Here are useful information not to be missed that TimeBit summarizes to readers about the Crypto market on 6/11/2020:
The cryptocurrency market caught yet another tailwind as the world waits for the United States to finalize the ongoing vote counting exercise. Bitcoin was the biggest winner, with the price going ballistic above $14,000, $15,000 and closing in on $16,000. Ethereum also joined the bullish party, spiking above $440.
The crypto space is mainly in green, with selected assets growing between 1% and 5% on the day. For instance, Litecoin stepped beyond $60 after making a 5% comeback. As discussed, NEO is on the verge of a breakout, already changing hands 3.5% higher on the day.
The flagship cryptocurrency is changing at $15,740 amid an ongoing recovery from the newly established support at $15,400. BTC was earlier rejected at $15,888 during its approach to the crucial $16,000 level. The new yearly high is currently the immediate resistance and if pushed into the rearview, the bellwether cryptocurrency might quickly rally towards the all-time high around $20,000.
According to the Relative Strength Index, Bitcoin is comfortably sitting in the bulls’ hands. The RSI is still elevated in the overbought region. It is usual for the RSI to stay in this region longer, especially in bullish markets. Therefore, Bitcoin may continue rallying before a reversal comes into play.
The smart contract token rocketed above the resistance discussed at $420 on Thursday. Buyers assumed complete control over the price amid Bitcoin’s surge to new yearly highs. Ether shot up towards $450 but stalled at $442. Meanwhile, a shallow retreat seeks balance above $430 before the crypto asset can eventually lift off to higher levels.
It is deducible that bulls are at the helm of the ongoing price action. The Moving Average Convergence Divergence, although a lagging indicator, highlights the immense presence of buying pressure. Crypto market on 6/11/2020 recorded a bullish divergence above the MACD reinforces the intense bullish grip.
XRP continues to build on the momentum created after it was pushed out of the descending parallel channel discussed earlier this week. Trading above the 50 SMA also added credibility to the bullish outlook. Another spike past the 100 SMA and the 200 SMA in the 4-hour timeframe culminated in the ongoing bullish price action.
If XRP fails to break the short-term resistance at $0.255 or the medium-term hurdle at $0.26, bears would most likely reclaim control over the price. On the downside, declines may overshoot the 200 SMA and the 100 SMA to test the major support presented by the 50 SMA at $0.24. It is worth noting that Ripple’s most robust support lies at $0.23.
*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.