Price analysis 6/11: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH
June 11, 2021. Summarized by summa-bot.
Compression ratio: 19.3%. 2 min read.
Bitcoin and most altcoins could be gearing up for a few days of range-bound action as bulls buy on dips and bears sell on rallies.
Bitcoin turned down from the resistance line on June 10 but the bears have not been able to sustain the price down below the 20-day exponential moving average ($36,604).
The price again turned down on June 10, suggesting that bears are selling on every minor rally.
If the price turns up from the current level, the pair may move up to the 20-day EMA and then extend its stay inside the triangle for a few more days.
The bears pulled the price back below the 20-day EMA on June 10.
Dogecoin’s (DOGE) rebound off the neckline of the head and shoulders pattern turned down from the 20-day EMA ($0. 34) on June 10, suggesting that bears are selling on every minor relief rally.
If buyers thrust the price above the 20-day EMA, the XRP/USDT pair could rally to $1. 10.
Contrary to this assumption, if the price bounces off the current level and rises above the 20-day EMA ($22. 81), a retest of $26. 50 is possible.
On the contrary, if the price rebounds off $21. 50, the pair may again try to rise above the 20-day EMA.
Litecoin (LTC) has been trading close to the 20-day EMA ($176) for the past few days but the bulls have not been able to push the price above it.
The price action of the past few days has formed a symmetrical triangle, indicating indecision among the bulls and the bears.
If buyers drive the price above the resistance line of the triangle, the LTC/USDT pair could rally to the 50-day SMA ($241).
This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below the triangle.
Conversely, if the price turns down from the current level or the downtrend line, it will suggest that bears are selling on every minor rally.