Small Gains, Small Losses for Bitcoin, Ethereum, Ripple, EOS, NEM: Price Analysis, June 20

Bitcoin and other cryptos neutral on Wednesday, no significant price changes

There were no significant changes in the past 24 hours. Bitcoin and other cryptos remain neutral on Wednesday making small gains and small losses. The industry seems to be at crossroads looking for news and events to make further decisions.

As for the interesting news, there was a report from Hedge Fund Research (a reputable hedge fund analytics agency) showing that average profits of hedge funds investing in digital assets are 35 percent lower in 2018. Those investment institutions have reported an average profit of 45 percent in spring, but it is still not enough to overcome the numbers of 2017.

Another interesting news comes from the United States. Famous crypto industry expert John McAfee will no longer give his “prophecies” on coins as he was contacted by the US SEC regulator and asked to stop his “predictions.”

Bitcoin (BTC/USD) Price analysis, June 20

Bitcoin had almost no changes in the past 24 hours as the cryptocurrency added less than two percent. When we look at the hourly chart we can see that there is no clear tendency currently meaning bulls and bears are in balance and hesitate to make any further steps.

The closer look at the hourly chart helps to understand short-term tendencies. BTC price has tested the resistance area at $6,718 but failed to jump over it. There was a Shooting Star candlestick pattern on Tuesday and the currency pair declined lately following to this signal. BTC/USD stays in the middle of a horizontal range currently with no clear bias. The possible ways for Bitcoin are the following:

1. Red scenario (bearish). The currency pair will test the support at $6,510 and if successful, bears will have an opportunity to push BTC/USD lower towards 3.618 retracement level.

2. Orange scenario (neutral). Bitcoin will stay between the resistance area at $6,718 and the support at $6,510.

3. Green scenario (bullish). BTC/USD will test the resistance area at $6,718. If successful, buyers will be able to drive the currency pair higher, targeting the resistance at $6,943.

Ethereum (ETH/USD) Price analysis, June 20

The currency pair remained neutral as Ethereum has added less than one percent in the past 24 hours. The situation on the hourly chart, in general, is unclear as we have no direction. Buyers and sellers are in balance in the moment of writing and hesitate to make any further steps.

When we look closer at the hourly chart we can see that Ethereum has tested the resistance area at $540.69 on Tuesday but failed to break it through and retreated later. The currency pair stays within a horizontal range at the moment of writing. The possible ways for Ethereum are the following:

1. Red scenario (bearish). The currency pair is going to test the support area at $500.36 and if successful, bears will be able to push ETH/USD lower, targeting the next support at $473.39.

2. Orange scenario (neutral). ETH/USD will stay within the current range limited by the resistance area at $540.69 and the support area at $500.36.

3. Green scenario (bullish). Ethereum will test the resistance area at $540.69 and if successful, buyers will be able to drive the currency pair higher, targeting the next resistance at $566.90.

Ripple (XRP/USD) Price analysis, June 20

Ripple had almost no changes in the past 24 hours as the currency pair lost less than two percent. The situation is unclear in general as there is no tendency at the moment of writing. Bulls and bears have found balance and hesitate to make any further steps.

When we look closer at the hourly chart we can see that XRP/USD has tested the resistance area at $0.5444 and almost reached the next resistance at $0.5643 but retreated below $0.5444 later. The currency pair stays in the middle of a range in the moment of writing. The possible ways for XRP/USD are the following:

1. Red scenario (bearish). Ripple will break through the support area at $0.5088 and move lower targeting the next support area at $0.4918.

2. Orange scenario (neutral). The currency pair will stay within the current range limited by the resistance area at $0.5444 and the support at $0.5088.

3. Green scenario (bullish). XRP/USD will break through the resistance area at $0.5444 and move higher targeting the next resistance at $0.5643.

Take a look at EOS (EOS/USD) and NEM (XEM/USD) Price Analysis, June 20