Daily Crypto Analysis – June 17, 2021

Trading | 3 months ago


Daily Crypto Analysis – June 17, 2021 - tradeglobalmarket

In the Daily Crypto Analysis segment, we do the in-depth cryptocurrency market analysis by verifying the fundamentals and using all the available variables like VWAP price and Volumes. We provide the insights and unbiased information by experienced financial analysts on top traded cryptocurrencies like Bitcoin, Ethereum and Dogecoin.

Bitcoin

BTCUSD - Daily Crypto Analysis

Bears pushed Bitcoin's price back below $40,000 ahead of the Federal Open Market Committee meeting. Last week after some minor bullish momentum in Bitcoin Made the investors believe that bull run in Bitcoin has finally resumed. However, there were some negative news regarding the Bitcoin, as the central bank of Indonesia has recommended to prohibit the use of cryptocurrencies for payments in the country.

This affected the Bitcoin Optimism and as a result Bitcoin started to show a downside correction from well above $40,000 against the US Dollar. Therefore, one must look for short-term selling opportunities in Bitcoin.

Ethereum (Ether)

ETHUSD - Daily Crypto Analisys

Followed by Bitcoin, Ethereum also fell by over 6.9% yesterday. Ethereum extended its downside correction below $2,500 against the US Dollar. However, some positive factors contributed to the rise of Ethereum today.

The mass adoption of Ethereum, has resulted in institutional investors looking to take this digital asset investment to the next level. Therefore, one must look for buying opportunities in Ethereum.

Dogecoin

DOGEUSD - Daily Crypto Analisys

Followed by both Bitcoin and Ethereum, Dogecoin fell by 4% on Wednesday. Dogecoin is in range bound from last 10 days as there is not much happening in the Dogecoin dedicated community on social media.

Therefore, one must avoid taking any position in Dogecoin.

 

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