Insights > Technical analysis > Is Bitcoin finally going to get out of the $9000/10000 range?

Is Bitcoin finally going to get out of the $9000/10000 range?

24 June 2020

Temps de lecture 4 minutes

Julien Moretto

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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):

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Bitcoin (BTC)

Coinhouse’s Recommendation : 

  • 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 : 

  • 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 : 

  • 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.

Top & flops of the week (top 50 marketcap)


1- Compound (COMP) : +193%
2- Synthetix (SNX) : +55%
3- Aave (LEND) : +46%


1- Ziliqa (ZIL) :-22%
2- Maker (MKR): -9,6%
3- DigiByte (DGB) : -7%

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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