- Bitcoin price could revisit the $28,000 range if it fails to breach and hold above $31,408.
- Ethereum price, like BTC, continues to hover at key levels with an imminent slump if bulls fail to act.
- Ripple price eyes a retest to levels below $0.450 as overhead pressure accumulates.
- In the wake of BTC moving horizontally, ETH shows a lack of demand, while altcoins are missing momentum.
Bitcoin (BTC) price holds steady, moving within a fixed range despite macroeconomic forces and industry developments. With it, Ethereum (ETH) price too is moving horizontally. These suggest that short-term traders prefer to hodl rather than book profits. This is noteworthy, for as long as there is no significant influence from the two leading cryptos, altcoins like Ripple (XRP) are bound to suffer as regulators clamp down on cryptocurrencies of their kind.
Also Read: Bitcoin price hits $31,000, gears up for recovery with US annual inflation decline to 3% in June
Bitcoin price holds steady, altcoins could suffer
Bitcoin (BTC) price remains steady, bound between the $31,408 and $29,895 range. The king of crypto's composure was demonstrated in its lack of reactivity to the Consumer Price Index (CPI) reading, which defied expectation, coming in at 3%.
Bitcoin price could elevate toward the immediate hurdle at $31,408 over the next few days. A decisive flip of this resistance to support would pave the way for BTC to hit $31,500.
However, the Relative Strength Index (RSI) tipping south points to falling momentum.
BTC/USDT 12-hour chart
If bulls give way, bears could seize the opportunity, with the ensuing selling pressure sending Bitcoin price toward the support confluence between the horizontal line and the 100-day Exponential Moving Average (EMA) around $29,985.
An extended leg lower is plausible, which could send Bitcoin price to the $28,000 range or $27,282 in the dire case.
Either way, investors should expect a dynamic move soon as markets do not hold out for long. A decisive 12-hour candlestick close above $32,000 would confirm an uptrend, potentially attracting sidelined buyers to ferry Bitcoin price to levels above $36,000.
Also Read: Bitcoin price heedless as institutions that know markets better than anybody wager on BTC mining
Ethereum dangerously tests the uptrend line
Ethereum (ETH) price is moving along an uptrend line, though barely holding above as cues from BTC are rather weak. If the price sustains above the uptrend line, ETH could soon tag the $1,959 level or breakthrough, in a highly bullish case, to levels above $2,000.
ETH/USDT 1-Day Chart
As momentum continues to wane, evidenced by the flattening RSI and the Awesome Oscillator (AO) histograms in the negative, Ethereum price could lose support. The subsequent selling pressure could send ETH below the ascending trend line to find support around the 200-day EMA at $1,821.
The onus is, therefore, on the bulls to tighten their grip on the Ethereum price. Invalidation of the bullish outlook would occur upon a decisive daily candlestick close below the uptrend line.
Also Read: Ethereum defends bullish trend
Ripple price could fall as overhead pressure accumulates
Ripple (XRP) price is under the foothold of the three Exponential Moving Averages after losing the last 200-day EMA at $0.472 on July 12.Ripple price could drop to $0.4448, and such a move would denote a 5% drop from current levels.
XRP/USDT 12-hour chart
The saving grace for XRP would be a significant break in the legal tussle between Ripple and the US SEC. As impatience grows, the community is already deliberating about writing letters to Judge Analisa Torres. Based on the latest, however, XRP's fate hangs in the balance after the judge in the SEC vs. LBRY case failed to rule on LBC status.
For a confirmed bull run, Ripple price would have to decisively breach the $0.542 resistance level.
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