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Weekly Price Analysis June 4

Weekly Cryptocurrency Price Analysis: Ethereum, Bitcoin, Bitcoin Cash, Ripple and NEO

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Overall, prices are on the rise. As we can see from the charts, Bitcoin prices are appreciating hauling with it other coins as Bitcoin Cash, Ripple and NEO. At the same time, Ethereum is also rising and keeping up with BTC if we refer to weekly gains. Both of these liquid coins are up roughly five percent in the last week alone and poised to add more this week if they keep up the pressure.

Bitcoin (BTC) Price Technical Analysis

It’s a paradigm shift and with Bittrex partnering with a New-York’s Signature Bank, customers can now buy cryptocurrencies including Bitcoin in US dollars in some US states. That’s an impressive feat and according to Bittrex CEO Bill Shihara, the whole point is to create a trust environment where banks would be free to do business with exchanges. Regulatory compliance as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules are what financial institutions are supposed to adhere without compromise. This is considering that there is no regulation when it comes to cryptocurrencies.  More often than not, its individual exchanges who take the onus to implement rules so as to prevent the perpetration of crime via cryptos.

At current prices, Bitcoin and cryptocurrencies across the spectrum are very cheap and look to be bottoming out. Will this continue throughout this week? Probably yes and that’s what we are rooting for especially when price technical formation is brought into consideration. For once, we have these series of higher highs. In line with our previous formation, we have a solid candlestick printing above $7,800 meaning traders can initiate long positions on dips at lower time frames and aim first at $8,800 and later $10,000. If we trade like this, then our stops should be at $7,200.

 

Ethereum (ETH) Price Technical Analysis

In the last three days, we have seen EOS and Tron initiating their own mainnet launch and in the process splitting off from Ethereum blockchain. While they did so, their respective founders had reasons to shill their coins. Justin Sun has been the most vocal about this even posting a full board ad at NASDAQ and getting shtick for that. That’s not important though. What I really want to see is if their technologies will usurp that of Ethereum. Both coins — TRX and EOS — talk of super speed transaction and high throughput but with sharding and plasma, Ethereum is a hard catch. Ethereum is superior because it promises scaling where transaction processing would happen in their hundreds-of-thousands through quadratic shard processing and blockchain layering.  Plasma for example guarantees bundling while sharding allows blockchain paralleling.

Like our previous analysis, chances are ETH prices shall appreciate in the coming days meaning our mid-term targets at $850 is likely to be hit. Note that prices have been consistent in the better half of last week, bottoming out and reversing week ending May 27 bear moves. In light of these technical formations and nice higher highs right from our key support line at $500, buying on dips in lower time frames is a good trading strategy. Our ETH buy targets would remain constant but because we shall be looking for buys, ideal stops should be at $550.

 

Ripple (XRP) Price Technical Analysis

Of course, cryptocurrencies is still a new phenomenon irrespective of how you would want to describe them. As such, speculation is rife and from time to time, important people in non-crypto sectors would spark surges or depreciation whenever they say something about them. Brad Garlinghouse of Ripple thinks this will wash out with time. He specifically wants to see the correlation between Bitcoin and Ripple prices fading out as people realize that both technologies rely on blockchain but have different objectives addressing different clientele. We have seen this in the last two years or so and with the announcement of different partnerships ridding on different Ripple services the difference is even clearer.

Price wise, Ripple buyers are definitely in charge. Referring to our previous price forecast and anchoring our decisions on May 29 bullish candlestick, buy momentum is on the rise. Most likely prices would pick up from last week’s bullish candlestick and like ETH and BTC trade plans, buying on every retracement with buy targets at $1 can be profitable. The probable support line is at 60 cents while buy zone is anywhere between 60 cents and 65 cents.

 

Bitcoin Cash (BCH) Price Technical Analysis

We cannot really say Bitcoin Cash is facing challenges but there is a notch that we should point out. Their Hard Fork and consequent block size increment to 32 MB in readiness for the future is good mission vision is an understatement. Everyone wants to see BCH evolving to be a medium of exchange if not a store of value in line with Satoshi’s views which Bitcoin Cash members drum about. However, they do need better consensus which we didn’t see in the last split. Up to 17 percent of Bitcoin Cash full nodes didn’t upgrade bringing into question how Bitcoin Cash runs their affairs. Worse still, Bitcoin did outperform BCH in the last few weeks exacerbating events.

Regardless of community and critics concerns, Bitcoin Cash is bottoming out and is most likely to gain ground going forward. Like most analysis, we must point out that rejection of low Bitcoin Cash prices at $850. That’s right at the support line and from there, that double bar reversal pattern did aid in propelling prices higher to current prices. I recommend searching for buys whenever there is are retracement towards $950 or $1000 because that’s what we are expecting more so considering weekly chart technical formations.

 

NEO Price Technical Analysis

Price wise, NEO is on the rise despite claims that NEO source code is a plethora of “bugs” and protocol inconsistencies. Technically, I’m net long and like other formations, cryptocurrencies are rising with the tide. In this case, NEO buyers should aim for May 2018 highs of around $100 and stops at $50. However, what I would like to see is waiting for better entries whenever there is a pullback towards $50 or May 29 lows.

Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.

About The Author

Dalmas is a Cryptocurrency News Writer and Analyst. He's passionate about blockchain technology and the potential of cryptocurrencies.

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