Bitcoin price has declined to the symmetrical triangle’s upper trend line after climbing 30% from the June 8 low, engaging the first support for the new rally attempt.
By not directly receiving the cryptocurrencies, the committee can accept donations of up to $10,000 a year, rather than just the $100 direct transfers of cryptocurrency approved by the Federal Election Commission in a 2014 ruling.
In May, the FEC expressed their concerns about how cryptocurrencies may prevent the commission from following the flows into the US political system.
No doubt, Bitcoin price manufactured one of the better rallies in the first half of June, lifting the flagship cryptocurrency 33% and within 260 points of an intimidating range of resistance.
A death cross will likely trigger this weekend, formally solidifying the formidable resistance.
After striking the upside resistance, Bitcoin price has retraced 12% of the new rally and nears the symmetrical triangle’s upper trendline around $36,700.
A close below the June 12 low of $34,635 will signal that Bitcoin price may continue retracing the rally to the triangle’s lower trend line around $31,509.
Only a daily close above the 50-day SMA at $43,340 would alter the neutral outlook for Bitcoin price.
Ethereum price had sketched an uneventful path, with a progressively narrow trading range.
Critical to preventing a larger decline is the merger of the June 12 low of $2,259 with the 50% retracement of the 2020-2021 advance at $2,237.
It would take a daily close above the June 15 high of $2,640 to realistically entertain a sustainable thrust higher for Ethereum price.
Nevertheless, despite trading down 50% from the May 12 high of $4,384, Ethereum price still is not attracting a solid bid.
XRP price has displayed a similar passiveness and lack of direction as many altcoins.
A daily close above $1.00 would introduce new bullish opportunities and targets, including a rally to the confluence of the 38.2% retracement of the May correction at $1.14 with the declining 50-day SMA, also at $1.14.
If the neckline and $0.76 melt away on a daily closing basis, Ripple investors can contemplate bearish outcomes for XRP price.
As most spectators anticipate, the digital asset will not go public and will not be available for trading on many major cryptocurrency exchanges until there is a settlement.
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