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Weekly Research and Market Strategy – 15 June 2020

Weekly Research and Market Strategy – 15 June 2020

17 June 2020 zipmexteam Opinions (EN)
Total Crypto Market Capitalization

Although there has been a selling momentum, the overall movement is still within the expected zone. On June 11, there was a big selling effort on the top 10 coins, making many investors panic sell. However, such movement was still within the previously analyzed resistance and support zone.

Other commodities, such as oil and equities, have been on the sell-side since June 8. We believed it might be public concerns about the coming of the 2nd wave of COVID-19 that made market risk-off.

Total Crypto Market Cap Ex – BTC

Total Crypto Market Cap Ex - BTC
Total Crypto Market Cap Ex – BTC

Total Crypto Market Cap Excluding BTC, moving as similar as Total Market Cap, moved within the zone 4. If the price fells from zone 4 to zone 3, we might have to re-strategize our investment and take into account the bear market condition. 

Crypto Compare

crypto compare

Crypto Top 10 Market Cap

Crypto Top 10 Market Cap

Technical Signal Trading

Technical Signal Trading

Bitcoin Strategy

Bitcoin

Bitcoin seemed to breakout at $10,000 this week, but failed because of the selling effort. Let’s keep our fingers crossed. 

For bitcoin investors, we still maintain our recommendation waiting for the breakout before buying. If you are an experienced investor, there might be an opportunity to buy at the support and sell at $10,000. This selling is also known as Trading in Range.

Ethereum Strategy

Ethereum

ETH could not break out to the next zone, given that it had come up for 4 zones continuously. On June 9, there was a big sale that made ETH price dropped to the border of zone 4, while there was a buying effort pushing it back to stay in the zone. We could say that ETH was so hot this past week.

Ripple Strategy

Ripple

XRP moved sideway despite showing some effort of selling, leading to a sell signal in many technical analysis tools. Zipmex used Fibonacci Retracement to analyze additional support points at 61.8 and 78.6 for the following two strategies:

  1. Buy on the breakout and sell at the resistance
  2. Buy on dip at the line Fibonacci Retracement

Litecoin Strategy

Litecoin

LTC moved sideway, as so XRP. We saw a big drop out of the zone from, but it quickly rebound back to the same price with a buying effort. We believe the movement was from investor errors or robot trading, and thus did not change our strategy. Similar to XRP, we outline 2 short-term strategies : 

  1. Buy on the breakout and sell at the resistance
  2. Buy on dip at the zone upper boundary

Bitcoin Cash Strategy

Bitcoin Cash

BCH pattern did not change much. It moved sideway, and get narrower that we could see the trend line, making a price pattern called Symmetrical Triangle. 

We outline a strategy that, once the price breakout the triangle, considers follow buy and wait to sell at the resistance target. Please make sure to have a risk mitigation plan, such as stop-loss, if the movement does not follow the pattern.