Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 13

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The crypto markets are tumbling, and their total market capitalization is down to $265 billion from about $380 billion that we saw May 22. This means that the selling momentum has picked up. After a prolonged downtrend, sharp falls indicate that panic has gripped the investors and they just want to sell at any given level. This seems to be the state of the crypto markets right now.

We were skeptical of the bull run in December and had called for the traders to sell their positions. Did we get the exact top? No. But our general direction and analysis proved to be correct.

Similarly, we believe that the bear run is in its last legs. Can we or in fact anyone pinpoint the bottom? No.

We can only make a calculated prediction about the bottom after careful analysis. The market can easily overshoot on the downside, but after such a large decline, the recovery from the bottom is also likely to be very strong. Hence, we have been advising long-term investors to gradually build positions on weakness. A few other traders are also advising the same for the long-term ‘hodlers.’

If cryptocurrencies were a bad investment, the large institutional players would not be willing to enter the game. Their increasing interest shows that they see long-term value in it. Once they make an entry, prices are unlikely to remain low.

Trading, on the other hand, is a different ball game because its goal is to capitalize on short-term price action. We propose trades in our analysis only when we find a reliable buy setup with an attractive risk to reward ratio. Let’s see if we can locate any buy setups today.

BTC/USD

Selling in Bitcoin is gathering momentum, as it continues to slump towards its critical support at $6,075.04. Though many traders and analysts are forecasting lower levels, we shall take it one level at a time.

Until $6,075.04 breaks, we shall continue to hold our view that the leading digital currency is in a large range. The frequent crisscrossing of the 20-day EMA and the 50-day SMA also supports our view of a range bound action.

However, if the bears break below the $6,075.04 level, we will change our view to bearish. The next support on the downside is the zone between $5,450.86-$5,356.95.

We are also keeping an eye on the RSI. It is already in the oversold territory but this is not a reason in itself to buy because, during panic selling, the RSI can get deeply oversold and remain there for some time.

We suggest traders wait for the BTC/USD pair to stop falling and show a decent rebound before entering fresh long positions.

Long-term investors should not be in a hurry to add below $6,075.04 levels. The next level where they can add is closer to $5,450.

Any attempt to pullback will face resistance at the 20-day EMA and the downtrend line.

ETH/USD

The bulls have failed to hold the $492.5 support levels on Ethereum. It can now slide to the support line of the descending channel at $380. We anticipate strong support between the zone of $358-$380.

ETH/USD

The first sign of a change in trend will be indicated when the ETH/USD pair climbs above the $492.5 levels and sustains it for a couple of days.

We shall turn bullish once the bulls succeed in breaking out of the downtrend line. Until then, all rallies are likely to be sold into. Therefore, we suggest waiting until the virtual currency forms a new buy setup.

XRP/USD

Ripple continues to move lower towards its critical support of $0.45351. This is the final support below which the decline can extend to $0.24 levels, erasing the complete up move that started on December 12 of last year.

XRP/USD

We expect the bulls to defend the support zone of $0.45351-$0.56270. The RSI is near the oversold levels, which suggests that the selling has been overdone.

The XRP/USD pair will become bullish only above the downtrend line of the descending triangle, but we shall propose long positions once it climbs above $0.56270 levels and sustains it for a couple of days.

BCH/USD

Bitcoin Cash has broken below the minor support at $878. It should now take support in the zone of $736.0137-$777.5304.

BCH/USD

Any attempt to pullback will face resistance at the 20-day EMA, which is near the downtrend line. Additionally, the BCH/USD pair has a history of entering into small trading ranges for a few days, before moving out of it.

Therefore, we shall wait for it to stop falling, enter into a trading range and then buy if we get a reliable setup.

EOS/USD

EOS has broken below the support at $10.3384 and the 78.6 percent Fibonacci retracement of the rally from $5.9610-$23.0290. The fall can now extend to $8 levels.

