Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Daily Forecast

By Jason SenCryptocurrencyJun 08, 2021 04:04AM ET
www.investing.com/analysis/crypto-daily-forecast-200584783
Crypto Daily Forecast
By Jason Sen   |  Jun 08, 2021 04:04AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
  • Bitcoin we wrote: consolidating in the short term bear trend and are likely to break lower for a sell signal. We failed a break above the trend line resistance, so bears appear to remain in control. Holding below 36600/37300 keeps the outlook negative.
  • Ripple XRP has failed at its important 38.2% Fibonacci and short term moving average; resistance at 1.0515/1.0545 and pro collapsed as expected below 0.9000/0.8980. Further losses are likely with a break below 0.8900 targeting 0.8050/30.
  • Ethereum shorts at strong resistance at 2750/2800 worked perfectly as we hit 2430. Outlook remains negative if we hold below 2550/2600.

EVERY CALL HAS BEEN PERFECT SINCE I STARTED CRYPTO ANALYSIS AT THE START OF MAY. We have caught each major high and low.

Today’s Analysis

Bitcoin is in a bear flag and holding below 36600/37300 is a short term sell signal targeting 34200/33500 (HIT), perhaps as far as 31100/3000 today. Although I had us buying here last time, this time it is more likely we will break lower to my ultimate target for the head & shoulders sell signal at 27500/27000.

Key resistance at 37200/38200, although I do not think we'll see this level again for a while. A break above 39000 is a buy signal, but only targets the 200-day moving average resistance at 41700/42400. Try shorts here, stop above 43400.

Ripple shorts at strong resistance at 1.0515/1.0545 hit our targets of 0.9400/9300 and 0.9000/0.8980. Further losses are likely with a break below 0.8900 targeting 0.8050/30. Again expect very important 6 month trend line and 200-day moving average support at 0.7040-0.6970. Longs need stops below the |May low at 0.6500. Important 38.2% Fibonacci and short term moving average resistance at 1.0515/1.0545. Shorts need stops above 1.1100. A break higher is a buy signal targeting 1.1700/1.1800, perhaps as far as 1.3000/1.3500.

Ethereum shorts at strong resistance at 2750/2800 work as we target 2550/2500 and minor support at 2380/2350 this week. If we continue lower in the 3 week bear trend, look for 2140/30 before a retest of the important 61.8% Fibonacci support at 1728. Shorts at strong resistance at 2750/2800 need stops above 2850. A break higher is a buy signal targeting 3050/3100, perhaps as far as strong resistance at 3300/3400. Shorts need stops above 3500.

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Crypto Daily Forecast
 

Related Articles

Crypto Daily Forecast

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Nikki Nakamura
Nikki Nakamura Jun 08, 2021 5:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
make sence Thanks
Fin Tecker
Fin Tecker Jun 08, 2021 5:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks. The forcasts are not daily, are they?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email