The cryptocurrency market continues to show volatility. This article presents an analysis of current trends for major cryptocurrencies: Bitcoin, Ethereum, and Litecoin.
Bitcoin (BTC) Analysis
Yesterday, Bitcoin (BTC) surged to $108,952 before pulling back. According to the analysis from June 13, those who went long should see an unrealized profit of around 5.5%. The long upper shadow on the candlestick indicates strong resistance, especially as this level aligns with the inverse Fibonacci 0.236, likely triggering many short orders.
The price-volume relationship shows a price increase with declining volume, a typical short-squeeze phenomenon. If holding a long position, consider closing to lock in profits or hedging to avoid losses.
Continue monitoring price reactions at the upper and lower trendlines of the triangle pattern, as well as the white support zone and the $100,000 level. Significant breakouts or breakdowns at these key levels would be ideal for entering trades.
Ethereum (ETH) Overview
Ethereum (ETH) also rose with the market yesterday. Although trading volume slightly increased, it faced strong resistance at the midpoint of the flag pattern, resulting in a pullback. The closing price even dropped by 0.13%, indicating robust resistance and a likely pattern reversal.
The pullback aligns with Fibonacci 0.5. Based on pattern analysis, the target price is around $2,260, roughly at Fibonacci 1.414. This rally is likely a short-squeeze, liquidating short positions before a potential decline.
As of writing, ETH is at $2,580. Investors can consider entering at market price or establishing short positions around $2,600–$2,610, which aligns with Fibonacci 0.618. Take-profit levels align with the pattern’s measured move at $2,260.
Litecoin (LTC) Dynamics
Litecoin (LTC) also rose with the market yesterday but faced resistance at $88.9 and pulled back. The current price pattern remains within a descending trendline with no reversal signals, suggesting the downtrend will likely continue.
As of writing, LTC is at $87. Investors can enter at market price or set short orders around $88, which aligns with Fibonacci 0.5. Take-profit targets, based on pattern analysis, are around $73.3–$75, corresponding to Fibonacci 1.618–1.5, also a previous order block support zone.
The current situation in the cryptocurrency market requires careful analysis and monitoring of price levels. Investors should consider the dynamics and established resistance levels when making trading decisions.
