Today on June 16, 2020, saw Bitcoin and Ethereum continue a bullish run consolidating below the key resistance level. Yesterday on June 15, Bitcoin formed a bullish reversal candlestick and has today continued the same trend but has failed to break the USD 9, 550 resistance zone.
At the time of writing (12:23 GMT) bitcoin USD price is 9,487 with signs of consolidating gains for a bullish break above USD 9,550 and USD 9, 600.
Ethereum, just like Bitcoin, has recovered from the price fall experienced over the weekend marked by a fairly strong bullish reversal candlestick seen yesterday on June 15.
The bullish run is on continuation today with the support level at $230. Altcoins, notably LTC, XRP, Bitcoin Cash, EOS, TRX, ADA, ZIL, and XLM, continue gaining tremendously. DIVI and CHSB, in particular, gained 20% today.
Bitcoin Consolidates Below Key Resistance
Following a slight deep in price over the weekend, bitcoin price strongly recovered into the week with the price consolidating below key resistance level i.e., USD 9,550 and USD 9,580 levels. Bitcoin’s slight price increase could be linked to the major U.S trading indices, such as the S& P 500, which jumped by 3.5% during the day.
The bullish Bitcoin run could get stronger or gain intense momentum if the price moves past USD 9,600. The next resistance level stands at USD 9, 800 level, which points at the price shooting to USD 10, 000.
In case of a bearish run, the price may decline to pass the first major support level at USD 9, 300 tradings around the USD 9, 000 critical support level.
Ethereum Bullish Run
Ethereum has increased from its fall over the weekend, increasing by 6.22% over the past 24 hours. ETH is currently trading above the USD 230 support level, with the USD 235 being the next resistance level. USD 238 resistance level is the major resistance level, and a possible break above the level could propel the price past USD 240.
There is a high probability of ETH trading at USD 240 in the coming days since the bullish run is not supported by the trading volume rather a decline of the resistance level.
Other Altcoins Showing Tremendous Rallies
Altcoins continue showing incredible gains. Bitcoin cash is strongly showing a bullish run currently trading near the USD 240 resistance level. There is a high chance of the price rising towards USD 250 level.
Litecoin is up by around 2% currently trading above the USD 44.00 support level. Past the USD 45.50 resistance levels, the price may shoot to USD 48.50 in the coming weeks. XRP returned to USD 0.192 level following a decline in price experienced yesterday. The coin is showing positive signs of breaking the USD 0.200 resistance level following a strong bullish run.