|

Have bears seized the long-term initiative so far?

July has started with the ongoing bearish impulse on the cryptocurrency market as the majority of the coins are in the red zone.

Chart

Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the Bitcoin (BTC) price continued its pullback and returned to the lower border of the sideways range that formed earlier this week.

BTCUSD

BTC/USD chart by TradingView

The side corridor is clearly visible on a smaller time frame. Its lower border ($34,000) stopped yesterday's decline and buyers tried to restore the price, but by the end of the day they could not pull the pair out of this sideways range.

In this case, there is a high chance to see the ongoing drop to $32,000.

Bitcoin is trading at $33,300 at press time.

ETH/USD

Yesterday morning, the Ethereum (ETH) price pullback stalled around the $2,100 mark and buyers tried to restore the pair. Only by the end of the day, was the price able to approach the POC indicator line ($2,330), but it could not test it.

ETH

ETH/USD chart by TradingView

As of this morning, the pair rolled back from the local maximum zone and may return to yesterday's support of $2,100 during the day. If buyers are unable to seize the initiative, then the decline may continue below the psychological level of $2,000.

Ethereum is trading at $2,104 at press time.

XRP/USD

Yesterday XRP price set a daily low at $0.648. Buyers tried to seize the initiative and returned the price to the $0.70 mark, but again they failed to gain a foothold above this level.

XRP

XRP/USD chart by TradingView

Now one is witnessing a pullback to the area of average prices. If the four-hour EMA55 can withstand the selling pressure, then the price of XRP can be able to bounce above the orange level of $0.70. Otherwise, the pair might return to the upper border of the descending channel.

XRP is trading at $0.6591 at press time.


Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

More from Denys Serhiichuk
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.