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June 14, 2021

Weekly Crypto Forecast 6/14/2021

Frank Cabibi

6/14/2021

Recent News:

Finally, some good news

Bitcoin's biggest influencer, Tesla CEO Elon Musk, has changed his stance on Tesla's acceptance of bitcoin transactions now that miners are looking for and using more energy efficient ways to mine crypto. His proposal: if miners can find ways to make mining around 50% clean energy consumption, he will start to accept payments in bitcoin once again. After a discussion with Marathon Digital Holdings CEO, Fred Thiel, it may have helped Elon Musk better understand the current predicament of bitcoin mining and how the situation continues to improve every day. Tesla also reportedly sold over $270 million worth of what they named as digital assets (assumed to be bitcoin) in their income statement. It appears Tesla did this to pad their costs and expenditures. However, in February, Tesla reported it bought a $1.5 billion portfolio of bitcoin, so the company still owns a massive quantity of the crypto.

Ethereum smart contracts

In other news, research has found that nearly a quarter of all Ethereum transactions are now under smart contracts. This shows that transactions are becoming more secure and efficient without the use of any middle man getting involved. This coin on track to being one of the most reliable cryptos out there competing against bitcoin, especially as ETH 2.0 comes to fruition.

BTC/USD

BTCUSD 4H

Bitcoin on the 4H chart is looking very promising above a resistance level around $39,500. It would be a bullish sign if price were able to close in the $40,000 which would show strength on the pair. The 200 SMA is another factor that makes this level a key one to break. Price could also be hitting some more resistance on the top of this channel bitcoin is making right now. Either way, I think a close above $40K should prompt investors to start looking for more long entries.

ETH/USD

ETHUSD 4H

Ethereum looks to be coming off support that were recent bottoms for this pair. The new strength in the crypto market may be enough to pump this coin up further to a resistance level around $2,843. I think price will likely test this level, and I will be looking at price action for any indication of a continuation to the upside if it does.

MKR/USD

MKRUSD 4H

MKR on the 4H chart gearing up to hit resistance around $3421 which is also coupled with a falling trend line. A big technical level here could either be the coin's catalyst for a temporary downside move or potential breakout. Recent staircase moves to the upside suggest that MKR has the potential to test that level.

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