5 June 2020

BTCUSD longs daily chart

Key takeaways: Bitcoin price rally and where it may lead, Bloomberg forecasts BTC price to go above $20,000 this year, ETH touched a critical level - what’s next?

BTC/USD daily chart

05 june btcusd daily

Bitcoin price went on a rollercoaster ride, getting as high as $10,400 and falling over 10% to $9,100 this week. It is currently consolidating at the $9700 level - on the verge of breaking out of a major triangle pattern again. The previous attempt ended up being a fakeout as bears drove the price down. If bitcoin actually breaks above that major resistance line and gets a daily candle closing that would be a signal for a strong bullish trend. As for now, the 20-day moving average serves as support, leaving BTC room to roll back to $9,500 in a short-term bearish scenario.

Bloomberg is bullish on Bitcoin

05 june bloomberg

Bloomberg in their monthly crypto outlook forecast bitcoin price to go above $20,000 before the end of this year. The report compares the current market to 2016 post halving time. They even went ahead and said “Something must go very wrong for bitcoin to not appreciate”

ETH/USD daily chart

05 june ethusd daily

Ether’s bullish trend leads the price to $243, growing over 5% this week. The currency tested exactly the same level as it did on the 7th of March prior to a major crash. This time around ETH is holding ground and might gather some power to reach the 0,618 Fibonacci Retracement ($260). Currently ether is in the upper-mid level on a daily Relative Strength Index and has some room for further growth before correction. The closest support lays at $226, that aligns with the support provided by the 20-day moving average.

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