in the cryptomarket. Bitcoin is down 2% in one week to €8,400 ($9,500) on June 17. At the beginning of the week, a selling movement was initiated but was very quickly bought back, marking at the same time a local low of 7,900€ (8900$).

Altcoins remain correlated with Bitcoin, with Ethereum posting a slight 3% loss over one week. On the other hand, a number of decentralised finance projects continue to dominate the market and have been performing at their best for several weeks now. Projects such as Maker (MKR), Kyber Network (KNC) and Aave (LEND) are all up by more than 50% in one month. All this in a context of hesitation on all stock markets, torn between enthusiasm linked to the support of central banks and fear of new waves of the coronavirus. Analysis.

  • According to CoinGecko, market capitalization contracted slightly to $270 billion from $277 billion seven days ago.
  • Bitcoin’s dominance remains stable at 64.6% this week.
  • the best performance of the top 50 is by Siacoin (SC) with +38% over the week.
  • JP Morgan changes his mind about Bitcoin and announces that the coronavirus crisis has proven its resilience and affirmed its role as an asset that will count in the future.

We invite you to discover our full analysis in video (recorded on June 16, in french):

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Bitcoin (BTC)

Coinhouse’s Recommendation : 

  • Our recommendation to buy this week must be made under a condition: if the chart comes back below the level of the €7,900 ($8,900), this purchase will be invalidated by a sell signal. Indeed, sellers initiated a bearish attempt on Monday, June 15. It ended in failure by finding a large number of buyers on the €7,900 ($8,900) level. The price quickly rose above the €8,200 ($9,200) zone, maintaining the advantage in favor of buyers.
  • The bullish scenario: buyers manage to keep control and bring the price above the €8,700 to €8,800 ($9,800 to $9,900), a level corresponding to the 0.5 and 0.618 Fibonacci retracement of the strong bearish move of June 2nd. We keep our purchase at that time, anticipating a break in resistance located on the €8,900 ($10,000) and aiming at a price target around €9,800 ($11,000) to take profits.
  • The bearish scenario: buyers fail to keep the price above €8,300 ($9,200). This will be a first sign of caution. If a new bearish move takes place and the daily price closes below the last low point of €7,900 ($8,900), this will be a sell signal and should bring the price back to the old support of €7,600 ($8,200) where we will then look for some buy signals.

Ethereum (ETH)

Coinhouse’s Recommendation : 

  • Ethereum (ETH) has a more bullish configuration than Bitcoin but remains correlated with it. ETH fell 3% over the week to around €208 ($233) on June 17.
  • The buying scenario: our buy signal came on Monday 15 on Ethereum, as we said last week. Any return from the Ethereum price in the €200-€210 ($215-$225) zone was an opportunity for purchases. Now, we are expecting a price rise towards the resistant zone of €245 to 260€ ($255 to $275), which corresponds to a previous high in the month of February. Profits will be taken on technical signals at this price level.
  • The Selling Scenario: Ethereum price correlates to a decline of Bitcoin, pushing back below the previous €200 ($215) resistance level. A closing of the daily time unit price below this level will be a sell signal and we will not retry any new purchases before the €170 ($180) support.

Tezos (XTZ)

Coinhouse’s Recommendation : 

  • Tezos (XTZ) didn’t perform much this week, with a loss of 8% and a price at €2.35 ($2.64) but has an interesting chart pattern to position itself for buying soon.
  • Indeed, the price of Tezos has been evolving rather sideways since the end of April. The €2.80 ($3) resistance was clearly marked at the end of April and early June. A purchase can be made when the price returns to the 1.90/2€ ($2.10/2.20) pivot. If the price does not offer this retracement and ends up closing above $2.80 ($3.00) in the daily timeframe, it will be a buy signal on breakout to aim for a price return to Tezos’ historical highs of $3.30/3.60 ($3.60/3.90). A clear break of the $1.90/2€ ($2.10/2.20) pivot will instead be a sell signal for those who would currently be in position on Tezos.

Top & flops of the week (top 50 marketcap)


1- Siacoin (SC) : +55%
2- Kyber Network (KNC) : +30%
3- Digibyte (DGB) : +26%


1- Maker (MKR) :-20%
2- Cosmos (ATOM): -12%
3- NEO : -10%

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.
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