Technical Analysis
BTC/USDT
Strategy purchased 7,390 BTC for $764.9 million, bringing its total Bitcoin holdings to 576,230. The news overshadowed the company’s Bitcoin purchases as CEO Michael Saylor and executives were sued for allegedly making misleading statements. British fintech firm Vinanz’s purchase of 16.9 BTC showed that small-scale companies are also changing their reserve strategies in favour of digital assets. On the other hand, the reason why Bitcoin could not hold at 107,000 is cited as Moody’s downgrade of the US credit rating by one notch. Another development we followed today was the statements of Fed members, while Fed member Bostic continued to maintain a cautious stance with his statements on interest rate policy. Eyes will be on the US stock markets later in the day and for now, US futures have turned negative compared to the previous analysis.
When we look at the technical outlook with the latest developments, BTC, which pinned the 102,350-support level mentioned in the previous analysis, recorded a short-term rise with the reaction from this level and tested the 103,000 level. However, with the subsequent selling pressure, BTC has once again retreated back to 102,350 support. Technical indicators, especially with the sell signal observed in the wave trend oscillator, indicate that the possibility of a decline continues. In case this support level is broken to the downside, selling pressure can be expected to deepen. In such a scenario, the 101,400 level, which has been tested twice before in the horizontal band range, stands out as critical support. If this level is retested, a triple bottom formation may form. If the price reacts upwards with support from this pattern, it may bring a new bullish movement in the short term. On the other hand, it is also possible that BTC could retest the 105,000-resistance level by gaining an upward momentum if it holds the 102,350 level once again. However, it should be noted that this uptrend has not found enough ground in the technical structure for the time being and given the weak momentum and the sell signals of the oscillators, new catalysts are needed to support this move with a strong breakout.
Supports 102,350 -101,400 -100,000
Resistances 104,200 – 106,000 – 107,000
ETH/USDT
ETH traded between $2,430 and $2,350 levels, moving in a narrow price range during the day. As of now, the effort to hold on to the $2,400 level is noteworthy. The general outlook in the technical indicators mentioned in the morning analysis remains valid.
In particular, the Chaikin Money Flow (CMF) indicator remained flat in the positive territory, indicating that new liquidity inflows to the market were limited and investors’ risk appetite remained low. This indicates that the market has not yet made a strong directional choice and a cautious waiting continues. On the momentum side, the Relative Strength Index (RSI) indicator is showing a horizontal pattern below the based MA line, indicating that the short-term weakness has stabilized. This sideways movement suggests that selling pressure remains limited for now and buyers have not stepped in strongly. On the other hand, the fact that pricing continues within the kumo cloud within the scope of the ichimoku indicator indicates that the current structure is in a technically neutral zone. While the fact that the price remains in the cloud indicates that the search for direction may continue without a significant break, this situation also implies that the squeeze continues before possible sharp movements.
In this context, the price’s persistence above the $2,400 level in the evening hours may trigger an upward momentum in the short term and in this case, the kijun level of $2,483 may be the first target. A move towards this level could help the market generate a clearer positive signal. However, closes below the $2,400 level may increase the fragility in the technical outlook and pave the way for some further downward pressure.
Supports 2,254 – 2,131 – 2,029
Resistances 2,533 – 2,799 – 3,062
XRP/USDT
XRP remained flat with limited volatility during the day, maintaining its balance at the $2.30 level. During this sideways movement, some technical indicators showed remarkable changes.
In particular, the Chaikin Money Flow (CMF) indicator switched to positive territory with support from near the zero line and exhibited an upward acceleration. This outlook may indicate that liquidity inflows to the market, albeit limited, have started and short-term buyers have started to step in. This positive trend of CMF increases the potential for the market to generate upside signals from the neutral zone. However, other technical indicators do not support this positive outlook. The Relative Strength Index (RSI) indicator is still in a negative bias, indicating continued weakness in momentum. The horizontal movement of the RSI at low levels reveals that buying pressure is not sufficient and upside reactions remain limited. In addition, the negative structure observed in the ichimoku indicator is also noteworthy. The fact that the price remains under downward pressure within the scope of the ichimoku indicator prevents upward pricing in the overall technical outlook and makes it difficult for buyers to gain confidence.
When evaluated within the framework of this technical outlook, although the CMF indicator generates positive signals, the negative structures on the RSI and ichimoku side make it difficult for the price to initiate a permanent upward movement without exceeding the $2.39 level. The $2.39 level is the short-term resistance in the current technical picture, and the expectation of a strong recovery remains technically weak without persistence above this level. On the other hand, the possibility of the price retreating to the level of $2.21 with a downward pressure from current levels remains on the table. This region can be considered as a potential support area in the short term. Although reaction purchases from this level are likely, the possibility of increased selling pressure and sharper declines should not be ignored in case of a downward break of the $2.21 level
Supports 2.2154 – 2.0841 – 2.0402
Resistances 2.3928 – 2.4765 – 2.5900
SOL/USDT
Poof has launched an open beta for building code-free Solana apps.
SOL price continued its decline during the day. The asset remained within the downtrend that started on May 13. The price, which is currently below the 50 EMA (Blue Line), tested the strong support at $163.80 but failed to hold and retreated. On the 4-hour chart, the 50 EMA (Blue Line) continued to hold above the 200 EMA (Black Line). This suggests that the uptrend may continue in the medium term. Also, the fact that the price is between both moving averages suggests that the market is in the decision phase. Chaikin Money Flow (CMF-20) crossed into negative territory; in addition, the decline in daily inflows may move CMF to the middle of the negative zone. Relative Strength Index (RSI-14) is negative and below the downtrend that started on May 9, indicating that selling pressure may continue. The $171.82 level stands out as a strong resistance point in case of an uptrend 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
The DOGE price moved sideways during the day. The asset is experiencing a slight pullback, hitting resistance from the ceiling of the downtrend that started on May 11. On the 4-hour chart, the 50 EMA (Blue Line) continued to be above the 200 EMA (Black Line). The fact that the price is between both moving averages suggests that the asset is in the decision-making phase in the short term. The Chaikin Money Flow (CMF-20) indicator is in neutral territory. In addition, a decline in money inflows may move CMF into negative territory. Relative Strength Index (RSI-14), on the other hand, is at a negative level, indicating that selling pressure has started. The $0.25025 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 $0.19909 level may be triggered. In case of a decline to these levels, the increase in momentum may start a new bullish wave.
Supports 0.21154 – 0.19909 – 0.18566
Resistances .22632 – 0.25025 – 0.28164
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