Price analysis 6/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin (BTC) dropped over $1,000 inside a few minutes every bit news hitting the stands that the tertiary-largest Chinese bank, the Agricultural Bank of China, will non allow the use of its services for crypto transactions.

Although the bank later on deleted its anti-crypto argument, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin miners and this has resulted in the hash rate dropping to an eight-month low.

*Daily cryptocurrency market performance. Source:* *Coin360*

While this may be a negative in the short term, several analysts believe this is a positive development for the long term. "The 'China-dominated' Bitcoin mining era may be coming to an terminate," said Alex Gladstein, chief strategy officer of the Human Rights Foundation. As mining activity shifts to other user-friendly jurisdictions, the network is probable to flourish.

Among all the bearish news and price activity, MicroStrategy has disclosed the buy of xiii,005 Bitcoin at an average price of $37,617. This takes the house's total belongings to 105,085 Bitcoin at an average price of just over $26,000 per Bitcoin.

Will MicroStrategy'southward purchase attract other institutional investors and result in a relief rally? Let's study the charts of the top-x cryptocurrencies to find out.

BTC/USDT

Bitcoin completed the dreaded death cross on June 19 and this seems to have attracted further selling from the bears. The sellers take pulled the toll down to the critical support at $31,000 today.

The bulls had successfully defended the $31,000 support on May 23 and again on June 8. Therefore, the level may again concenter buying from the ambitious bulls. The relative forcefulness index (RSI) is attempting to form a bullish divergence, which is another positive sign.

If the price rebounds off $31,000, the BTC/USDT pair will attempt to rising to $42,451.67. This could keep the pair range-bound betwixt these two levels for a few more than days.

On the upside, the rally is likely to face resistance at the 50-day unproblematic moving average ($41,904). If the pair turns down from this resistance, the bears will again try to sink the price below $31,000.

If they succeed, the pair could turn down to $28,000 and if this support too cracks, the next end could be $20,000.

ETH/USDT

Ether (ETH) broke below the symmetrical triangle design on June 18. This indicated that the consolidation of the past few days has resolved in favor of the bears. Sustained selling has pulled the toll down to the 200-day SMA ($1,870).

The bulls volition attempt to defend the zone between the 200-day SMA and the May 23 low at $ane,728.74. If the toll rebounds off this zone, the bulls volition again endeavour to push the price back into the triangle. If they manage to do that, it volition suggest that buyers are accumulating at lower levels.

However, the 50-day SMA ($2,869) has started to turn downward and the RSI has dipped beneath 35, suggesting that bears are in command. If bears sink the price below the support zone, the ETH/USDT pair could drib to $1,536.92 and then to $1,293.eighteen.

BNB/USDT

Binance Coin (BNB) broke below the uptrend line on June 18 and the bears are currently attempting to sink the price beneath the $291.06 support.

If they succeed, the BNB/USDT pair could challenge the 200-day SMA ($261). This is an of import support to watch out for because the bulls had aggressively defended this support on May 21.

If the price rebounds off the 200-day SMA, the pair could rise to the downtrend line. A break to a higher place this resistance could clear the path for an up-move to $379.58 and and so $433.

Contrary to this assumption, if the bears sink the price below the 200-day SMA, the pair could driblet to $200 then to $126.75.

Related: Classic bearish chart pattern forms for Bitcoin every bit BTC price tumbles to $32K

ADA/USDT

Cardano (ADA) has dropped below the critical support at $1.33 today. If bears sustain the toll below this level, the altcoin could keep its refuse and accomplish the next major back up at $ane.

The bulls are likely to defend the $1 support aggressively as the 200-day SMA ($0.98) is just below this level. If the cost rebounds off this level, the ADA/USDT pair could rising to $1.33 where the bears may mountain a stiff resistance.

If the price turns down from this level, it will suggest that the sentiment has turned negative and traders are selling on rallies. A break below the 200-day SMA could open the doors for a farther fall to $0.80 so $0.68.

This negative view will invalidate if the toll turns upwardly from the current level and rises above the 50-day SMA ($1.62).

XRP/USDT

XRP bounced off the 200-24-hour interval SMA ($0.72) on June 20 but the bulls could not sustain the price above $0.75. Renewed selling has pulled the cost back beneath the 200-day SMA today.

