Today, the incidence of coronavirus infection worldwide has exceeded 10 million, and the number of new cases in the United States has risen to new records in recent days. This boom revealed a risk that stock markets could face selling pressure. Meanwhile, assets with a safe haven like gold continue to work well.

Earlier this week, Bloomberg analyst Mike McGlone said that the decrease in bitcoin volatility (BTC) has tightened the Bollinger Bands, a popular indicator of technical analysis used by many traders. McGlone predicts that the highest-rated cryptocurrency on CoinMarketCap will eventually grow to $ 13,000 if its support exceeds $ 6,500.

Most major cryptocurrencies have entered the consolidation phase, and trading on the fixed-distance market can be difficult, as price behavior is unstable. Business owners may consider reducing risk by reducing the size of their regular position. The size of the natural position can be restored when cryptocurrencies start the trend again.

After an unsuccessful expansion of the range of $ 10,000-10,500. Over the past few days, Bitcoin has seen bulls register bulls in the near future. On June 27, the price fell below the trend line, as well as critical support at $ 8910.04.

The ten-day exponential moving average ($ 9,277) began to decline, and the RSI ended up in negative territory, indicating that the bears have a short-term advantage. However, the medium-term period indicates consolidation, as the simple moving average of 50 days ($ 9,399) remains flat.

Bears who did not earn on a fall below $ 8,910.04 on June 27 indicate the seller has no lower levels.

The bulls are currently trying to recover. If the bulls can push the price back from the trend line and its continuation, you can go to the downtrend line.

On the other hand, if the BTC / USD pair fell from the moving averages and broke below the $ 8910.04 mark, a deeper fall in the channel may occur. Bulls are likely to strongly protect the range between $ 8130.58 and the channel support line.

Continued relief may meet resistance on the previous support, which turned resistance on the trend line.

If bulls can push the price above this resistance, the likelihood of an increase in the downtrend of the channel increases. A channel eruption will be the first sign of strength, indicating a possible shift of up to $ 10,000.

Conversely, if the price falls from the upper resistance level, the Bears will again try to resume the bearish move. A break below $ 8,825 should indicate weakness. With such support, the drop could increase to $ 8,628, and then to $ 8,400.

There is no clear trend, and therefore price actions are likely to remain unstable, which may be useful for a short-term trader to quickly enter and exit transactions without expecting a big move.

ETH is consolidating in a trend. Although the price fell below the support level of $ 217.67 on June 27, the Bears could not hold lower levels. This indicates that bulls continue to buy, are declining.

Bulls are currently trying to keep the price above the 50-day simple moving average ($ 223), which is leveling out. If successful, the cryptocurrency can rise for a second on CoinMarketCap to EMA within 10 days ($ 230).

Conversely, if the price falls below current levels, the Bears will try to drown the price below the support range of $ 217.67 – $ 216.006. If this happens, it will likely fall to $ 200.

ETH / USD broke through 10-EMA, which is the first sign that bulls are buying heavily at lower levels. If the price is above 10-EMA, it is likely to rise to the resistance range of 50-CMA-236.

On the contrary, if the pair cannot hold above 10-EMA, the Bears will again try to drown the price below $ 216. If successful, this is probably a new decline.

Thus, traders should carefully monitor the $ 216. And if this level of support falls, long positions should be avoided, since a deeper correction can be made.

Cash bitcoins (BCH) have been suspended in a large range from $ 200 to $ 280 for more than two months. As a rule, when the price spends so long in a series, it needs a strong impulse to penetrate or minimize the range.

Source: CoinTelegraph