Top 10 Cryptocurrencies Analysis (June 10)
Disclaimer: the cryptocurrency market is extremely volatile so all predictions should be considered as approximate only. Superorder isn’t responsible for any consequences of your trading actions. Always do your own research before making a deal.
While G20 members and central banks discuss the importance and potential usefulness of cryptocurrency, leading social projects are ready to issue their own coins. Telegram will launch the network this year and Facebook is likely to announce its crypto this month! The news may change the prices so keep an eye on the charts. And we will help.
This week’s analysis focuses on the top 10 currencies: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Binance Coin, Bitcoin SV, Stellar, and Cardano. Statistical information is derived from CoinMarketCap while cryptocurrency charts and images (except for BSV/USD) are from the crypto trading terminal Superorder.
BTC/USD
Resistance level: $9,000.
Support levels: $7,130 and $5,900.
Trading recommendation: the flat 20-day moving average and center position of the RSI report about the upcoming consolidation. Bulls can complete the Head and Shoulders pattern so we suggest waiting and buying at support levels only.
ETH/USD
Resistance level: $280.
Support levels: $225 and $167.
Trading recommendation: similarly, there’s a strong balance between bulls and bears. You can try day trading crypto in the range between $225 and $280 but do it for no more than 30% of the positions. Also, we can recommend waiting for the sustain above $245 and buying with Stop Loss at $220.
XRP/USD
Resistance level: $0.45.
Support levels: $0.35 and $0.27.
Trading recommendation: the upcoming consolidation is highly likely here, too. Our advice is to maintain open Stop Loss orders at $0.35 but keep long positions. Traders will try to start a new cryptocurrency bull run to complete the symmetric triangle pattern.
LTC/USD
Resistance levels: $159 and $185.
Support levels: $110 and $91.
Trading recommendation: the pair is rising, undoubtedly. However, the main bullish goal is to break the upper trendline and it’s not an easy task. You want to watch prices and put Trailing Stops near $98. Surely, keep your long positions open.
BCH/USD
Resistance levels: $398 and $480.
Support level: $357.
Trading recommendation: the 20-day moving average and the RSI signalize that bears try to get control over the market. We don’t see options for profitable buying now so it’s better to avoid trading at all.
EOS/USD
Resistance levels: $6.8 and $8.6.
Support levels: $5.9 and $4.5.
Trading recommendation: both long-term and medium-term trends are bullish while the short-term one is more bearish. Our signal now is to wait for close above $6.8, buy some coins, and set a Stop Loss at $5.8. Don’t chase prices higher.
BNB/USD
Resistance levels: $33 and $46.
Support levels: $30.9 and $28.
Trading recommendation: the pair experiences a strong uptrend now as bulls buy near the actual support and prepare to push to new lifetime highs. You can buy if the rate sustains above $33 for 4 hours, at least. Surely, keep Stop Losses at $28 and don’t trade for more than 50% of the position because day trading crypto can be pretty risky.
BSV/USD
Resistance levels: $240, $307, and $340.
Support levels: $175 and $152.
Trading recommendation: bulls keep prices near high marks and that’s a good sign. Nevertheless, we can’t find reliable buying conditions so you want to wait a bit.
XLM/USD
Resistance levels: $0.149 and $0.225.
Support levels: $0.115 and $0.086.
Trading recommendation: sustaining above $0.125 will mean that the coin enters a trading range between $0.115 and $0.149. A further breakout over $0.149 will complete the inverted Head and Shoulders pattern. We recommend opening long positions after this break but not earlier.
ADA/USD
Resistance levels: $0.084, $0.1, and $0.225.
Support levels: $0.078 and $0.058.
Trading recommendation: all the indicators are near medium levels so bulls and bears are balanced now. Buy more crypto coins after reaching and exceeding the main resistance at $0.1. Don’t forget about Stop Losses as the pair may sink to $0.05.
