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Bitcoin Recovers Slightly Heading Towards $38K Along with Bullish Altcoins

By Research Team Wednesday, Jun 2, 2021
ETH/USD

    • 3.25pm ISTD1
    • High2720.54
    • Low2551.94
    • Close2679.3

ETH/USD is trading at $2697.55 much higher than previous day. The buying bias can be seen in Ethereum almost crossing the consolidation phase of $2600-$2000 amid mixed global cues. Uncertain equity markets ahead of U.S NFP data release & soaring Gold prices turned out to be supportive factor digital assets on Wednesday. However, the breakout above $2750 establishes a strong bullish trend & hence, the traders needs to trade cautiously until then. The Chinese ban on crypto trading services tumbled down the assets in the last month. As seen in the chart, the ETH/USD seems to be sustaining the major support levels of $2000 which shows slight buying bias on daily basis.

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CryptoCurrency

ETH/USD

Intra Day
Near Day

Technical Levels

R3 3047.52
R2 2834.99
R1 2716.86
Turnaround 2622.34
S1 2504.27
S2 2409.75
S3 2197.16
By Research Team Wednesday, Jun 2, 2021
BCH/USD

    • 3.38pm ISTD1
    • High702.82
    • Low674.36
    • Close697.55

BCH/USD is trading at $698.89, 0.08% up since previous day close. A tight range can be seen in Bitcoin Cash (BCH) since last few sessions amid less trading volume in digital assets. The steady USD due to uncertain Fed tapering talk outlook remains sluggish for overall digital assets. Last week, the attempts of improving Bitcoin mining with cleaner energy pushed up the cryptos. Earlier to this, the BCH/USD slipped amid Chinese steps of banning financial institutions and payment companies from offering services related to crypto currency transactions. As seen in the chart, the BCH/USD is trading near the short term Moving Averages of period 10 & hence, the cautious trading may be recommended further.

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CryptoCurrency

BCH/USD

Intra Day
Near Day

Technical Levels

R3 796.58
R2 744.24
R1 715.11
Turnaround 691.64
S1 662.13
S2 639.04
S3 586.44
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