- Bitcoin price is bearishly heading into the weekend and could break below the $29,182 support level as volatility wanes.
- Ethereum price downtrend could continue amid falling momentum and the aura of a bearish BTC.
- Ripple price eyes further break down as bears capitalize on increasing volatility to seize the market.
Bitcoin price is trading with a bearish bias on the 15-minute timeframe, an outlook that has been mimicked by both Ethereum (ETH) and Ripple (XRP) price as crypto markets slide into the weekend with modesty and calm. Accordingly, experts do not expect any quick movements for the next couple of days, even as triangles form on intraday charts.
Bitcoin price slides into the weekend with calm
Bitcoin (BTC) price is testing the lower boundary of a triangle pattern forming on the 15-minute chart, with an overall bearish outlook after flipping the 200-, 100- and 50-day Exponential Moving Averages (EMA) at $29,224, $29,218, and $9,223 levels respectively from a support to a resistance level.
As the weekend settles in, Bitcoin price may not record a striking move, as is characteristic of weekend volatility, except for the current bearish pull that continues to force BTC southward. The Relative Strength Index (RSI) is heading south as the histograms of the Awesome Oscillators also drop, suggesting falling momentum.
An increase in selling pressure could see Bitcoin price test the early August lows at around $29,038 to collect liquidity before a possible uptrend.
BTC/USDT 15-min chart
Conversely, an increase in buying pressure above current levels could see Bitcoin price bounce north, first shattering past the resistance confluence between the three EMAs before a possible tag of the upper boundary of the technical formation. However, for a confirmed uptrend, Bitcoin price must record a decisive 15-minute candlestick close above $29,359.
Also Read: Bitcoin price holds above $29,000 after below-expectations US NFP data.
Ethereum price mimics BTC
Ethereum (ETH) price is following on the heels of BTC, heading south in the 15-minute timeframe with its price action consolidating into a triangle. Noteworthy, such technical formations are often penultimate (second from last) and moving in a trend. In the case of BTC and ET, the overall trend is a bearish correction that began after the July peak.
As momentum continues to fall, indicated by the southbound RSI and the reducing AO histograms, the bearish grip for Ethereum price could increase, sending the PoS token lower, potentially breaching the $1,836 support. In the dire case, ETH could extend lower to find support at around the $1,831 support level. This would be the most likely turnaround point for ETH.
ETH/USDT 15-min chart
Conversely, a resurgence by bulls could see Ethereum price bounce from the lower trendline of the triangle and head north to flip the three EMAs back to support. However, the gloomy outlook would only be invalidated upon a strong move above the $1,849 resistance level.
Also Read: Ether ETF applications flood the SEC as ProShares files the 11th
Ripple price volatility increases
Ripple (XRP) price is also sliding, with an overall bearish outlook that could extend if bulls continue sitting on their hands. As overhead pressure continues to build, XRP could soon breach the immediate support at $0.657 to collect the liquidity underneath.
This liquidity could help stabilize the market and give bulls a possible reentry point, but delayed entry could see Ripple price extend further south before finding a turnaround point. Noteworthy, as XRP heads south, it continuously writes off the July 13 gains.
XRP/USDT 15-min chart
If sidelined and late investors come in, Ripple price could be headed north, with a successful escape from the foothold of the 50-,100-, and 200-day EMA at $0.663, $0.665, and $0.671, respectively, confirming the uptrend.
Also Read: Ripple plan to re-engage with US market could trigger XRP price recovery.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.