June 19th Market Analysis from LBank Derivatives
The cryptocurrency market rebounded from a recent low last week, driven in part by BlackRock, the world’s largest asset management firm, submitting a file to the U.S. Securities and Exchange Commission (SEC) on Thursday afternoon for a Bitcoin (BTC) Spot ETF.
The news had a positive impact on Bitcoin prices, sparking a bounce off the bottom to approximately $26,500. Currently, the ongoing agreement draft between Binance and the SEC could also break the norm.
The market is gradually digesting this bearish news and is waiting for a potential warming trend. From the perspective of Bitcoin’s daily chart, the current price has returned above the 120-day moving average (MA120) but has not yet shown a strong upward breakout.
The price is expected to continue to retract below $26,000. Based on the overall trend, which remains a fluctuating downtrend, it is suggested to adopt a “buy low” strategy and avoid chasing after breakouts.
The daily chart for Ethereum (ETH) shows relative weakness, bouncing back to the lower end of the fluctuation box, and failing to secure a position above the MA120.
Operationally, it is suggested to continue to view fluctuation as the main trend. A further adjustment of around $1700 might be required.
Notable Altcoins
The SUI coin, a previous hot-spot project, has been on a 45% downward trend since its listing.
It is currently experiencing an oversold bounce back. It is suggested to consider tentative buying around the 0.6 level after a second bottom test.
On the other hand, the CORE coin has been a strong performer in the previous rebound and belongs to the CX category.
Its overall trend aligns with expectations, and it’s highly probable that it will become a zero-value coin in the future. Based on the previous rebound trend, it’s suggested to consider shorting after consecutive bullish days.
In summary, although cryptocurrencies seem to be experiencing a period of rebound and adjustment, the market appears to remain in a downward trend. Investors should be cautious and prioritize a strategy of buying low while maintaining a close watch on ongoing regulatory developments.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
