- Bitcoin price presents another buying opportunity for bulls who missed the last 10% rally.
- Ethereum price must defend the $1,793 support level at all costs, lest ETH makes a 20% fall to the local support.
- Ripple price could shed an additional 10% after investors cashed in profits above $0.542.
Bitcoin (BTC) price appears to be leading the rest of the pack south in what can easily be identified as a calculated plan to gather strength for an uptrend. With it, Ethereum (ETH) and Ripple (XRP) are giving traders and investors a chance to accumulate before the next rally.
Also Read: Bitcoin price struggles after hot US NFP data
Bitcoin price plays its hand again for the willing buyer
Bitcoin (BTC) price is down 10% from the May 29 high of $28,447, offering traders who missed the previous rally a chance to accumulate. At the current market value of $25,745, BTC is coiling up for a breakout as it consolidates within a bullish flag pattern.
BTC faces overhead pressure from the upper boundary of the flag. Ths is coupled with selling pressure from the 50- and 100-day Exponential Moving Averages (EMA) at $27,248, and $26,503, respectively. With these, Bitcoin price could fall below the 200-day EMA support at $25,205, flipping this long-standing support into resistance.
The ensuing seller momentum could drive Bitcoin price out of the flag of the chart to the forecasted $24,000 range, with the first landing site being around $24,522.
The postulation of the short-term bearish outlook is inspired by falling momentum, indicated by the Relative Strength Index (RSI) tipping south. Similarly, Awesome Oscillators (AO) were giving way to the bears, moving within the negative zone as red histograms intensified.
BTC/USDT 1-Day Chart
Conversely, if bulls act now, Bitcoin price could correct northward, rising above the resistance confluence between the horizontal line and the 100-day EMA at $26,503. A flip of this supplier congestion level into support could bolster the uptrend, fueling a rally beyond the 50-day EMA at $27,247 and potentially escaping above the upper boundary of the flag at $28,127.
In a highly bullish case, Bitcoin price could tag the $30,976 resistance level, denoting a 20% climb from the current level.
Also Read: Bitcoin price could finally have a shot at the much anticipated $30,000
Ethereum price eyes 10% showdown
Ethereum (ETH) price has broken below the pennant, finding solace above the 100-day EMA at $1,793 after a sell-off beginning June 3. Unless bulls come into play, ETH could have only one level of support left around the 200-day EMA at $1,723 before a 10% cliff.
The RSI shows weakening momentum, suggesting that bears currently dominate over the bulls. Unless things change, ETH could fall 10% to the local support at around $1,600 or in the dire case, extend a leg down to tag the range low at around $1,510 before a recovery akin to what happened in mid-February.
ETH/USDT 1-Day Chart
On the other hand, ETH collecting buy-side liquidity between $1,808 and $1,723 could revitalize Ethereum price. The ensuing demand pressure could facilitate a rally above the 50-day EMA at $1,846, clearing a path for the Proof-of-Stake (PoS) token and the largest altcoin by market cap to confront the next hurdle at $1,949.
A decisive daily candlestick close above the aforementioned level would invalidate the bearish outlook, setting the pace for Ethereum price to target the psychological $2,117, where the next supplier cohort resides.
Also Read: Ethereum price at catch-22, pressed between this bullish outlook and a waning of momentum
Ripple price has this to suggest…
Ripple (XRP) price points to certain market players having XRP on the leash. This is evident in the displacement the remittance token has been recording, suggesting impulsive moves to catch the amateur trader off guard every time. However, a closer look at the price action indicates conviction by some players to move the price.
With a lot of uncollected liquidity below the demand zone under the $0.465 to $0.451 range, market makers could drive Ripple price south, breaching the $0.491 support level to tag the 50-day EMA at $0.475.
In the dire case, Ripple price could move into the demand zone where all big buyers would converge. This bearish trajectory is underscored by the RSI, which besides pointing downward to suggest falling momentum, had just signaled a call to sell XRP when it crossed below the signal line (yellow band). Further, the AO was also edging toward the midline, flashing red-hot as the bears gained the advantage.
XRP/USDT 1-Day Chart
Impulse buying within the demand zone, bolstered by liquidity collected underneath, could provoke a buying spree. The ensuing buying pressure could give Ripple price the expected push north.
Also Read: Ripple price eyes 25% breakout as XRP community anticipates June 13
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