The cryptocurrency market is currently on a bearish wave which has lasted for a relatively long time. Many people think this might be the end for the cryptocurrency industry, but true believers know that it is just a temporary set back and most cryptocurrencies will come back stronger.
Price Analysis for the Top Cryptocurrencies
Bitcoin to USD Price Analysis
The risk to reward ratio for Bitcoin is fair so even with the dips traders can still buy the leading cryptocurrency as long as it is purchased within the $6,075 to $7,000 range. Anything above $6,075 is a price consolidation. However, if the price breaks below this level, more dips may occur.
Against the USD, Bitcoin has bounced near the 40 level relative strength index of the past one year and six months. Buyers should look out for the next dip from the overhead resistance.
Ethereum to USD Price Analysis
Although Ethereum went below the May 28 channel, the bears were unable to hold the line. Ethereum bounced back the next day and made up for the losses. Another dip will determine if the decline will stop at $492.5 or go as low as $464.65.
XRP to USD Price Analysis
Ripple formed a descending triangle and broke below the $0.56270 on the 28th of May. However, it rebound the next day. Currently, there is a resistance at the 20-day EMA. If XRP holds above $0.54, traders should wait to go long when it breaks out above the 20-day EMA.
Bitcoin Cash to USD Price Analysis
Bitcoin Cash is with a $1,600 resistance level. Currently, the support level is undecided, but it may fall around $750 and $620. Bitcoin Cash is struggling to stay above the downward trendline. If the bears break below $878, it may slide lower to $750. If it breaks past this, there might be another break at $620.
In conclusion, the next few trading seasons will determine the short-term fate of the cryptocurrency industry.