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Price Prediction

Bitcoin Price Drops -6% After Being ‘Dumped’ By Elon Musk On Twitter

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Bitcoin Price Drops -6% After Being 'Dumped' By Elon Musk On Twitter

A tweet from Elon Musk suggesting that he has finally ended his on / off relationship with the cryptocurrency has brought the Bitcoin price down sharply.

Once again, BTC / USD failed to break above USD 40,000 Yesterday the signs were encouraging. Bitcoin had rallied + 18% to $ 39,490 in 4 of the last 5 days. One final boost today seemed certain to push Bitcoin price above the psychological barrier and to its highest closing price since May 19th.

However, Elon Musk, the archenemy of the Bitcoin cops, was there to spoil the party. The tweet showing a couple’s breakup was accompanied by a bitcoin hashtag and a broken-hearted emoji.

The tweet referring to a Linkin Park song was actually pretty funny, just not for BTC / USD longs. Bitcoin price has so far lost $ 2,700 in one-way traffic and threatens to lose even more.

BTC / USD price outlook

If we look at the 2 hour chart, we can see that yesterday’s rally caused Bitcoin price to break out of its narrowing triangle formation. The trading range had fallen since the May 19 crash (also triggered by an Elon Musk tweet).

This technical breakout came when the price crossed the trend at $ 38,300. This indicated that BTC / USD could reach the resistance of the 200 DMA at $ 41,500.

Hence, if the trend breaks, buyers are likely to chase the price higher. The trend reversal may have caused these short-term longs to be stopped out, which contributed to the pace of the decline.

If selling continues in the US session, Bitcoin price could move back to the lower end of the triangle pattern at $ 34,850. Failure to hold this support would then target the April 30 low of $ 33,300.

However, if BTC / USD can recover the trend at USD 38,300, the negative outlook would turn bullish again.

Bitcoin price 4 hour chart

Bitcoin price

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Price Prediction

Ethereum Price Forecast Ahead of Fed Interest Rate Decision

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Ethereum Price Forecast

Ethereum price paused after the rally on Sunday. The surge was the market’s reaction to Elon Musk’s tweet about Tesla’s likely reintroduction of Bitcoin as a means of payment. Ethereum is the second largest cryptocurrency after Bitcoin, both in terms of daily trading volume and market capitalization. Hence, an increase in the price of the largest digital currency often carries over to its main competitor.

On Sunday, Musk tweeted in response to Cointelegraph’s report, which included a statement from Sygnia’s CEO Magda Wierzycka. According to Wierzycka, the US Securities and Exchange Commission should have investigated Musk’s recent tweets about Bitcoin. In May, Ethereum prices fell after Musk indicated that Tesla would suspend the use of Bitcoin as a means of payment.

Investors are now looking forward to the Fed’s rate decision scheduled for Wednesday. The focus will be on whether the central bank holds its position that inflationary pressures are temporary. A cautious tone will be positive for the Ethereum price.

Technical outlook for ETH / USD

Ethereum price has eased after skyrocketing in the previous session. On Sunday, ETH / USD rose from an intraday low of 2,310.19 to 2,551.89. The price movement corresponded to an increase of over 10%. At the time of writing, the cryptocurrency was down 0.86% to 2,488.62. On a two-hour chart, it trades above the 25- and 50-day exponential moving averages.

I expect the Ethereum price will continue to find resistance at the Sunday high of 2,551.89. Additional buyers entering the market could push prices to the next resistance level at 2,676.01. On the downside, it may give way to find support across the 25-day EMA at 2,427.77 or below at Sunday’s low of 2,310.19.

Ethereum price chart

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Price Prediction

Dogecoin Price Prediction: Price to Remain Range-Bound

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Dogecoin Price Prediction

The latest Dogecoin price prediction is that the price of the asset will stay in the range for some time. The Doge universe has not been around for a long time, and chief promoter Elon Musk seems to be busy with other business. The days of the 12,000% price hike seem a long way off as the DOGE / USDT pair failed to gain significant traction after the massive crash in May.

Dogecoin price movements were further propelled by Elon Musk’s memes and tweets surrounding the token. Dogecoin desperately needs more injections from Musk. But the question

is: Has the market started to price this factor in favor of more critical fundamentals (which Dogecoin seems to be lacking at the moment)?

The Dogecoin price prediction is for traders of the couple not to take unreasonable risks. Waiting for more action from Musk’s ending could be the endgame for now. With nothing coming from this angle yet, DOGE / USDT could see price trading between the boundaries formed by the support at $ 0.30 and the resistance at $ 0.35.

Technical outlook for Dogecoin

The Dogecoin price prediction from the daily chart of the DOGE / USDT shows the presence of a support level at 0.30. Price has tested this price level several times without falling below it. The day candles are now turning north and targeting the 0.34 resistance level. Breaking this resistance opens the door to the bottom of the resistance zone at 0.39. This resistance zone is the only barrier from the previous resistance at 0.55, seen at the 50% Fibonacci retracement from the April 11th swing low to the May 8th swing high.

On the flip side, the corrective decline will continue if price breaks the 0.30 support with 0.24 and 0.21 additional targets in the south.

Dogecoin; Daily chart

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Price Prediction

A Move Above $2,800 Is Bullish for Ether

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A Move Above $2,800 Is Bullish for Ether

Ethereum coincided with Bitcoin and was trading below $ 2,000 in late May. Buying the dip with such aggressive weakness isn’t for everyone, but so far the dip holds up. Additionally, the market is making a series of higher lows against horizontal resistance, suggesting that a reversal pattern may be underway.

The $ 2,800 level is crucial to the Ethereum price. Bulls may want to see a breakthrough and close above the $ 2,800 mark as a sign of the completion of the reversal pattern before going long.

The most recent rebound from the lows came after Tesla CEO Elon Musk said the company would accept Bitcoin as payment for car purchases once the mining is done with at least 50% renewable energy. It’s unclear why Musk will make such a statement after cutting Bitcoin’s energy usage a month ago, but voices argue that higher Bitcoin prices would help Tesla’s investments as the end of the quarter approaches.

Make no mistake, Bitcoin bounced back over $ 40,000 and sparked similar moves in Ethereum and other cryptocurrencies.

Ethereum Technical Analysisum

Conservative bulls may want to wait for Ethereum price to close above $ 2,800 before going long with a stop-loss order at the previous higher low and a take profit at $ 4,000.

Ethereum price forecast

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