Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets bleed in preparation for massive bull rally – FXStreet

  • Bitcoin price is correcting toward the demand zone stretching from $30,573 to $31,979.
  • Ethereum price broke out of the rising wedge and is likely to find support between $2,041 to $2,106.
  • Ripple price is likely to reverse its downtrend at $0.596 or $0.581 before surging 30% to tag $0.785.

Bitcoin price rejection at the midpoint of the range has led to a slow downtrend gathering steam as of this writing. If this persists, BTC is likely to drop until it finds stable ground to kick-start another uptrend.

Ethereum, Ripple and other altcoins are likely to follow suit. 

Bitcoin price sets the stage for massive run-up

Bitcoin price has set up three distinctive lower highs since June 29, indicating waning buying pressure. Moreover, BTC is hovering below the July 5 swing low at $33,125. A decisive 4-hour candlestick close would further confirm the downtrend.

If the sell-off continues, the flagship cryptocurrency will likely dip into the demand zone extending from $30,573 to $31,979. This area will serve as a foothold for reversal that could potentially catapult BTC beyond the midpoint at $35,618 in an attempt to tag the range high at $42,451.

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart

While the upside seems plausible, investors need to note that a breakdown of the $31,000 support level will inflict severe wounds on bulls. However, a decisive 4-hour candlestick close below $30,000 will invalidate the bullish thesis and trigger a potential sell-off to $28,786.

Ethereum price kick-starts its descent

Ethereum price broke out of the rising wedge pattern and has dropped roughly 6% over the past eight hours. While the bearish setup forecasts a 16% downswing to $1,909, the correction might find solace in the support zone that runs from $2,041 to $2,106.

Regardless of where the bulls rescue ETH, the potential upside targets include $2,460 and $2,640. If the bid orders continue to increase beyond this point, the bullish momentum will likely trigger an upswing pushing Ethereum price by 42% to tag the range high at $2,992.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

On the other hand, Ethereum price needs to stay above the demand zone’s range low at $2,041. Breaching this level might push ETH down to $1,909.

A breakdown of this barrier with the buyers unable to reclaim it would invalidate the bullish thesis and likely spark a 9% crash to $1,729.

Ripple price crumbles to be reborn

Ripple price rejection at $0.68 has triggered a 7% correction that has pushed it below the 50% Fibonacci retracement level at $0.647. 

XRP price hovers above the support level at $0.624, and investors can expect it to be breached. Ripple could find stable ground at $0.596 or $0.581, which could serve as a reversal point. In case the buyers come to the rescue, XRP price will kick-start its ascent.

The first major barrier that the bulls will face is the midpoint at $0.647. If the bullish momentum manages to breach through this, Ripple will enter the high probability reversal zone, ranging from $0.680 to $0.727

If the bid orders continue to pile up after a breach of $0.727, XRP price will have a high chance of retesting the range high at $0.785.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

On the one hand, XRP price could bounce from $0.596 or $0.581 and kick-start an uptrend that could face rejection by the reversal zone due to early profit booking from investors, leading to a pullback.

On the other hand, if the bears produce a decisive 4-hour candlestick close below $0.568, it will invalidate the bullish thesis.

In such a case, Ripple might slide 10% to tag the range low at $0.509.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

You May Also Like

About the Author: Kate