Bitcoin, Ether, and XRP Weekly Market Update June 29, 2020
The total crypto market cap lost $8.3 billion from its value for the last seven days and now stands at $259 billion. The top 10 currencies were mostly in red for the same period with Cardano (ADA) as the only exception with 4.3 percent of increase. Bitcoin SV (BSV) was the worst performer with 6.6 percent loss. By the time of writing Bitcoin (BTC) is trading at $9,086 while Ether (ETH) moved down to $223. Ripple’s XRP reached $0.176.
Bitcoin formed a red candle to $9,277 on Sunday, June 21, and erased all of its gains from the previous day ending the seven days below the 50-day EMA. Still, it remained flat for the week.
The BTC/USD pair opened the new trading period by jumping all the way up to $9,700. It successfully surpassed both the horizontal resistance at $9,500 and the diagonal downtrend visible on lower timeframe charts. It also added 4.5 percent to its value in its best session since June 1.
On Tuesday, June 23, the leading cryptocurrency was rejected around the already-mentioned level and made a short pullback down to $9,630, still keeping the price above the support areas.
The mid-week session on Wednesday was a bad one for bulls. The declining volumes on a 24-hour basis, which were close to $16 billion compared to $20-$22 as an average for the previous two weeks, in combination with a bearish divergence visible on the relative strength index (RSI), resulted in a drop to $9,300 or a 3.6 percent correction.
On Thursday, June 25, BTC fell below the psychological level of $9,000 in the early hours of the session but managed to recover in the evening and closed with a small loss to $9,230.
Friday was no different on the markets and the most popular cryptocurrency continued to move South, this time to $9,150. This level was seen by many analysts as stable temporary support before the already-mentioned major S/R line.
The first day of the weekend came with a fifth consecutive red candle on the daily chart. The price of bitcoin finally tested $9k as the immense pressure from bears was starting to influence the long-term perspectives on the coin. The level provided the required stability, but we witnessed a temporary break of the long-term downtrend line (located at $8,830 at that time).
On Sunday, June 28, the coin closed with a big green candle to $9,117.
The Ethereum Project token ETH continued to slide on Sunday, June 21, and ended the week at $227 with a 1.7 percent loss on a seven-day basis.
The ether started trading on Monday by making a huge green candle to $243. The move resulted in a 7 percent increase and bulls were even able to push the price up to $247 during intraday – above both the horizontal resistance and the mid-term downtrend line.
On Tuesday, June 23, the ETH/USD pair remained relatively stable, registering a small decline to $242.
On the third trading day of the workweek however, the leading altcoin started to lose positions. It fell down to $234 and erased 3.3 percent of its value in a very volatile session during which it was moving in the $250-$230 range. Still, buyers managed to find stability near the $230 support line and avoided further decrease.
The Thursday session on June 25 found ETH below that level early into the trading day when it briefly touched $227. Bulls avoided a deeper correction and closed with a small loss to $232.
On Friday, a third-straight red day resulted in a drop to $229 as the horizontal support was finally surpassed.
The ether followed the example of Bitcoin and on Saturday, June 27, made a sharp drop to $220 hitting the upper end of the next support zone and losing 4 percent of its value.
The last day of the week brought some relief for buyers and their favorite altcoin rebounded from the current low, reaching $225 at the end of the week.
The Ripple company token XRP failed to extend its good performance into the Sunday session on June 21 and fell down to $0.185, closing the week with a 2 percent loss.
The XRP/USD pair opened the new trading period on Monday by jumping back up to $0.189. The coin regained 2.1 percent and moved closer to the mid-term downtrend line.
On Tuesday, June 23 bulls were rejected at $0.190, which was the meeting point of the horizontal and diagonal resistances. The move resulted in a small correction to $0.188
The “ripple” continued to slide during the mid-week session on Wednesday and fell further to $0.183 erasing another 2.3 percent.
On Thursday, June 25, the XRP dropped as low as $0.178 during intraday, breaking the horizontal support at $018. Buyers, however, initiated a recovery in the later hours of trading and push the price up to $0.181, still closing the session with a loss.
The last day of the workweek came with a volatile trading. The major altcoin was moving in the $0.178-$0.187 range before closing with a short green candle to $0.182.
The weekend of June 27-28 started with a big drop on Saturday as the XRP/USD pair reached $0.175 for the first time since April. Then on Sunday, June 28 it found its local bottom and partially recovered from the losses by making a green candle to $177.
Altcoin of the Week
Our Altcoin of the week is Bitcoin Diamond (BCD). This cryptocurrency is basically an improved version of the Bitcoin Core protocol mainly in terms of capacity and network transaction capability.
BCD added 17 percent to its value for the last seven days and is 20 percent up for the two-week period. The coin peaked at $0.754 on Wednesday, June 24, and is now situated at #59 on CoinGecko’s Top 100 list with a market capitalization of approximately $137 million.
Just like Bitcoin, his Diamond work is scheduled to halve this year, which might be the reason for the current surge. The event is expected to happen at block 630,000 around the 29th of July.
As of the time of writing, Bitcoin Diamond is trading at 0.00008181 against BTC on the Binance platform.