June 2nd Market Analysis from LBank Derivatives
Bitcoin (BTC), the world’s largest cryptocurrency by market cap, continues to oscillate near relatively high levels. Despite several declines, it has not yet broken below the floor of its current platform. As of the beginning of June, the price hovers around $27,000.
Based on this, there is anticipation for a potential bounce back at the beginning of the month. If Bitcoin can hold above $25,800, a good strategy would be to open a long position, with a profit target set above $28,000.
Ethereum (ETH), the second largest cryptocurrency, shows relative stability in comparison.
Although the overall daily trendline remains on a downward trajectory, the macro-level bullish support line is about to arrive. For Ethereum, the buy-on-dip strategy is suggested within the larger trend. The $1,800 level above shows a relatively robust support, and should be used as an opportunity for opening long positions on pullbacks.
Notable Altcoins
Litecoin (LTC) stands out among the major cryptocurrencies with its strong performance. The trendline of its macro-level lows continues to rise, with the current price above $95. History has shown that in August, when halving hype tends to kick in, prices rise preemptively.
This makes the current position extremely crucial. If the volume picks up, Litecoin could break through the significant resistance level of $100, leaving the upside wide open.
However, while holding long positions from previous pullbacks remains advisable, chasing after the price at this level is not recommended.
LINA
Lina, on the other hand, shows a relatively strong bullish trend, currently on a seven-day winning streak. Despite a brief surge in the morning, if it fails to reach a new high with significant volume, it’s likely to form a top in the near future.
For those who entered around $0.02 as advised earlier, it may be prudent to wait for another surge to take profits. Looking at the bigger picture, it is expected to form a top in the coming days.
In conclusion, the crypto market exhibits diverse trends. Investors should proceed with caution, keeping in mind the individual characteristics of each cryptocurrency.
It is important to note that despite the analysis provided, the cryptocurrency market is highly volatile and subject to frequent changes. Always make sure to conduct your own research and consult with a financial advisor before making investment decisions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
