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Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Litecoin – American Wrap: 6/9/2020

·2 min read

Bitcoin Price Prediction: BTC/USD Facing Resistance Towards $10,000

Bitcoin has defended the daily 12-EMA on June 9 again, which means the digital asset has defended the support level seven days in a row. BTC/USD is still flat and trading sideways but has seen a volatile move on June 9, peaking at around $9,870 before quickly dropping to $9,500 and even $9,300 on some exchanges.

Bitcoin has recovered and continues trading sideways. Bulls are looking at a $9,760 resistance level where the daily Fibonacci 38.2% and the upper Bollinger Band on the 15-minutes chart are converging. There is also a resistance point closeby between $9,760 and $9,777 where the upper Bollinger Band on the hourly currently stands.

Ethereum Technical Analysis: ETH/USD Plummets To $237, Recovers Instantly

A wild day for Ethereum today on June 9. The digital asset was trading sideways at around $242 before a massive bull breaks up to $250. This move only lasted a couple of minutes as bears quickly took over and pushed ETH below $240, hitting $237.01.

This is not the first volatile move we have seen after the recent rejection from $253.47. Almost all the top cryptocurrencies have experienced massive spikes followed by crashes during the past few days.

Litecoin Technical Analysis: LTC/USD Recovers From A Massive 56% Flash Crash On Bitstamp

Litecoin has been trading sideways for quite some time like the rest of the cryptocurrency market. The digital asset started trading at $46.5 today on June 9 and reached a high of $46.88 right before the massive flash crash that took it down to $20.

The move only lasted two minutes and Litecoin recovered to its original price. The cause of this massive crash was most likely someone selling a big amount of Litecoin destroying the order book on Bitstamp. The move was notable enough to move LTC/USD on other exchanges as well.

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