If bears sink the toll beneath $0.65, the selling could intensify and the XRP/USDT pair may drop to the adjacent support at $0.43. The downsloping 50-mean solar day SMA ($1.09) and the RSI near the oversold zone suggest that sellers are in command.

Conversely, if the price rebounds off $0.65, the buyers will make one more endeavour to push and sustain the price in a higher place $0.75. If they manage to do that, information technology will propose accumulation at lower levels. The pair may then rise to $0.93 and then to $one.07.

DOGE/USDT

Dogecoin (DOGE) bankrupt below the neckline of a large head and shoulders blueprint on June 18 and has continued lower. The bulls will now try to defend the $0.21 support aggressively.

If the price rebounds off $0.21, the bulls will attempt to push the toll back above the neckline. If they succeed, it will bespeak strong buying at lower levels. The DOGE/USDT pair may so rise to the l-24-hour interval SMA ($0.39).

Conversely, if bears sink the price below $0.21, the pair could drop to the 200-solar day SMA ($0.fifteen). The bulls may once more try to stall the reject at this level but if they fail, the pair may driblet to the next major support at $0.10.

DOT/USDT

Polkadot (DOT) slipped below the support line of the triangle on June 20 but the bulls pushed the price dorsum into the triangle. However, the sellers are in no mood to relent and they take again pulled the cost beneath the support line today.

The downsloping 50-twenty-four hours SMA ($28.22) and the RSI in the negative zone suggest that bears have the upper hand. The DOT/USDT pair could now driblet to the disquisitional support at $15, which has not been breached on a closing footing since Jan. 16.

Therefore, the bulls will attempt to defend the $15 support aggressively. A stiff rebound off this level could push the price to $xx and and then to the downtrend line. A breakout and close above this resistance will be the beginning sign of force.

Contrary to this assumption, if bears sink the price below $15, the pair could witness further selling and decline to the next major support at $seven.l.

UNI/USDT

Uniswap (UNI) broke beneath the 200-day SMA ($22.20) on June 18. The failure of the bulls to defend this critical support indicated that supply exceeds demand. The buyers tried to stage a recovery on June twenty simply failed to push button the price above the 200-mean solar day SMA.

That resulted in renewed selling today. The downsloping 50-solar day SMA ($28.63) and the RSI nearly the oversold zone suggest that bears are in control. If the sellers sink the toll below $16.49, the UNI/USDT pair could drop to the critical support at $thirteen.04.

The bulls are likely to defend the $13.04 support aggressively. If the cost rebounds off this level, the pair could consolidate between $13.04 and $21.50 for a few days. On the opposite, a intermission below $xiii.04 could pull the price downward to $10.

BCH/USDT

Bitcoin Cash (BCH) has plunged below the $538.11 support, completing the descending triangle design. At that place is a pocket-sized support at $468.13 but if this back up cracks, the selling could intensify further.

The fifty-day SMA ($844) has been sloping down and the RSI is trading near the oversold territory, indicating reward to the bears. If the sellers sink the price below $468.13, the BCH/USDT pair could slide to $400 and and so $370.

This bearish view volition invalidate if the price turns up and chop-chop rises above the 200-twenty-four hours SMA ($609). Such a move will suggest that the bulls aggressively bought at lower levels. The pair may then rising to the 50-mean solar day SMA.

LTC/USDT

Litecoin (LTC) broke below the support line on June 18, indicating a lack of urgency among the bulls to buy at that level. The failure to push the price back to a higher place the support line in the past 2 days has attracted further selling today.

The downsloping 50-twenty-four hour period SMA ($222) and the RSI near the oversold territory indicate that bears are in control. The LTC/USDT pair could now retest the May 23 intraday low at $118.03. This level may act as a strong back up but if the bears sink the toll beneath it, the pair may drib to $100 and then to $70.

On the contrary, if the price rebounds off $118.03, the bulls will effort to push the price to the downtrend line. A breakout and close above this level will be the get-go indication of force. A trend change may exist signaled after the bulls propel and sustain the cost in a higher place the 50-day SMA.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves hazard. You should conduct your ain research when making a decision.

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