EOS/USD

The 20-day EMA has turned down, however, the 50-day SMA is still holding close to flat levels. If the bulls quickly rise above the $10.3384 levels, it will indicate that the markets have rejected the breakdown.

We shall wait for the EOS/USD pair to stop falling before recommending any long positions.  

LTC/USD

Litecoin broke down of the critical support at $107.102 on June 12, which completes the bearish descending triangle pattern. The pattern targets of this breakdown are off the charts; hence, we shall take it one step at a time.

LTC/USD

The first support is at $84.708 and below this, the next support is at $75.131. It is difficult to forecast which one of the two supports will hold.

The RSI is deep in the oversold territory; hence, recovery can’t be ruled out. Notwithstanding, we shall not suggest any long positions until the LTC/USD pair trades below $107.102 levels.

ADA/USD

Cardano continues to slide towards its next major support at $0.13. This support had held between March 18-April 06 on a closing (UTC) basis.

ADA/USD

Hence, we believe that buying will again emerge near the $0.13 levels. The RSI is also close to the oversold levels, which points to the possibility of a bounce off the major support.

The bounce will face resistance at the 20-day EMA. We shall turn bullish only if the bulls succeed in breaking out of the 20-day EMA and sustain it for a couple of days. Until then, we shall not suggest any long positions on the ADA/USD pair.  

XLM/USD

Stellar is moving towards its next lower target objective of $0.1840. Though this level has been breached on an intraday basis on a few occasions since mid-December, it has always managed to close (UTC) above it.

XLM/USD

Hence, we believe that $0.184 level will again act as strong support. So, should the traders buy the fall to $0.184 right away?

No. We suggest traders wait for a couple of days and buy only when the fall in the XLM/USD pair is arrested. Any break of the support on a closing basis (UTC time frame) can extend the decline to $0.1 levels.

IOTA/USD

The bulls could manage to hold the $1.33 levels only for a day on June 11, post which, IOTA continued its journey southwards. It easily broke the support and is now on target to sink to the major support at $0.9150.

IOTA/USD

We expect a strong buying close to the bottom of the probable range. If we find the buying sustain for a couple of days near the lows, it might offer the traders a low-risk entry opportunity.

However, we suggest waiting until the IOTA/USD pair stops falling because if the bears break below $0.9150, the fall can extend to $0.666 levels.

On the upside, any recovery attempt will face resistance at the $1.33 levels.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Privacy Policy

WideBitcoin.com is committed to safeguarding your privacy. Contact us at if you have any questions or problems regarding the use of your Personal Data and we will gladly assist you.

By using this site or/and our services, you consent to the Processing of your Personal Data as described in this Privacy Policy.

Table of Contents

  1. Definitions used in this Policy
  2. Data protection principles we follow
  3. What rights do you have regarding your Personal Data
  4. What Personal Data we gather about you
  5. How we use your Personal Data
  6. Who else has access to your Personal Data
  7. How we secure your data
  8. Information about cookies
  9. Contact information

Definitions

Personal Data – any information relating to an identified or identifiable natural person.
Processing – any operation or set of operations which is performed on Personal Data or on sets of Personal Data.
Data subject – a natural person whose Personal Data is being Processed.
Child – a natural person under 16 years of age.
We/us (either capitalized or not)

Data Protection Principles

We promise to follow the following data protection principles:

  • Processing is lawful, fair, transparent. Our Processing activities have lawful grounds. We always consider your rights before Processing Personal Data. We will provide you information regarding Processing upon request.
  • Processing is limited to the purpose. Our Processing activities fit the purpose for which Personal Data was gathered.
  • Processing is done with minimal data. We only gather and Process the minimal amount of Personal Data required for any purpose.
  • Processing is limited with a time period. We will not store your personal data for longer than needed.
  • We will do our best to ensure the accuracy of data.
  • We will do our best to ensure the integrity and confidentiality of data.

