Technical Analysis
BTC/USDT
As trade relations between the US and the EU enter a tense phase amid escalating tariff threats, face-to-face talks on June 5 will be critical. The EU, which sent a technical delegation to Washington, warned of retaliation against Trump’s decision to raise steel tariffs to 50%. On the other hand, while the US Senate is preparing to vote on the GENIUS stablecoin law this week, Strategy announced that it bought 705 BTC more. Onchain data showed that while exchange reserves are at very low levels, funding rates are positive, derivatives liquidity is recovering and the amount of coins on spot exchanges continues to decrease. Later in the day, all eyes will be on Fed chair Powell’s comments on the economy.
When we look at the technical outlook with the latest developments, it is seen that BTC is currently trying to consolidate in a horizontal band between 103,300 – 106,000 levels after completing its movements within the downtrend. Although it tested the 106,000 level during the day, the price, which failed to exceed this level, has turned its direction down again. It is noteworthy that the 105,000 level, which has served as support many times before, has now lost this function and the price has difficulty staying above this point. BTC, which was trading just above the 104,000 level at the time of writing, saw the wave trend oscillator turn its previous buy signal into a sell signal. Momentum indicators also remain weak and do not technically support the bullish prospects at the moment. Looking at the daily liquidation data, it is observed that long positions at the 104,000 level are liquidated, while short positions are concentrated above the 106,000 level. This indicates that in case of an upward break of the range where the price is stuck, sharp movements may occur with the liquidation of short positions. While volatility is expected to increase with Powell’s statements, the 103,300 level stands out as a support area below. Above, the 106,000 level will be followed as resistance. How this consolidation process will turn out for BTC, which is in search of direction and exhibits an indecisive structure in the general outlook, seems to be shaped by both the directional change of technical indicators and fundamental developments.
Supports 104,000 – 103,300 – 102,800
Resistances 105,000 106,000 – 107,300
ETH/USDT
ETH dipped below the Tenkan level during the day and retreated to the $2,475 band. After this short-term weakness, the price is currently trying to stabilize around the $2,500 level. The technical outlook points to a resurgent buying appetite behind this price action.
In particular, the Chaikin Money Flow (CMF) indicator is showing an upward momentum with the support from around the zero line. This is very important in terms of indicating that capital inflows to the spot market have resumed and investors’ risk-taking tendencies have increased. CMF’s upward movement is accompanied by a parallel move in the Relative Strength Index (RSI). This rise in the RSI generates positive signals regarding momentum and shows that market players have more faith in the short-term bullish potential. However, despite all these positive signals, the technical structure of the Ichimoku indicator reminds us to be cautious. The price’s position below both Tenkan and Kijun levels as well as under the kumo cloud indicates that the negative trend still dominates the overall market structure. This structure strengthens the possibility that bullish attempts may be limited in the short term and selling pressure may be encountered at resistance zones.
As a result, the persistence of the CMF above the zero line and the momentum increase in the RSI increase the probability of the price testing the resistance zone at $2,533 in the evening hours. However, as long as the negative technical structure on the Ichimoku indicator remains in place, it may be difficult to break through this level. If the $2,533 resistance cannot be overcome, the risk of the price coming under pressure again and retreating towards lower support levels should also be considered. For this reason, there is a technical structure with a two-way risk, which should be prepared for a possible retracement as well as bullish expectations.
Supports 2,533 – 2,254 – 2,029
Resistances 2,736 – 3,062- 3,246
XRP/USDT
XRP experienced a limited retracement during the day due to the negative mismatch on the Relative Strength Index (RSI), which was also noted in the morning hours, and fell as low as $ 2.1350. With the purchases coming from this region, the price is trying to hold in the $ 2.15 band by showing a slight reaction rise. However, the current price action should still be considered as a limited recovery effort in technical terms.
The general outlook of technical indicators suggests that the market structure remains fragile. Especially on the Ichimoku indicator, the fact that the price is positioned below both Tenkan and Kijun levels and below the kumo cloud indicates that the pressure on XRP continues in the short term. This structure may cause bullish attempts to remain technically weak and selling pressure may be encountered at resistance zones. Although the Chaikin Money Flow (CMF) indicator remains in negative territory, there is an upward trend in its latest movement. This indicates liquidity inflows to the spot market, albeit limited. However, the fact that CMF is still in negative territory indicates that the buying side is not strong enough and investors remain largely cautious. The outlook on the RSI is similar. Although the RSI indicator shows a slight upward acceleration, this movement does not yet signal a strong momentum and confirms that buying pressure remains weak.
When the general technical structure is evaluated, it is seen that the possible general upward trends in the cryptocurrency market cannot turn into a meaningful pricing for XRP for the moment. Therefore, even if there are short-term reactions, it does not seem possible for the price to create a permanent and strong uptrend at this stage. The $2.08 level stands out as the most critical support point in the short term. In case of a downward violation of this level, it should be considered as a high probability that the selling pressure will deepen and the price will turn to lower support zones. In this context, it can be expected that the rises in XRP will continue to remain limited and the effect of the positive mood in the market will remain weak in the short term.
Supports 2.0841 – 2.0402 – 1.9276
Resistances 2.2154 – 2. 3928 – 2. 4765
SOL/USDT
SOL price continued to decline during the day. The asset is poised to retest the $150.67 level, which is a strong support. The 200 EMA moving average may be triggered again if bullish momentum starts. On the 4-hour chart, the 50 EMA (Blue Line) continued to remain above the 200 EMA (Black Line). This suggests that the bullish trend may continue in the medium term. However, the fact that the price is below both moving averages suggests that the market is currently bearish in the short term. Chaikin Money Flow (CMF-20) is at a neutral level; in addition, a decline in daily inflows could push CMF back into negative territory. Relative Strength Index (RSI-14) remained in negative territory. However, it broke the downtrend that started on May 23 to the upside and managed to stay above it. This could be bullish. The $163.80 level stands out as a strong resistance point in case of a bullish breakout on the back of macroeconomic data or positive news on the Solana ecosystem. If this level is broken upwards, the rise can be expected to continue. If there are pullbacks due to contrary developments or profit realizations, the $150.67 level may be retested. In case of a decline to these support levels, the increase in buying momentum may offer a potential bullish opportunity.
Supports 150.67 – 144.35 – 138.73
Resistances 163.80 – 171.82 – 181.75
DOGE/USDT
DOGE price continued to depreciate during the day. The asset remained below its 200 EMA (Black Line) moving average. At the moment, it accelerated upwards with support from the base of the bearish pennant pattern. If it breaks here, the $0.16686 level could be triggered. On the 4-hour chart, the 50 EMA (Blue Line) continues to be below the 200 EMA (Black Line). This suggests that the asset is bearish in the medium term. The fact that the price remains below the two moving averages suggests that the asset may continue to trend lower in the short term. The Chaikin Money Flow (CMF-20) indicator is at a neutral level. In addition, negative money inflows may move CMF into negative territory. Relative Strength Index (RSI-14) continues to be in negative territory. It is also below the downtrend that started on May 23 and is currently testing it as resistance. The $0.19909 level stands out as a strong resistance zone in the event of a rally in line with political developments, macroeconomic data or positive news flow in the DOGE ecosystem. In the opposite case or possible negative news flow, the $0.16686 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.18566 – 0.17766 – 0.16686
Resistances 0.19909 – 0.21154 – 0.22632
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