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Crypto outlook | Markets remain under pressure

  

Fundamental data

The strong Dollar continues to put pressure on crypto values and provides further downside potential. The correction in Bitcoin, might continue and hence also affect other tokens. The holiday season could be cited as one reason, as could the current European Football Championship, which is shifting interest from investors. At such times, sponsor shares are often favored by traders. The second half of the year could then offer better chances again.

Technical analysis:

– BTC: Bitcoin is trading at USD 64,300. The market continues to show negative potential and is still caught in a negative trend according to the daily chart. Only a break of the 50- moving average could spark further potential. This would kick in at the USD 66,400 range. If this zone is broken, a test of the resistance at USD 71,000 could occur.

On the other hand, the prevailing downward pressure is clearly evident. If the market breaks below the USD 62,800 range, further downside potential is likely to materialize.

– ETH: Ethereum is trading at USD 3,491.00 and remains in the current upward trend. A break of the USD 4,000.00 zone then indicates potential to the upside. In general, the correction is evident here, as with Bitcoin, whereby further pressure could build up to the upward trend line at USD 3,250.00.

This zone is marked with the red line in the weekly chart above. A slight wick formation to the downside could indicate possible upside momentum. ETH has often shown fresh potential in the past when Bitcoin has been correcting. The positive scenario will be negated if the ascending red trendline is broken to the downside.

– XRP: Ripple is trading at USD 0.4895 and continues to show little upside potential. On the contrary, further downward momentum is looming. The long-term monthly chart in particular indicates possible pressure here.

Not only has the 50- moving average been breached to the downside, but the market is also showing further pressure due to last week’s candlestick, which shows a clear drop below the psychological USD 0.5000 price. Potential towards the next broad support level in the USD 0.3200 range should therefore be factored in.

– LTC: Litecoin is trading at USD 74.86. Like XRP, the market continues to trade weak and shows no upward momentum. On the contrary, the chart still shows downside pressure.

The rising red trendline line runs just above the psychological price level of USD 70.00. Until then, profit-taking should be factored in. A break of the 50- moving average at just under USD 76.00 would then provide potential upside. However, it seems doubtful whether the market will be able to recover.


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