Technical analysis from June 6 to June 10: fear dominates the market

In the last few weeks, we have seen a range of around 10 on the fear and greed index, which tells us that fear is dominating the market.

What was the market situation this past week? The review and forecast were prepared by analysts of the KickEX exchange.

In the last few weeks, we have seen a range of about 10 on the fear and greed index, which tells us that fear prevails in the market. If we look at previous periods of low performance on the chart and further price movements of the main instrument of the crypto market, we can say that now the range is oversold, and long-term investors need to look for entry points.

The local picture tells us that the market is now in uncertainty. Macroeconomic factors greatly influence the price of Bitcoin, so it is difficult to predict positive scenarios. 

From a technical point of view, it can be noted that quite strong buyers have appeared in the market, who are trying to pass through the range of $32,000 for the third time. If they succeed, we can consider further movement to $35,000.

Scenario 1: Breakout of $32,000 and further development of the “bullish” movement into the range of $35,000 - $36 000.

Scenario 2:Movement in the range of $32,000 - $28,500 with the aim of accumulating volumes.

Ethereum

After migration of the Ropsten test network to the Proof-of-Stake base, it can be noted that the transition of the network to ETH 2.0 is going according to plan and, most likely, will be completed in August, which is good news. 

Technically, the local picture of ETH is not very different from BTC, but it is worth noting that the price is near the lower resistance level of $1,700, which the bears have repeatedly tested.

Scenario 1: a breakdown of $1,700 and a further price move into the range of $1,300, which can be a good range for opening positions for the long-term period.

Scenario 2: retest of $1,700 and return to the upper flat range at $1,900 - $2,000.