(Akash Girimath – FXStreet)
– Bitcoin price continues to consolidate around the $19,000 level with no directional bias.
– Ethereum price is stuck between the $1,440 and $1,280 barriers and awaits a go-signal from BTC.
– Ripple price could slide to $0.397 if it fails to recover above the $0.464 support level.
Bitcoin price has been consolidating over the weekend, albeit triggering a minor rally. This move continues to be undone as sellers offload their holdings. But the bullish move over the weekend could be an indication of more positive developments to come.
Bitcoin price ready for round two
Bitcoin price is facing its fourth rejection at the 30-day Exponential Moving Average (EMA) at $19,432. If, after the resulting retracement, BTC price rebounds and does eventually successfully slice through the 30-day EMA, that will be a key development to triggering a run-up for BTC.
If such a move then flips the $19,432 hurdle into a support floor, Bitcoin price could kick-start a rally to $22,048, providing it also overcomes the $19,306 to $19,737 resistance area.
On the other hand, if Bitcoin price fails to move past the 30-day EMA at $19,432, it will indicate a weakness from buyers. A daily candlestick close that shatters the June 18 swing low at $17,593 and flips it into a resistance level will invalidate the bullish theiss for BTC and potentially trigger a correction to $17,000 or $15,551.
Ethereum price pushes forward
Ethereum price managed to recover above the $1,280 support level and kick-start a 9.49% run-up over the last three days. This move collected the buy-stop liquidity resting above $1,343, however, and is currently reversing.
A pullback could see ETH revisit the $1,220 support level to complete the triple tap setup, as discussed in a previous article. This development would be a bullish retracement and is an opportunity for sidelined buyers to purchase discounted ETH.
However, a bounce from this level could propel the Ethereum price to move to $1,440.
While things are looking up for Ethereum price, a daily candlestick close below $1,220 without any signs of recovery will invalidate the bullish thesis. This development could further knock ETH down to the $1,080 support level.
Ripple price on a slippery slope
Ripple price faced rejection after a failed attempt to recover above the $0.465 hurdle. A daily candlestick close below this level could trigger a correction to the midpoint of the $0.331 to $0.464 range at $0.397.
A demand zone between $0.381 and $0.433 overlaps the said midpoint at $0.397 and should provide investors with a cushion that absorbs the incoming selling pressure.
Depending on the development in Bitcoin price, which affects the whole market, investors should consider accumulating XRP between $0.397 and $0.433 levels. If the subsequent surge in buying pressure increases and flips the $0.464 hurdle, XRP price could retest the $0.561 resistance level.
While things are looking up for Ripple price, a breakdown of the $0.397 support level could spell disaster. If this move is followed by a daily candlestick close below the demand zone’s lower limit at $0.381 it will invalidate the bullish thesis.
Advertisement
This XRP price action development could see Ripple price revisit the $0.360 support floor.
Read Ethereum price only has one entry point for a long position
