The price of bitcoin is falling in search of a support level that might kick-start a 20% rally.
The price of Ethereum is retracing, as is the case with the pioneer cryptocurrencies.
Ripple’s price is falling, with a retest of the range bottom at $0.65 on the horizon.
After June 27, the price of bitcoin appears to have lost most of its gains. This retreat happens towards the middle of the range, indicating insufficient buying pressure. Investors could expect this retracement to revert quickly near an immediate support level, resulting in a quick break above the range’s equilibrium. Ethereum and Ripple are likely to follow Bitcoin’s route.
Since June 26, the price of bitcoin has risen by around 21%, but bearish appear to be hell-bent on reversing these gains. BTC has retraced roughly 10% so far and may continue to fall.
This correction is likely to find support in the demand zone, which runs from $32,268 to $33,200. Given this area’s involvement in driving BTC from $32,268 to $36,600 recently, there’s a good possibility the drop will conclude here. These levels must be closely monitored by market participants.
The sellers may continue the retracement to $31,000 and sweep below $30,000 in order to collect liquidity before launching to $40,000. From $30,000, this would be a 32 percent increase.
4-hour chart of BTC/USDT
While the retracement may reach $30,000, investors should keep in mind that Bitcoin’s price must shortly recover. Failure to do so could signal buyer weakness, putting an end to the bullish thesis described above.
In this scenario, BTC might fall to the range low of $28,766.
Despite BTC’s indecisiveness, the Ethereum price reached a new high of $2,287 on June 30, indicating that ETH buyers have revived. Ether is also experiencing a correction, following in the footsteps of the flagship cryptocurrency.
This retreat is likely to retrace at the support barriers of $2,045 and $1,965. In a bearish scenario, however, ETH may return to the range low of $1,804 set on June 27.
The subsequent upswing from either of the above-mentioned demand barriers might send prices over the 50% Fibonacci retracement level at $2,320, and possibly retest the resistance ceiling at $2,460.
4-hour chart of ETH/USDT
A break of the range bottom at $1,728 will discredit the optimistic narrative in severely bearish conditions.
Ripple has surged 44 percent after hitting a local low of $0.51 on June 22, but has only retraced 10% since hitting a swing high of $0.734. Such a volatile price behavior implies that XRP is being actively purchased by investors.
The retracement could extend another 10% to the $0.581 support level. The upswing resulting from this demand barrier, on the other hand, might effectively pierce intermediate resistance levels, tagging the 50% Fibonacci retracement level at $0.875, which would be a 50% increase.
4-hour chart of XRP/USDT
A break of $0.734 will invalidate the bullish argument, regardless of the price of XRP or its link to the flagship crypto. This change could lead to a 15% drop in price to $0.496./n
