After Israel launched an attack on Iran yesterday, the cryptocurrency market liquidated $335 million within an hour of the news spreading.
According to information released by foreign media, the International Atomic Energy Agency has targeted Iran, which does not have nuclear weapons, in Israel, and this behavior may be supported by Trump.
Israel's victory is unfair. Israel has a secret nuclear weapons program and is not even a party to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).
Let’s not comment on this war for now, let’s take a look at the cryptocurrency market and trends that have been greatly affected.
On June 9, BTC rushed to the current peak of $110,618. Then, on June 10, a cross star appeared, and buyers were not so aggressive. On June 11, we saw an irregular evening star. Within 1 hour after the announcement of this war on June 12, the price of BTC fell like a waterfall.
Despite this, BTC is still in the category of active bull market. From the current point of view, it has formed a new channel, and it seems that it will go back and forth in the channel for several times. If this war escalates, or other events that are not conducive to the market occur, it may fall out of the channel.
Then the price range of the channel is currently around 110K to 100K/98K.
ETH is still performing positively overall. Its price is still fluctuating, just waiting for it to end the fluctuation and give a clear signal. But the general direction should be upward.
XRP is still in a downward sloping channel. We can see that $2 is a relatively strong support price. XRP has been hanging above $2 since April 13. If there are no special problems, XRR may break out of the channel and develop upward, of course, it is also possible to develop downward and touch the bottom price of the channel at $1.3.
I have marked two different colored routes in the figure and the strong support price that supports XRP at this time.
image source: yuvest
SOL
Regarding SOL, I personally think it has lost momentum. Its short-term activity space may be between $185 and $90. If the 200EMA cannot support it in a few days, SOL may fall further.
ADA
ADA is very interesting. I personally think it is running in a triangle and may want to complete the entire triangle before leaving.
It has a strong price support range, which is about $0.4 and $0.35. That is to say, ADA may fall back to the lowest price of last year's start, and then generally the price will need to be sorted out for a while before taking any action. If ADA follows the route I mentioned, then this time may be longer, even for several months.
In the world of investment, time is more important than money. In this case, ADA is not a good investment target at this time, but it has the potential to break out of the triangle directly and then go up. Such a situation requires us to be flexible and observe it frequently until there is a good opportunity to invest again.
image source: yuvest
SUI
In the current situation of SUI, it should be a downward trend, and the nearest support price is 2.5 US dollars. At this node of 2.5 US dollars, it may still turn around, so at 2.5 US dollars, we need to pay special attention.
Some people may ask: Didn’t the previous article say that the support was 2 US dollars? Why did it become 2.5 US dollars now? Because the situation is changing every minute and every second. What I have drawn at present is the range of possibilities in the short term at this time.
image source: yuvest
Recent market influencing factors:
1. Whether the recent international war escalates will affect the market situation and needs attention;
2. The results of the China-US trade negotiations and the subsequent actual implementation will also affect the market;
3. The decline of the US dollar will also affect the crypto market In an unstable market environment,
You must not go all in， not take high leverage and long-term trading for current situation, you must always set a stop loss to give yourself a guarantee.
Happy Trading! See you next time.
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