Weekly Analysis of BTC, ETH, and Altcoin Markets, June 17, 2024

icon BTC
icon ETH
icon SHIB
icon TRX
icon BCH
icon FET
Photo - Weekly Analysis of BTC, ETH, and Altcoin Markets, June 17, 2024
An overview of BTC, ETH, SHIB, TRX, BCH, FET charts, and the current cryptocurrency market dynamics.

Bitcoin (BTC)

Bitcoin continues to trade within the support range of $65,200–$66,800 and the resistance zone of $70,900–$72,700. We can almost observe in real-time how the market reacts to this support level, which will likely dictate the asset's next direction. 

If buyers cannot sustain the price above the crucial psychological level of $65,000, the coin may decline to the zones of $62,500–$63,500 and $60,880. However, such a drop should not be interpreted as the beginning of a trend reversal but rather as a correction within an overarching upward trend. 

For continued growth and to reach new highs, Bitcoin needs to break through the $70,900–$72,700 zone on significant trading volumes. Until this occurs, we can expect the market to remain flat for several more weeks.
BTC H4 Chart

BTC H4 Chart

Ethereum (ETH)

Ethereum is currently in a sideways trading pattern, bounded by the support zone of $3,300–$3,420 and the resistance zone of $3,645–$3,720. 

If buyers manage to break through the current resistance, the next targets will be $3,840, followed by the broad seller range of $4,000–$4,100. 

Conversely, a downward move could see ETH refreshing its local lows, starting at the $3,200 level.
ETH H2 Chart

ETH H2 Chart

Tron (TRX)

After reaching a local low on April 19 at $0.1049, TRX has gradually begun to rise. The asset is now testing the seller zone of $0.117–$0.120, which is pivotal resistance before a potentially stronger upward move. 

For a new global high of $0.144, buyers need to push through this range with substantial volumes and maintain strong buying pressure at the $0.127 level. 

In a bearish scenario, Tron could retest the buyer's zone of $0.105-$0.109, potentially falling to $0.100. 
TRX D1 Chart

TRX D1 Chart

Shiba Inu (SHIB)

Shiba Inu is continuing a local downtrend following an earlier upward trajectory. The asset is currently testing the support zone between $0.0000183 and $0.00002. If buyers fail to maintain the price above this range, SHIB could fall to $0.000017. 

For growth to resume, the price needs to stabilize above the resistance area of $0.0000227–$0.0000241. 

The future rise will largely depend on continued interest in meme tokens and the broader crypto market dynamics.
SHIB H4 Chart

SHIB H4 Chart

Bitcoin Cash (BCH)

BCH is one of the "veteran" altcoins that has weathered multiple market cycles. Typically, the growth of such assets can occur independently of broader market trends, indicating the presence of strong buying interest. 

However, Bitcoin Cash is currently well below its peak levels, trading between the support range of $400–$442 and resistance between $495–$530. Also, an intermediate resistance at $471 is acting as a barrier to upward movement. 

BCH may likely continue to decline, potentially reaching new lows around $360. A positive shift in momentum could only be anticipated if Bitcoin, the primary market driver, shows signs of a bullish trend.
BCH H4 Chart

BCH H4 Chart

Fetch.ai (FET)

FET is deep in correction after reaching its all-time high of $3.47 on March 28. The pullback has now extended to 63%, which characteristically indicates a downtrend. 

The D1 chart shows that the coin is trapped between a buyer’s zone of $0.98–$1.24 and a resistance zone of $1.61–$1.86. The coin's future trajectory will depend on which direction it breaks out from this range. 

Currently, the conditions favor further declines, potentially refreshing lows around $0.61 over the coming months, a level that may offer prospective buying opportunities.
FET D1 Chart

FET D1 Chart

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Bitcoin's dominance has remained nearly unchanged since last week, currently at 55.45%. Bitcoin continues to hold its dominant position over other cryptocurrencies, with its market capitalization stable compared to altcoins.
BTC Dominance Index. Source: tradingview.com

BTC Dominance Index. Source: tradingview.com

The Altcoin Season Index has seen minimal change, dropping just one point to 24. This low score indicates a lackluster market for altcoins, suggesting a declining interest in alternative cryptocurrencies.
Altcoin Season Index. Source: blockchaincenter.net

Altcoin Season Index. Source: blockchaincenter.net

The Fear and Greed Index remains relatively steady at 71 points, classified under "Greed." This indicates traders are reluctant to sell their holdings, with a majority continuing to invest predominantly in Bitcoin.
Fear and Greed Index. Source: coinstats.app

Fear and Greed Index. Source: coinstats.app

Economic News

This week will see the release of key macroeconomic indicators, including:

  • U.S. core retail sales and retail sales volume (Tuesday, June 18);
  • U.K. consumer price index (Wednesday, June 19);
  • U.S. crude oil inventories (Thursday, June 20);
  • U.S. manufacturing PMI, new home sales, and the Fed's monetary policy report (Friday, June 21).

While these fundamental factors might not significantly impact Bitcoin or other cryptocurrencies directly, they could induce temporary volatility in related currency markets.

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.


Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.


TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Initial materials

This analysis was informed by the following educational materials and articles from GN Crypto: