- Bitcoin price shows a bullish start to the week, but the liquidity objective to the downside is incomplete.
- Ethereum price eyes using the $2,000 psychological barrier as a stepping stone for a swing rally to $2,412.
- Ripple price attempts to move higher after bouncing off the $0.389 support floor.
Bitcoin price reveals its bullish move after tight consolidation over the weekend. This impulsive move has caused many altcoins to explode as well. Ethereum and Ripple have followed suit but are far away from reaching their short-term objective.
Bitcoin price and incomplete objective
Bitcoin price created equal lows around the $29,288 support level by tagging it thrice over the last week. While a sweep of this barrier aka Monday’s low was necessary, the buyers seem to have taken control, leading to a rally.
So far, Bitcoin price has rallied to retest the range high at $31,493 and is likely going to reverse the trend here. A sweep of Monday’s low at $29,288 should be the key to triggering a relief rally bounce to the short-term targets, extending from $34,455 to $35,180.
BTC/USD 4-hour chart
Invalidation of this bullish thesis would occur if Bitcoin price produces a four-hour candlestick close below the range low at $28,575. In this situation, BTC might crash to $27,708.
Ethereum price needs to pause
Ethereum price created a double bottom pattern after tagging the $1,731 support level twice on May 28 and June 3. The reaction from this setup led to a 9% ascent, with more gains in the works.
Investors can expect Ethereum price to retrace and tag the $1,813 foothold before continuing its ascent. This level would be a good place to bid, especially considering the short-term targets for ETH are present at $2,164, $2,341 and $2,412.
ETH/USD 4-hour chart
If Ethereum price fails to hold above the $1,813 support level, a good buy area would be as ETH sweeps the $1,731 support level. However, a four-hour candlestick close below $1,701 will invalidate the bullish thesis.
Such a development could send ETH plummeting to $1,543.
Ripple price on track to its targets
Ripple price moved close to retesting the $0.437 hurdle but failed and retraced to the $0.389 stable support level. After a quick sweep of this level, bulls took control and triggered a 5% run-up to $0.404.
Going forward, Ripple price might undergo a minor retracement to $0.389, but the upside objectives remain the same ie., a retest of the $0.437 and $0.484. Therefore, investors need to be patient with the remittance token.
XRP/USD 4-hour chart
Regardless of the bullish outlook, if Ripple price creates a lower low below $0.371, it will invalidate the bullish thesis. In such a case, the XRP price could crash to the $0.345 support floor.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.