(Akash Girimath – FXStreet)
– Bitcoin price is stuck trading inside the $18,600-to-$20,922 range and shows no signs of breaking out.
– Ethereum price is far more optimistic than BTC price action and hints at a potential climb to $1,425.
– Ripple price seems to be planning a 20% move to $0.386, but buyers are yet to show up.
Bitcoin price has been extremely boring for the last few days, stifling the performance of Ethereum and Ripple as well. However, things could take a quick turn if the big crypto sees some much-needed volatility.
Bitcoin price remains directionless
Bitcoin price has its upside capped around $22,500 due to the high-time-frame resistance levels and the 200-week Simple Moving Average (SMA). From a lower-time-frame outlook, BTC is grappling with the second-quarter open at $19,943.
A minor uptrend to sweep the $20,922 range high seems likely. Investors need to note that this level is present inside the four-hour supply zone, extending from $20,681 to $21,194, hence a rejection is the most likely outcome.
So, market participants need to prepare for a 9% downswing that sweeps Monday’s lows at $19,032. In some cases, BTC could slide lower and sweep the range low at $18,600. However, investors should not be surprised if this downtrend continues until it retests the June 18 swing low at $17,578.
While things are looking up for Bitcoin price, a daily candlestick close above the $21,705 hurdle will suggest that the bulls are vying for recovery. In such a case, BTC might rally higher and retest the $22,500 resistance barrier.
Ethereum price eyes a quick run-up
Ethereum price has bounced off the $878-to-$1,284 range’s midpoint at $1,081, indicating that the bulls are still in control. However, if the buyers fail to shine here by pushing ETH higher, sellers will be quick to take over.
Investors can expect ETH to trigger a rally to $1,284, so market makers can collect the buy-stop liquidity resting above this level. In some cases, this move might extend higher and fill the fair value gap, also called inefficiency, extending up to $1,425.
This run-up would constitute a 25% ascent in Ethereum price.
Regardless of the bullish outlook, if Ethereum price produces a four-hour candlestick close below the $878 barrier, it will flip it into a resistance level and invalidate the bullish thesis. Such a development could see ETH crash to the next support level at $700.
Ripple price action continues to be boring
Ripple price has flipped below the midpoint of its range that extends from $0.286 to $0.386. Interestingly, the sellers have further pushed the remittance token into a deep-discount mode, ranging from $0.307 to $0.324.
This area is where reversals tend to occur in ranging markets and that is what XRP price is trying to do. However, from the looks of it, the bullish momentum seems to be lacking as of now. So, a quick run-up in Bitcoin price could see Ripple follow suit.
In such a case, XRP price is likely going to target the sweep of range high at $0.386, which also has buy-short liquidity resting above it.
On the other hand, if Ripple price produces a four-hour candlestick close below the range low at $0.286 without a quick recovery, it will flip the side level into a resistance barrier. Such a development would invalidate the bullish thesis and potentially trigger a further descent to $0.250.
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