- Bitcoin price is slithering on the edge of a bearish pattern, a breakout from which could result in an 18% downswing.
- Ethereum price continues to bounce between the $1,280 support level and the $1,423 resistance area.
- Ripple price is likely to pull back to $0.498 before rallying 20%.
Bitcoin price is at an inflection point, a decisive move here will determine the next course of action for the crypto markets. From a point of view that is unbiased by BTC’s bearishness, both Ethereum and Ripple price look ready to bounce.
While crypto markets continue to remain choppy, recent reports suggest that Russia has fired missiles targeting key infrastructure in Ukraine. President Volodymyr Zelenskyy confirms the same and adds that Russia's second target was people.
Bitcoin price to establish directional bias soon
Bitcoin price has been retesting the lower limit of the bear flag over the last two days. As discussed in the previous article, this setup forecasts an 18% downswing if BTC produces a decisive close below the flag’s lower limit and flips it into a resistance level.
However, investors need to be patient and also expect a small rally before this bearish breakout triggers an 18% downswing. A minor run-up to $20,154 or $20,737 might be underway for the Bitcoin price as the RSI bounces off the 43 to 46 support level for the fourth time in under two weeks.
A subsequent breakdown from the bear flag could see BTC revisit the June 18 swing low at $17,593. In case of a strong sell-off, Bitcoin price will reach the forecasted target at $15,800.
BTC/USD 8-hour chart
On the other hand, if Bitcoin price flips the $20,737 hurdle into a support level, it will invalidate the bearish theiss. Such a development could see BTC revisit the $22,048 and $23,473 barriers.
Ethereum price remains rangebound
Ethereum price has been testing the patience of holders as it remains bound between the $1,280 and $1,423 levels. The recent sweep of the equal lows at $1,315 was a cue for bulls to take over and trigger a quick run-up.
The buyers, however, have decided not to take a step forward. As a result, Ethereum price is lingering above the $1,315 level. Investors can expect volatility, potentially favoring bulls to propel ETH to $1,383 in the end, and, in some cases, the $1,423 hurdle.
ETH/USD 4-hour chart
Regardless of the bullish outlook, if Ethereum price fails to hold above the $1,282 hurdle, it will indicate a weak bullish momentum. This development will invalidate the bullish thesis for XRP price and potentially trigger a correction to $1,191 via $1,234.
Ripple price ready to tackle more hurdles
Ripple price has tagged the inverse head-and-shoulders target at $0.5440, as mentioned in the previous article. After a 13% rally and rejection at $0.5380, the remittance token is likely to retrace to $0.4980 and rebalance the imbalance present there.
A bounce from the current level should have enough momentum to propel the altcoin to $0.5990 – the midpoint of the $0.2860 to $0.9120 range. This range was formed when XRP price crashed 69% between late March and mid-June.
Therefore, a surge in buying pressure after a minor pullback would make sense for a mean reversion move that would propel Ripple price to $0.5990 or roughly $0.6000.
XRP/USD 4-hour chart
While things are looking up for Ripple price, a breakdown of $0.4791 would invalidate the bullish thesis. In such a case, XRP price could crash 8% and revisit the $0.4400 support level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.