After plunging into the demand zone, Bitcoin’s price has rebounded, rising from $30,573 to $31,979.
If the current upswing continues, BTC will likely rise by 11% to the 50% Fibonacci retracement level of $35,618.
The bullish thesis will be invalidated if the $30,000 support level is broken.
For nearly two weeks, the price of bitcoin has been consolidating below the range’s midpoint. Despite repeated failed attempts, the recent plunge into the demand zone shows that it may be worth another shot.
Ethereum, Ripple, and other altcoins would almost certainly follow suit if this happened.
Bitcoin’s price has failed twice in the last two weeks to break through the 50% Fibonacci retracement mark at $35,618. As a result of the downturn, BTC is now trading in a demand range of $30,573 to $31,979.
An upsurge will almost certainly follow a dip into this area of buy orders. The midpoint at $35,618 is the immediate stumbling block to a move higher. As a result, a decisive 6-hour candlestick close above this level will signal the return of bullish momentum.
BTC may test the $36,600 and $39,146 resistance levels in this situation. Bitcoin’s price might reach $40,000 if bid orders continue to pile up.
6-hour chart of BTC/USDT
While the Bitcoin price is trending upwards, investors should be wary of a possible surge in selling pressure that shatters the demand zone’s lower level of $30,573. This would indicate a buyer’s vulnerability if it happened.
This rise will lead to a retest of the $30,000 support level, which, if broken, will render the bullish perspective meaningless.
After breaking out of a rising wedge pattern on July 8, the price of Ethereum has reached its downside goal. Furthermore, ETH appears to have bottomed out around $1,869, indicating that a complete turnaround is imminent.
The bullish reaction witnessed at a key demand zone in Bitcoin price adds to this thesis’s tailwinds, implying that an upswing is in the works. If this happens, Ethereum will follow Bitcoin’s lead and rise in value.
The first significant resistance for ETH will be $2,018. If the altcoin breaks through this level, it will be forced to deal with a recently flipped supply zone stretching from $2,041 to $2,106. If the bulls manage to seal a critical 6-hour candlestick above this level, it will indicate that the buyers have returned.
Ethereum’s price will be able to retest the trading range’s midpoint at $2,297 if this happens. This increase from $1,956 to $2,297 represents a 17 percent increase.
6-hour chart of ETH/USDT
A breach below the $1,869 support level, on the other hand, will signal a lack of bullish momentum. This move will pave the way for a sell-off to the $1,700 area low.
If this level is broken, the bullish prognosis is invalidated, and a climb to $1,438 is possible.
On July 14, Ripple pricing made a new swing low of $0.585, indicating the start of a possible upswing. If the purchasing pressure persists, XRP will most likely reach $0.647, the 50% Fibonacci retracement level.
The return of buying pressure will be indicated by a decisive 4-hour candlestick close above this barrier. With such a rise, XRP will have a better chance of piercing the high likelihood reversal zone, which runs from $0.68 to $0.727.
After a 16 percent gain to $0.704, the bullish impetus may be slowed. If it does not, the remittance token is expected to break through $0.727 and attack the range high of $0.785.
4-hour chart of XRP/USDT
If the purchasing pressure fails to rise beyond the 50% Fibonacci retracement line at $0.647, the bulls will be seen as weak. While this could slow or halt the increase, a break of the demand zone’s lower limit at $0.547 would invalidate the optimistic picture.
In this event, the price of XRP might retest the range bottom of $0.509./n
