Bitcoin price strikes again at the 50% Fibonacci retracement level of $35,618 in an attempt to reach the range high of $42,451.
While the potential of a negative correction lingers, Ethereum price bounces off the lower end of a rising wedge pattern.
The price of ripple bounces strongly off the range’s middle, but then slows as it hits an immediate resistance obstacle.
The price of bitcoin has been consolidating below the trading range’s equilibrium, indicating a lack of buying pressure. Ethereum, Ripple, and other altcoins, on the other hand, are benefiting from the situation.
After failing to break over the 50% Fibonacci retracement line at $35,618, bitcoin price retraced 6%. Instead of sweeping the July 2 swing low at $32,700 or dropping into the demand zone ranging from $30,573 to $31,979, the retracement stalled at $33,380 and continues to rise higher.
As a result, investors could expect BTC to fall back at or before $35,619, tagging one of the two levels listed above.
As a result, the upswing is anticipated to shatter the midway, or equilibrium, around $35,619, and take aim at resistance levels as high as $40,516. A 4-hour candlestick close decisively above $40,516 will clear the way for a retest of the range high at $42,452.
4-hour chart of BTC/USDT
A breakdown of the demand zone’s lower range at $30,573 on the other hand, would show a lack of buying pressure and contradict the bullish picture. In this situation, BTC may set the support level at $30,000.
Since June 23, the price of Ethereum has made three higher highs and three lower lows. A rising wedge shape is revealed by connecting these swing points with trend lines.
This technical pattern predicts a 16 percent drop to $1,909, which is calculated by adding the distance between the first swing high and low to the breakout point at $2,271.
The 16 percent drop could, however, be halted in the demand zone, which runs from $2,024 to $2,106. As a result, investors can expect ETH to rebound from this level and break through the range’s midpoint of $2,320.
After slicing past the intermediate hurdles of $2,460 and $2,640, Ethereum price might surge another 25% to the range high of $2,912 if this happens.
4-hour chart of ETH/USDT
If selling pressure comes up sufficiently to cut through the demand zone stretching from $2,024 to $2,106, ETH will most likely head to $1,909.
In a negative scenario, the price of Ethereum might end up sweeping the range bottom at $1,728. If the smart contract token fails to rise over $1,728, the bullish thesis will be invalidated.
Ripple’s price was looking for a comeback after hitting the 50% Fibonacci retracement level of $0.647 on July 5. The subsequent upsurge gained traction, rising 5% to $0.680, the 62 percent Fibonacci retracement line.
The next two barriers are $0.704 and $0.727, which correspond to the 70.5 percent and 79 percent Fibonacci retracement levels, respectively.
If these obstacles are broken, the remittance token will be able to retest the range high of $.785, nearly a 16 percent increase from its present position of $0.675.
4-hour chart of XRP/USDT
Failure to ascend beyond $0.647 or the subsequent hurdles, on the other hand, indicates weak purchasing pressure and will almost certainly result in a downturn toward the $0.647 midpoint or the $0.624 support level.
The bullish thesis will be invalidated if a decisive closure below $0.628 occurs, triggering a 6% sell-off to $0.596 or $0.581./n
