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Market Analysis: BTC, ETH & ICX - The evolution of the market during the past week was quite flat with a BTC that traded between USD 19,700 and USD 21,700. Bitcoin is now trading just below the level of USD 21,000. What can we expect next? We'll break this down later in the article but first let's go over the main industry news.

Market Analysis: BTC, ETH & ICX

The evolution of the market during the past week was quite flat with a BTC that traded between USD 19,700 and USD 21,700. Bitcoin is now trading just below the level of USD 21,000. What can we expect next? We’ll break this down later in the article but first, let’s go over the main industry news.


NEWS

News is one of the factors that impact cryptocurrency prices. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:

Tether CTO refutes stablecoin FUD as a short-sellers circle

Tether chief technology officer Paolo Ardoino has confirmed that the stablecoin has been the subject of a “coordinated attack” by hedge funds looking to short sell the dollar-pegged crypto asset.

Speaking to his 151,600 Twitter followers on Monday, June 27, the Tether executive was responding to reports that hedge funds have been borrowing millions in loans to short USDT since the collapse of Terra (LUNA) in May.

Source: https://cointelegraph.com/news/tether-cto-refutes-stablecoin-fud-as-short-sellers-circle

Goldman Sachs downgrades Coinbase stock to ‘sell’

Shares of Coinbase Global Inc. (COIN) have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market.

The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. The analyst said Coinbase “will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up.”

Source: https://cointelegraph.com/news/goldman-sachs-downgrades-coinbase-stock-to-sell

Terra’s LUNA2 skyrockets 70% in nine days despite persistent sell-off risks

The price of Terra (LUNA2) has recovered sharply nine days after falling to its historic lows of $1.62.

On June 27, LUNA2’s rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30.

LUNA2’s recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period.

Source: https://cointelegraph.com/news/terra-s-luna2-skyrockets-70-in-nine-days-despite-persistent-sell-off-risks


Bitcoin Analysis

Bitcoin Analysis

The market has been fairly quiet since the explosive sell-off two weeks ago, which saw BTC fall as low as USD 17.600. Since then BTC has been holding above the USD 19,200 level and is currently trading just below the USD 21,000 level.

The weekly technical indicators are trading near their oversold levels, which of course does not mean that a rebound is imminent, but we can’t rule out the possibility.

If BTC were to break through its support level, we would most likely be heading for a test of the USD 12,000 to USD 13,000 area. Until we get back above USD 28,000, no buy position except for around USD 12,000.


Ethereum Analysis

Ethereum Analysis

The evolution of Ethereum follows the same trajectory as BTC, i.e. a rather flat evolution even if ETH is a little more friendly than BTC. Ethereum is now trading just below its resistance zone between USD 1,200 and USD 1,350 and as long as it is not breached, we will refrain from opening a buying position.

The daily technical situation remains positive for the moment but on a 4h time frame, it is negative. However, the shorter-term indicators (4h) are showing signs of bullish curves, which could indicate that a break of the resistance zone is imminent.

As long as we don’t have any confirmation, we will of course remain on standby!


Altcoin of the week: Short on ICX

Altcoin of the week: Short on ICX

The ICX/USDT pair suffered the same fate as the majority of the crypto market, a significant decline.

As long as we have not regained any significant level we will have to assume that the downtrend will continue.

That’s why we will open a short between USD 0.35 and USD 0.40.

Do not overexpose yourself, as usual.


Conclusion

Market sentiment can reverse very easily on cryptos as we just saw this week again. Careful though, as long as we don’t have confirmation, we must base our decision on fact and for now we must be patient.

There is nothing more important for success in trading. Plan the trade and trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

I’ll see you next week, take care of yourself!

Have a great week everyone!

 

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