Crypto Analysis And Forecast Of 7 June: Bitcoin Cash (BCH), XRP And IOTA

Bitcoin Cash (BCH-USD)

The fourth-ranked cryptocurrency seems to have been trending on a ranging market in the last 24hrs. The trend is confirmed by the moving averages, which are intertwining. BCH/USD pair seems to have begun the day trading at $390.8 (A) against the current price of $397.9 according to Kraken.

A massive drop of price momentum that was due to a controversial hard fork later followed this. The price momentum breach support level $382.9 (S) and further dip to an all-time low of $368.8 (B).This was as a result of strong selling pressure since the momentum was largely on seller’s side at that period of time.

A turning point is later seen around 06th June 19:00 whereby buyers seem to have taken control which is indicated by the increasing RSI. A strong buying pressure that shifted the price momentum further up to a high of $398.8 (C) followed this.  A bullish outlook is therefore seen in the last 24hrs.

FORECAST

Upward price momentum is likely to be seen as reflected by the RSI which is heading north. The 7-day MA is seen above the 21 day MA during the last few hours thus indicating a bullish signal.

(XRP-USD)

The famous cryptocurrency exhibited a bullish outlook in the last 24hrs as reflected by an ascending. This was buttressed by the sustainable movement of the 7 day MA that is seen above the 21 day MA which created a strong bullish signal that attracted new buyers.

XRP/USD pair started trading at 0.39933 (A) with a rejection of higher prices by the seller. At around 06 June 15:00 (B), the bulls took over the market momentum and push the price rally up to close at $0.40688.This was later followed by a strong buying pressure as indicated by the RSI X, which promoted further upward price rally that landed in a high of $0.42701 (C).

A bearish engulfing candle is later seen that dip the price action to close at $0.41100. Presence of a Doji candle is later seen indicating luck of momentum in the market; at last, buyers manage to maintain the bullish momentum.

XRP is therefore currently trading at $0.42079 and is up by 6.5%, this may be due to the recent announcement made by the SBI holdings about the Ripple-based Money tap launch.

FORECAST

A bullish trend is likely to continue since the 7 day MA is still above the 21-day MA. A new target to be stood at $0.42006 and stop-loss should be placed slightly below the target in case of a breakdown.

IOTA-USD

Just like BCH, IOTA is also seen trending on a ranging market as indicated by the intertwining moving averages. IOTA/USD pair began the day trading around 06 June 10:00 at $0.42421. A massive drop of price momentum later followed this to a low of $0.39884.

The RSI X is later seen below level 50 thus indicating strong selling pressure at that period of time. At around 19:00 a bullish accumulation candle that pushes the price rally further up to a high of $0.42689 signals bullish momentum.  

From 19:00, a strong buying pressure is encountered since the bulls seemed to have taken control over the market momentum as reflected by the increasing RSI. The significance level is, later on, stood at; resistance level at $0.42459 and support level at $0.42006.

The significance levels where tested severally and further breached past resistance level. IOTA is therefore currently trading at $0.4527 according to Binance. This shows that it is up by 9% over the last 24hrs which may result to positive impact upon investors.

FORECAST

A further uptrend is likely to be seen in the next few hours. This is because the 7 day MA is still above the 21-day MA during the last hours thus indicating a bullish signal. New support level should be held at $0.43441, while security should be placed slightly below the new support level in case of a breakdown.


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