- Bitcoin joins the list of bullish breakouts and leaves the relative highs at $14000 as a clear target in the short term.
- Ethereum continues to gain market share and sets the price level of $300 as a goal in the short term.
- Theta, a gaming and sports streaming platform has found Google as its best technological partner.
Today is Bitcoin’s turn in this exciting beginning of June.
Yesterday at the close of the US trading session, the BTC/USD pair broke above the long-term downward trend line and immediately shot up to the $10000 level.
Ethereum is still doing better than Bitcoin, but the support from Crypto King is helping a lot to validate the bullish momentum and also to clear the last fearful traces on the board.
The market sentiment is shooting up ten per cent and is already at level 56 on the indicator prepared by alternative.me.
The dominance charts confirm that Ethereum is gaining market share daily and will continue to do so at least in the short term.
Bitcoin is unable to sustain itself above 67% market share and could go down to seek support at the 65.5% dominance level.
Google Cloud at the service of Blockchain networks
The crypto market is excited by the collaboration between Google and the blockchain network Theta. There is speculation about a possible entry of the technology giant into the capital of the project.
After the example of Facebook with its Libra project, it seems complicated that another big company wants to face the regulators around the planet. Still, at some point, they will have to decide if and how they get into the business.
Theta app drivers announced last week a deal with Google to make the Mountain View giant the business validator and launch partner for Theta mainnet 2.0.
Theta offers services for sports broadcasting platforms, gaming tournaments and content generation on the Blockchain industry.
In addition to Google, the Theta project has partners of the calibre of Binance, which will also play a significant role as a transaction validator for the Theta network.
For readers who are interested in Theta, the daily chart shows significant price declines after the May 27th highs, which were at the $0.589 price level.
THETA/USD is currently trading at $0.27, down more than 50% from its high, and could continue to fall to $0.15 by the second week of June.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at 0.0245. After two days of weakness against Bitcoin, Ethereum is once again moving higher in the European morning.
It may try to break above 0.0252 at the close.
Above the current price, the first resistance level is at 0.0252, then the second at 0.0258 and the third one at 0.0268.
Below the current price, the first support level is at 0.0234, then the second at 0.0228 and the third one at 0.0222.
The MACD on the daily chart shows a slight loss of upward momentum in the moving averages that make up this indicator. The opening between the lines is very positive and promises more joy for the bullish side of the pair.
The DMI on the daily chart shows the bulls leading the pair with a significant advantage over the bears, which also supports the bullish continuity of the movement.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $10110 price level, down from yesterday’s high of $10400. The major moving averages are gaining momentum and reinforce the idea that the upward trend is here to stay.
Above the current price, the first resistance level is at $10400, then the second at $11300 and the third one at $14000.
Below the current price, the first support level is at $9650, then the second at $9150 and the third one at $8800.
The MACD on the daily chart shows a renewed bullish cross that confirms the upward momentum of BTC/USD. The cross is very recent and could still be broken, giving potential buyers a late entry opportunity.
The DMI on the daily chart confirms the bullish development and shows the bulls gaining an advantage over the rapidly retreating bears.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at the price level of $248.4. The main moving averages are tilted higher, and projects rise in the medium to long term.
Above the current price, the first resistance level is at $250, then the second at $260 and the third one at $290.
Below the current price, the first support level is at $235, then the second at $228 and the third one at $223.
The MACD on the daily chart increases both in slope and in the opening between the lines. The bullish structure is very underdeveloped, so if the buying momentum continues, the current movement could be very long.
The DMI on the daily chart shows the bulls are firmly in control of the pair. It is clear that this is not the time for bears to attack, and they are still losing strength.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at $0.2110 and is trading above $0.20 for the first time since May 10th. The 50-day exponential moving average is sloping higher and could support a move towards the $0.25 level.
Above the current price, the first resistance level is at $0.218, then the second at $0.238 and the third one at $0.253.
Below the current price, the first level of support is at $0.20, then the second at $0.19 and the third one at $0.18.
The MACD on the daily chart is crossing higher today, but it may take several more sessions to confirm a consistent upward trend.
The DMI on the daily chart shows bulls and bears tied and just below the ADX line. The current structure favours sharp movements in the price.