Not much is going on in the cryptocurrency markets with the ranging or to say boring state of the market. There was a “fake” pump close to the 41k levels last week before it started a fresh decline when it couldn’t go above the 38k levels. It is currently struggling below 33k and showing signs of going lower.
A substantial dump in the price of Bitcoin (BTC) was expected over the weekend with the news from China about Bitcoin Miners shutting down their activities. But Bitcoin rarely dropped 5% with the news. But it has printed about 7% loss today, 21st June, 2021 as it is trading above 32k at the time of publication.
With the current price of BTC, the next support is at the 30k levels. Break of the 32k level might see a further drop in the price of Bitcoin.
A positive zone for Bitcoin might come when it clears the major resistance levels at 36k and 38k respectively. Failure to clear these zones might see to a continued range in price. Worst case scenario might be a drop below 30k for BTC.
Ethereum (ETH) dropped a little bit below 2k levels to $1,976 and is currently trading at the $2,000 levels. It has been ranging within the $2k to 2.5k levels since the dump in the markets. The Binance native token (BNB) is making the same pattern of ranging between 300 – 380 levels.
Their movements in price are widely determined by the movements in price of Bitcoin. Expert traders find entry points to scalp for short term gains between the ranging points in the market. But with this, attention must be paid to movements of Bitcoin even after the TA and other homework have been completed.
What do you think about the market this week? Share your comments below