Technical Analysis June 18: Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple

The cryptocurrency bear market continues as the market has fallen $23 billion in the past seven days. This week, using technical analysis, we will try to figure out if the downward trend is continuing or fading.

Disclaimer: This article is not meant to constitute trading/investment advice. Please use extreme caution when trading any cryptocurrency.

For this article, we will be using a handful of terminology that non-technical traders may not be familiar with. These terms are at the end of this article under “Glossary.” If you would like to read those terms now, click here.

Bitcoin, currently ranked #1 by market cap, is down 1.59% over the past 24 hours. BTC has a market cap of $110.56B with a 24 hour volume of $3.23B.

Chart by CryptoCompare

Bitcoin is down 1.59% over the past 24 hours.

Bitcoin tumbled from $6800 to $6400 since last week, following a $750 drop in one day. Bitcoin is clearly trending downward so use caution if longing a bounce. Based off of support levels, Bitcoin is sitting on top of a key area. If it falls through its third retest, expect Bitcoin to head towards the $5,000 area.

Bitcoin Technical AnalysisDescending volume is still prevalent.

Adding a few more indicators to the picture, we can start to see the bigger picture. On the 6h chart, Bitcoin is below the cloud and testing the Tenkan-Sen.

Bitcoin RSINot much happening with RSI currently.

Looking at RSI, we can see there was textbook bullish divergence a few days back, which was followed by a $200 increase. RSI divergence is one of the strongest signals to trade on and is one of the best indicators for beginners to learn.

Ethereum, currently ranked #2 by market cap, is down 2.04% over the past 24 hours. ETH has a market cap of $49.64B with a 24 hour volume of $1.28B.

Chart by CryptoCompare

Ethereum is down 2.04% over the past 24 hours.

Despite the SEC saying the Ethereum is not a security, its downtrend is continuing. Ethereum broke through a past support level in the $500 area. If the downward trend continues, expect it to retest it’s mid-April lows around $380.

Ethereum Technical AnalysisEthereum sitting under $500.

Ethereum is also under the cloud, Tenkan-Sen, and Kijun-Sen. Ethereum has come up to test the Kijun-Sen several times, so another attempt is not impossible. A TK-Cross formed in mid-May, which hinted at a continued downward trend.

Ethereum RSIRSI hasn’t hit oversold since April.

Ripple, currently ranked #3 by market cap, is down 2.76% over the past 24 hours. XRP has a market cap of $20.48B with a 24 hour volume of $178.81M.

Chart by CryptoCompare

Ripple is down 2.76% over the past 24 hours.

Ripple is in a rough spot and has fallen from $0.60 to $0.52 in a week. Unfortunately for Ripple holders, the SEC has been quiet on Ripple’s status as a security.

Ripple Technical AnalysisRipple headed towards a key level.

Ripple looks similar to the other cryptocurrencies with a slow downward trend towards April lows. As it nears the support level highlighted above, keep an eye out for a Tenkan-Sen and/or Kijun-Sen retest.

Ripple Ichimoku CloudRipple is still below the cloud on the 1D.

Bitcoin Cash, currently ranked #4 by market cap, is down 2.72% over the past 24 hours. BCH has a market cap of $14.4B with a 24 hour volume of $300.02M.

Chart by CryptoCompare

Bitcoin Cash is down 2.72% over the past 24 hours.

Bitcoin Cash saw a drop from $940 to $830 this week. Bitcoin Cash is in a similar situation to Ethereum and seems to be headed towards its early April lows.

Bitcoin Cash Technical AnalysisBitcoin Cash around a local support level and looks to be falling through.

Bitcoin Cash has been below the cloud since late May and doesn’t seem to be making a move above any time soon. The cloud has also turned bearish indicating a bearish future for Bitcoin Cash.

Bitcoin Cash Technical AnalysisBitcoin Cash trending downwards.

Litecoin, currently ranked #6 by market cap, is down 3.23% over the past 24 hours. LTC has a market cap of $5.41B with a 24 hour volume of $239.67M.

Chart by CryptoCompare

Litecoin is down 3.23% over the past 24 hours.

Litecoin has seen a serious drop, falling under $100 for the first time since November of 2017. It is testing the green area, which was a past support level. Expect a bounce off this area, and then another bounce off the resistance.

Looking at the weekly chart, it’s also fallen out of a descending triangle, which is a strong sign that the downward trend is continuing.

Litecoin Technical AnalysisHigh probability trade on the bounce off green area.

Just like its cousins, Litecoin is also below the cloud, Tenkan-Sen, and Kijun Sen. Litecoin TK-crossed inside the cloud in mid-May, and has seen all downside since.

Litecoin IchimokuRSI was oversold for a few days and looks to be headed back down.

Conclusion

The global cryptocurrency market cap stands at $275.93B with a 24 hour volume of $9.95B. The Coinbase Index is currently sitting at 3024.53. Bitcoin dominance is currently at 40.07%.

Most cryptocurrencies are far below the cloud testing April support levels. If these levels don’t hold up, expect to see major capitulation.

From a fundamental analysis point of view, most would expect cryptocurrency markets to see an increase after the SEC declared…

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