Total crypto market capitalization erased $ 309 billion of its value in the last seven days and now stands at $1,305 billion. the Top 10 coins were all in red for the same period, all recording double-digit losses. Dogecoin (DOGE) and Polkadot (DOT) were the worst performers with losses of 31% and 23% respectively. Bitcoin (BTC) is currently trade at $ 32,200, ether (ETH) is $ 1,940.

BTC / USD

Bitcoin closed on Sunday, June 13, up 9% after forming a solid green candle at $ 38,900. The sudden bullish reversal (which was preceded by a bullish divergence on the RSI) helped the most popular cryptocurrency break through the important $ 37,000 line, which recently acted as local resistance.

Additionally, the coin broke the 21 period EMA on the daily chart and downtrend resistance came as an extension of the diamond pattern from early May. It ended the week up 8.8% from the previous 7-day period and 25% from its seven-day low.

On Monday, the BTC / USD pair continued to move higher and hit $ 40,527, closing a daily candle in the $ 39,000 to $ 33,500 range for the first time since May 21.

Tuesday’s session saw a peak of $ 41,423, but the bulls were unable to extend the rally to the area above the January high of $ 42,000. Instead, the coin came back to $ 40,150.

Wednesday’s midweek day was marked by a significant pullback ahead of the US Federal Reserve meeting. Bitcoin moved down to $ 38,250 and closed at the 21 period EMA.

On Thursday June 17th, the coin was mostly hovering around the $ 38,000 area and although it touched the $ 39,400 mark in the early hours of trading, it quickly returned in the afternoon, eventually closing. with a loss.

Friday’s session brought the fourth consecutive red candle for the most popular cryptocurrency. It fell further to $ 35,800, wiping out an additional 6.2% of its market cap and falling below the horizontal local support line of $ 37,000 as well as the mentioned extension of the diamond formation, which previously acted as resistance. diagonal.

The weekend of June 19-20 began with a drop to $ 34,800 during Saturday’s intraday trading and a partial rally to $ 35,400 at the daily close of the candle.

Then, on Sunday, bitcoin hit the lower end of the old range – $ 32,300 intraday, but quickly recovered to close the session at $ 35,500.

The coin is trading significantly lower, at $ 32,200 at the time of writing, hit hard by continued pressure from the Chinese government.

ETH / USD

The Ethereum ETH project token jumped 6.2% on Sunday, June 13, and returned to the long-term uptrend corridor, hitting the S / R zone of $ 2,500. The coin used the 23.60% Fibonacci line near $ 2,362 as support over the past few days keeping the bullish structure intact. It was down 7.4% on a weekly basis.

On Monday, the main decentralized and altcoin apps platform climbed again to $ 2,611, but was again rejected at the 21-period EMA, unable to close above that dynamic line since June 3. The ether moved away from the mentioned support zone, but overall trading volumes were not so high to support a potential rally to the upside.

The second day of the week came with another reject to the moving average and a pullback to $ 2,540.

This was followed by a deeper retracement on Wednesday June 16 when the ETH / USD pair erased 6.7% of its value and lost both horizontal and diagonal supports. However, it was able to regain stability around the first Fibonacci retracement level.

On Thursday, the Ether traded flat in the $ 2,370 area above the 23.60 Fibonacci retracement level, which had been acting as horizontal support since June 8.

Sellers, however, had other things on their minds and on the last business day of the week lowered the price 6 percent to the $ 2,228 mark. The ETH token even touched $ 2,128 during the day – this is the lowest point since May 24.

The first day of the weekend came with a continuation of the downtrend and a new weekly low – $ 2,166.

On Sunday, the coin formed the exact same candle, but in the opposite direction to close the week at $ 2,230.

ETH is trading at $ 1,940 Monday morning.

Leading majors

Theta is one of the few Top 20 coins to remain relatively stable over the past two weeks. The coin was still trading above the 21-period EMA on daily and weekly periods over the past seven days and is still up 90% from its May low of $ 3.7.

Looking at the 1D chart, the THETA / USDT pair on Binance was recently rejected at the $ 9.5 level where the diagonal downtrend and horizontal resistance meet. This is also where the most actively traded area is located (Control point, volume profile indicator).

Theta is currently trading near the $ 7 area which has already proven its stability in the past and is another point of high trading activity. However, the altcoin lost the 21-day EMA in today’s severe correction and fell below the lower bound of the triangle pattern.

Altcoin of the week

Our Altcoin of the week is XDC Network (XDC). The XinFin XDC network is a decentralized hybrid blockchain, which facilitates global finance and commerce. This little-known cryptocurrency project aims to create an ecosystem that improves and increases the efficiency and flexibility of markets. It already powers an exchange service called TradeFinex.

It is not clear what is the reason for the recent surge in the price of the XinFin digital contract (XDC) – the native asset of the XinFin network, but it could easily be the growing demand for hybrid and cross-chain blockchain solutions.

The coin added 37% to its value over the past seven days, peaking at $ 0.08 on June 18. This has helped him climb to No. 86 on the CoinGecko Top 100 list with a total market cap of around $ 730 million.

At the time of writing this article, the XDC is trading at $ 0.061 against USDT on Bitfinex.