Bitcoin, Ethereum and Ripple— Daily Technical Analysis | 15.06.2021

Bitcoin (BTC)

Bitcoin price is showing positive signs above the $40,000 level against the US Dollar. BTC is likely to continue higher above $41,000 and $41,500 in the near term.

Bitcoin started a fresh increase above the $38,500 and $40,000 resistance levels. The price is currently well above $38,500 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $40,600 on the hourly chart of the BTC/USD pair. The pair is likely to start a strong increase once it clears $40,600 and $41,000.

The first major resistance is near the $41,800 and $42,000 levels, above which the price likely to gain bullish momentum. The next resistance is near the $45,000 level.

If bitcoin fails to clear the $41,000 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level. The first major support is near the $39,600 level and the triangle lower trend line.

Ethereum (ETH)

Ethereum would need to avoid the $2,551 pivot to bring the first major resistance level at $2,641 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $2,609.02.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,699.

A fall through the $2,551 pivot would bring the first major support level at $2,493 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,404 should limit the downside.

Ripple (XRP)

Ripple’s XRP will need to move through the $0.8945 pivot to bring the first major resistance level at $0.9252 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.92 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.92923 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $0.9599.

Failure to move through the $0.8945 pivot would bring the first major support level at $0.8598 and the 62% FIB of $0.8573 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8291 should limit the downside.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.