Cryptocurrency Analysis

[IFX_Selena]

Elliott wave analysis of Ripple for June 14, 2021



Ripple has seen a simple but deep zig-zag correction in wave 2/ since the April high at 1.9670. This wave 2/ correction completed at 0.6510 and is now getting ready to rally in wave 3/ that will rally way above the wave1/ peak at 1.9670. A break above minor resistance at 1.0710 will be the first good indication that wave 3/ is well under way towards 1.9670 and above.

Only a break below support at 0.7935 will delay the expected rally for a more extended correction in wave 2.

Trading recommendation:
Buy a break above 1.0710 for the next strong rally to above 1.9670





Torben Melsted
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for June 14, 2021

Crypto Industry News:
On June 25, Ether (ETH) will face its biggest option expiration in 2021. On this date, $ 1.5 billion of positions will be settled. This figure is 30% higher than the March 26 expiry which occurred when the price of Aether fell 17% in 5 days and hit a low close to $ 1,550.

After the March options expired, ethereum gained 56% to reach $ 2,500 in three weeks. These movements were completely uncorrelated with bitcoins (BTC). Therefore, it is important to understand if a similar market structure could occur when futures and options expire on June 25.

Options are similar to futures in that derivative contracts give investors a right, but not an obligation, to sell or buy an asset for a predetermined price.

When an option is nearing an expiry date, holders of an option contract must adjust their contracts either before or immediately after their expiry. This can lead to significant volatility in the ETH price.


Technical Market Outlook:
The ETH/USD pair has been seen approaching the level of $2,550 after a new marginal lower low was made at the level of $2,256. The next target for bulls is seen at $2,619 (61% Fibonacci retracement of the last wave down) and $2,639. The momentum is strong and positive, so the overall outlook starts to look bullish. The confirmation will come after all of the Fibonacci retracement are cleared.

Weekly Pivot Points:
WR3 - $3,393
WR2 - $3,098
WR1 - $2,806

Weekly Pivot - $2,528
WS1 - $2,226
WS2 - $1,922
WS3 - $1,648


Trading Recommendations:
Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.







Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021