cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Crypto Technicals: Daily Market Navigator | June 2nd 2023

Coin360 Crypto Technicals: Daily Market Navigator | June 2nd 2023

Jun 2 2023

last year3 minutes read

Coin360 Crypto Technicals: Daily Market Navigator

Written By Kasper

This daily series serves a purpose to educate and give some insight and technical analysis on the current prices of the bigger cryptocurrencies, based on our technical analysis. Today we will be covering BTCETH1INCH, RSR, LINA, and OP on both higher and lower time frames. Don't forget to also check out our article on the fundamentals of trading and crypto technical analysis to further enhance your understanding of the market.


Crypto Spotlight

Higher Time Frame | $BTC, $ETH, 1INCH & RSR

Bitcoin | W1

Bitcoin ($BTC) is presently facing rejection at a significant resistance zone between $30k-$32k, indicating bearish conditions for now. The ongoing trend suggests potential movement towards a support area that lies around $24k-$25k. Concurrently, the MACD indicator appears to be crossing over, a phenomenon that has historically signaled a bearish sell-off, as depicted on the chart. For a promising bullish trajectory, we need the price to penetrate the depicted resistance area and demonstrate sustained stability above that level.

btc w1.webp
Bitcoin | W1

Ethereum | D1

In the daily timeframe for Ethereum ($ETH), it is apparent that the cryptocurrency is currently operating within a defined range. However, it is worth noting that the price has encountered challenges in maintaining its position above the upper boundary of this range. As a result, price rejected off the range highs and could be headed towards the midrange, assuming the current trajectory persists. In order to see strong upward movement, it is crucial for the price to remain above the upper limits of the range.

eth d1.webp
Ethereum | D1

1INCH | W1

Looking at the bigger picture for $1inch, its at a crucial point, if this support breaks, price can go lower, if this support holds price can go higher its as simple as that.

1inch w1.webp
1INCH | W1

RSR | W1

When we consider the wider outlook for $RSR, we are undoubtedly at a significant crossroads. If the existing support level gives way, we're likely to witness a decrease in price. Conversely, if the support level stands its ground, we could anticipate a potential price increase. The situation is clear-cut: the next price movement largely depends on the stability of the current support level.

RSR w1.webp
RSR | W1

Lower Time Frame | $BTC & OP

Bitcoin | H4

As we discussed yesterday, $BTC has successfully flipped its support/resistance (S/R) level. If the price can consistently remain above this level, we're likely to see it rally higher. However, if it fails to do so, there is potential for a downward trend. The sustainability of the current price above the S/R level will be a critical determinant in its future trajectory.

ethh4.webp
Bitcoin | H4

Optimism | H1

On a shorter timeframe, $OP is trading within a well-defined range, having just strayed slightly from it. If the price manages to maintain its position within this range, we might see a potential downtrend towards the range's lower limit. However, if it manages to sustain above the range, we could anticipate an uptrend towards the next major resistance area depicted on the chart. The future price trajectory heavily depends on whether it stays within or breaks free from this current range.

op h1.webp
Optimism | H1

Prior Analysis Recap

LINA | H1

As we predicted, LINA experienced a significant rally, as illustrated in the chart below. Another point to note is the -2% negative funding rate associated with this coin, indicating a preponderance of short sellers over long buyers. If the price then escalates, it can trigger a massive short squeeze, an event that has indeed occurred. This highlights the potential impact that market sentiment and positions can have on price movement.

LINA h1.webp
LINA | H1

Watch List

To effectively monitor the coins discussed in today's analysis, consider creating a watchlist here. This will help you keep track of their price movements and stay informed about potential opportunities. These coins are worth paying attention to, as they exhibit notable market activity and could present promising trading prospects.


Market Wrap-up

In conclusion, the overall trend across various cryptocurrencies remains bearish (on the higher time frames) for the time being, until we see evidence to the contrary. Most of the coins under discussion are navigating within range-bound markets, and their movements are being analyzed on a level-to-level basis. However we might see a bullish temporary rally as bitcoin has some resting liquidity at $28.6k. This prevailing state of affairs highlights the importance of ongoing vigilance and thorough analysis in this dynamic crypto landscape. 

Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.31
© 2017 - 2024 COIN360.com. All Rights Reserved.