- Bitcoin price attempts to break out of consolidation and retest the $30,000 psychological level again.
- Ethereum price could aim for $1,853 if bulls take control.
- Ripple price remains at a better position compared to BTC and ETH and could tag the $0.515 and $0.548 targets.
Bitcoin price remains ambiguous, with no clear directional bias. As a result, Ethereum (ETH), Ripple (XRP) and other altcoins are stuck consolidating. But things are likely to change quickly as BTC nears a breakout.
Read Bitcoin's big-picture outlook here: Is Bitcoin’s 2023 bull rally at an end?
Bitcoin price attempts a breakout
Bitcoin price has been sliding lower since April 19 and has produced three distinctive lower lows and lower highs. Connecting these swing points reveals a falling wedge setup from which BTC attempts to break out in the short term.
A failure to push through could lead to a revisit of the $25,209 support floor. The ideal scenario would include a fake out to the downside, namely a sweep below the $25,209 support level and a potential retest of $23,905 followed by a recovery into the failing wedge and a breakout.
This move would trigger massive pain for buyers and sellers, and the breakout from this manipulative move could see Bitcoin price retest the $30,000 psychological level.
BTC/USD 1-day chart
However, a breakdown of the $20,000 psychological level could hamper the bullish outlook and trigger a selling spree among investors. Such a development could see Bitcoin price revisit the $19,251 and $17,676 support floors.
Ethereum price at an inflection point
Ethereum price has recovered above the $1,703 support level, but it is unsure if this is the start of a recovery rally. If ETH fails to sustain above the aforementioned support, then the smart contract token is likely to retest the daily inefficiency, which extends from $1,478 to $1,563.
This move in Ethereum price would represent a 9.30% loss from the current price level.
ETH/USD 1-day chart
On the other hand, if Ethereum price maintains its position above $1,703, it will mean that the bulls are in control. In such a case, ETH could further ascend to retest the $1,817 and $1,853 resistance levels.
Ripple price needs to conquer critical hurdles
Ripple price completed its inverse head-and-shoulders setup on June 13 and has since dropped more than 14%. XRP price trades at $0.485 at the time of writing and is awaiting directional bias from Bitcoin.
A surge in bullish momentum could see Ripple price tag the immediate hurdle at $0.515. In a highly bullish case, XRP could even retest the $0.548 resistance level.
XRP/USD 1-day chart
While the outlook is also ambiguous for Ripple price, a swift and decisive breakdown of the $0.468 support level will confirm a bearish regime. In such a case, XRP price could revisit the $0.442 and $0.408 support floors.
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