Data Subject’s rights

The Data Subject has the following rights:

  1. Right to information – meaning you have to right to know whether your Personal Data is being processed; what data is gathered, from where it is obtained and why and by whom it is processed.
  2. Right to access – meaning you have the right to access the data collected from/about you. This includes your right to request and obtain a copy of your Personal Data gathered.
  3. Right to rectification – meaning you have the right to request rectification or erasure of your Personal Data that is inaccurate or incomplete.
  4. Right to erasure – meaning in certain circumstances you can request for your Personal Data to be erased from our records.
  5. Right to restrict processing – meaning where certain conditions apply, you have the right to restrict the Processing of your Personal Data.
  6. Right to object to processing – meaning in certain cases you have the right to object to Processing of your Personal Data, for example in the case of direct marketing.
  7. Right to object to automated Processing – meaning you have the right to object to automated Processing, including profiling; and not to be subject to a decision based solely on automated Processing. This right you can exercise whenever there is an outcome of the profiling that produces legal effects concerning or significantly affecting you.
  8. Right to data portability – you have the right to obtain your Personal Data in a machine-readable format or if it is feasible, as a direct transfer from one Processor to another.
  9. Right to lodge a complaint – in the event that we refuse your request under the Rights of Access, we will provide you with a reason as to why. If you are not satisfied with the way your request has been handled please contact us.
  10. Right for the help of supervisory authority – meaning you have the right for the help of a supervisory authority and the right for other legal remedies such as claiming damages.
  11. Right to withdraw consent – you have the right withdraw any given consent for Processing of your Personal Data.

Data we gather

Information you have provided us with
This might be your e-mail address, name, billing address, home address etc – mainly information that is necessary for delivering you a product/service or to enhance your customer experience with us. We save the information you provide us with in order for you to comment or perform other activities on the website. This information includes, for example, your name and e-mail address.

Information automatically collected about you
This includes information that is automatically stored by cookies and other session tools. For example, your shopping cart information, your IP address, your shopping history (if there is any) etc. This information is used to improve your customer experience. When you use our services or look at the contents of our website, your activities may be logged.

Information from our partners
We gather information from our trusted partners with confirmation that they have legal grounds to share that information with us. This is either information you have provided them directly with or that they have gathered about you on other legal grounds. See the list of our partners here.

Publicly available information
We might gather information about you that is publicly available.

How we use your Personal Data

We use your Personal Data in order to:

  • provide our service to you. This includes for example registering your account; providing you with other products and services that you have requested; providing you with promotional items at your request and communicating with you in relation to those products and services; communicating and interacting with you; and notifying you of changes to any services.
  • enhance your customer experience;
  • fulfil an obligation under law or contract;

We use your Personal Data on legitimate grounds and/or with your Consent.

On the grounds of entering into a contract or fulfilling contractual obligations, we Process your Personal Data for the following purposes:

  • to identify you;
  • to provide you a service or to send/offer you a product;
  • to communicate either for sales or invoicing;

On the ground of legitimate interest, we Process your Personal Data for the following purposes:

  • to send you personalized offers* (from us and/or our carefully selected partners);
  • to administer and analyse our client base (purchasing behaviour and history) in order to improve the quality, variety, and availability of products/ services offered/provided;
  • to conduct questionnaires concerning client satisfaction;

As long as you have not informed us otherwise, we consider offering you products/services that are similar or same to your purchasing history/browsing behaviour to be our legitimate interest.

With your consent we Process your Personal Data for the following purposes:

  • to send you newsletters and campaign offers (from us and/or our carefully selected partners);
  • for other purposes we have asked your consent for;

We Process your Personal Data in order to fulfil obligation rising from law and/or use your Personal Data for options provided by law. We reserve the right to anonymise Personal Data gathered and to use any such data. We will use data outside the scope of this Policy only when it is anonymised. We save your billing information and other information gathered about you for as long as needed for accounting purposes or other obligations deriving from law, but not longer than 1 year.

