Bitcoin price is showing signs of exhaustion as it reverses its three-day bullish trend. As a result, Ethereum, Ripple, and other altcoins have taken a step back. Investors can expect this minor retracement to develop into a foothold that bulls will use to extend the run-up in the future.
Bitcoin price falls below weekly open, raising the prospect of a 10% drop to $17,924.
While the price of Ethereum will follow that of Bitcoin and retest the $993 support level. And the Ripple price is facing a third rejection at the $0.336 barrier, with a possible correction to $0.306.
On June 22, bitcoin price surpassed the weekly open of $20,535 and surpassed Monday’s high of $21,068. Because of this bullishness, many altcoins experienced exponential rallies.
However, the exhaustion of buying pressure appears to be causing a correction, with BTC falling from $21,705 to $20,416.
This 7% drop is expected to continue until BTC retests the $19,416 support level.
Buyers have an opportunity to save the price and lift it higher, extending the uptrend.
However, failure could cause Bitcoin’s price to fall and surpass Monday’s low of $17,924.
If Bitcoin price makes a higher high above the June 21 swing high of $21,705 and stabilises above $21,068, the bearish outlook will be invalidated. BTC may now rise to $23,000 as a result of this development.
Between June 19 and June 22, the price of Ethereum increased by 35%, reaching a swing high of $1,192.
ETH produced a series of higher highs during the process, signalling the end of bullish momentum.
This retracement is likely to drive the Ethereum price lower even further, at least until it reaches the $993 support level. Bulls have a chance to save ETH and spark a run-up that could extend beyond the recently established swing high.
However, if Ethereum price closes below $993 in four hours with no signs of a quick recovery, the bullish thesis will be invalidated. This development will also result in a retest of the $1,219 and $1,283 resistance levels.
Since June 13, the ripple price has encountered the $0.336 barrier three times. Every time the bulls triggered a rally in an attempt to break out, it failed.
The most recent test was on June 21, and it resulted in a 5% pullback.
This decline is likely to continue until the XRP price reaches the $0.306 support level. A bounce off this level, combined with increased buying pressure, will be critical in triggering an extension of the current uptrend.
If the Ripple price manages to break through the $0.336 barrier, XRP may revisit the $0.401 barrier after a 19 percent increase.
While the Ripple price is looking cautiously optimistic, a four-hour candlestick close below $0.306 will render the recent upswing to $0.336 invalid. In this case, the price of XRP could fall to $0.250, the next stable support floor.
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