Bitcoin (BTC), EOS (EOS), Ethereum (ETH) Price Analysis 20th June – Is it a False Break or a New Rally?
In the last 24 hours, bitcoin (BTC) has surged above $6700. It is now trading at a price level at which it has lagged in the past. In essence, anyone looking to buy into Bitcoin at the moment needs to watch this price level for at least 12 hours. If bitcoin breaks above it, it could easily test $7600 in the next 24 hours.
However, if Bitcoin fails to break above $6800 in the 12 hours or so, this could be a false break, and could see it drop back to $6200, which is the first support level on the daily charts.
Therefore, to buy into bitcoin with a 24-hour target, it is best to keep an eye on the volumes. If volumes surge and bitcoin breaks above $6800, it could offer a good entry point with a target of $7600.
On the flipside, if volumes drop, and the price drops below $6500, a sell order would more appropriate with $6200 as the next target. At the moment, being patient to determine the direction it takes, offers the best chance for profit tomorrow. Any signs of price consolidation should warrant staying off the market for one more day.
The hype around the main net has offered strong support for EOS (EOS) in the last 2 weeks. Looking at EOS (EOS) in the last 24 hours, it has a clear setup for a short-term bull run. On this chart, it is clear that EOS (EOS) is holding strong above the 200-day moving average, which is a long-term support level.
The fact that it has not broken below it for the last 6 days is an indicator that there is huge money flow into EOS at the moment.
However, on the upside, the 55-day moving average is giving resistance at $11. To make a long entry into EOS (EOS), it is best to wait for it to break above $11, and hold above it for at least 12-hours.
Once this happens, EOS (EOS) is likely to push higher, and test $14, which is the next major resistance level. If it doesn’t break above $11, EOS (EOS) is likely to continue trading in a tight range in between the 200-day and the 55-day moving average.
In the last 24 hours, Ethereum has rallied above $500 to trade at the $530-$540 range. However, the setup doesn’t look clear for a long entry.
To buy into Ethereum in the next 24 hours, it is best to wait until it tests $600, which is the first major resistance level. If it breaks above this level, then a long entry would be ideal with a target of $715, which is the next resistance along the 200-day moving average.
However, if Ethereum fails to test $600, this could be a false break and could easily see it retest $480 to the downside. In essence, it is best to wait it out, until the market direction fully clears up. Waiting it out can help you avoid losses in case this is a false break.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.