We might process your Personal Data for additional purposes that are not mentioned here, but are compatible with the original purpose for which the data was gathered. To do this, we will ensure that:

  • the link between purposes, context and nature of Personal Data is suitable for further Processing;
  • the further Processing would not harm your interests and
  • there would be appropriate safeguard for Processing.

We will inform you of any further Processing and purposes.

Who else can access your Personal Data

We do not share your Personal Data with strangers. Personal Data about you is in some cases provided to our trusted partners in order to either make providing the service to you possible or to enhance your customer experience. We share your data with:

Our processing partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Our business partners:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

Connected third parties:

  • facebook.com
  • google.com
  • bing.com
  • twitter.com
  • pinterest.com

We only work with Processing partners who are able to ensure adequate level of protection to your Personal Data. We disclose your Personal Data to third parties or public officials when we are legally obliged to do so. We might disclose your Personal Data to third parties if you have consented to it or if there are other legal grounds for it.

How we secure your data

We do our best to keep your Personal Data safe. We use safe protocols for communication and transferring data (such as HTTPS). We use anonymising and pseudonymising where suitable. We monitor our systems for possible vulnerabilities and attacks.

Even though we try our best we can not guarantee the security of information. However, we promise to notify suitable authorities of data breaches. We will also notify you if there is a threat to your rights or interests. We will do everything we reasonably can to prevent security breaches and to assist authorities should any breaches occur.

If you have an account with us, note that you have to keep your username and password secret.

Children

We do not intend to collect or knowingly collect information from children. We do not target children with our services.

Cookies and other technologies we use

We use cookies and/or similar technologies to analyse customer behaviour, administer the website, track users’ movements, and to collect information about users. This is done in order to personalize and enhance your experience with us.

A cookie is a tiny text file stored on your computer. Cookies store information that is used to help make sites work. Only we can access the cookies created by our website. You can control your cookies at the browser level. Choosing to disable cookies may hinder your use of certain functions.

We use cookies for the following purposes:

  • Necessary cookies – these cookies are required for you to be able to use some important features on our website, such as logging in. These cookies don’t collect any personal information.
  • Functionality cookies – these cookies provide functionality that makes using our service more convenient and makes providing more personalised features possible. For example, they might remember your name and e-mail in comment forms so you don’t have to re-enter this information next time when commenting.
  • Analytics cookies – these cookies are used to track the use and performance of our website and services
  • Advertising cookies – these cookies are used to deliver advertisements that are relevant to you and to your interests. In addition, they are used to limit the number of times you see an advertisement. They are usually placed to the website by advertising networks with the website operator’s permission. These cookies remember that you have visited a website and this information is shared with other organisations such as advertisers. Often targeting or advertising cookies will be linked to site functionality provided by the other organisation.

You can remove cookies stored in your computer via your browser settings. Alternatively, you can control some 3rd party cookies by using a privacy enhancement platform such as optout.aboutads.info or youronlinechoices.com. For more information about cookies, visit allaboutcookies.org.

We use Google Analytics to measure traffic on our website. Google has their own Privacy Policy which you can review here. If you’d like to opt out of tracking by Google Analytics, visit the Google Analytics opt-out page.

Read more about cookies on our Cookie Policy

Contact Information

email: contact@widebitcoin.com

Changes to this Privacy Policy

We reserve the right to make change to this Privacy Policy.

You can configure your Internet browser, by changing its options, to stop accepting cookies completely or to prompt you before accepting a cookie from the website you visit. If you do not accept cookies, however, you may not be able to use all portions of the WideBitcoin Websites or all functionality of the Services.

Please note that disabling these technologies may interfere with the performance and features of the Services.

You may also disable cookies on the WideBitcoin Sites by modifying your settings here:

Visitor comments may be checked through an automated spam detection service.

Last Update: May 25, 2018