• Buying interest pushes BTC back above $23,000.
  • Ethereum in a dangerous position below the critical support level.
  • Ripple recovers from the intraday low of $0.44, still depressed.


The cryptocurrency market has started the recovery from the short-lived decline, with most of the coins turning green again on a day-to-day basis. While the low base effect is definitely something to consider, the overall sentiments are improving slowly across the board. UMA is still the hottest altcoin out of top-50 with nearly 40% growth. It is followed by THETA with 18% gains. XRP is an outsider. The coin suffered from the news that SEC was going to sue Ripple for an illegal securities offering.

Bitcoin returns above $23,000

Bitcoin retreated to $21,910 for a fraction of time on Monday only to be bought aggressively. As new players entered the market on the sell-off, the price recovered above the psychological level of $23,000. At the time of writing, BTC/USD is changing hands at $23,100. 

BTC, In/Out of the Money Around Price (IOMAP)

BTC, In/Out of the Money Around Price (IOMAP)

According to In/Out of the Money Around Price (IOMAP) data, the price reached the critical resistance as about 350,000 addresses purchased over 250,000 BTC on approach to this level. A sustainable move above this level will remove a substantial barrier and allow for a recovery towards $24,000.

On the other hand, BTC should stay above $22,000 to retain positive vibes. This support is reinforced by 4-hour EMA50, and if it is broken, the sell-off may be extended towards $20,000 with 4-hour EMA100 located just above this area.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

ETH struggles to stay above critical support

ETH is trading at $610, mostly unchanged from this time on Monday. As previously discussed, the price should settle above $620 to retain long term bullish bias as this support is created by the x-axis of an ascending triangle. Otherwise, the price will extend the decline towards $530 (daily EMA50), invalidating the immediate bullish outlook.

ETH, daily chart

ETH, daily chart

On the other hand, if the daily candlestick closes above $620, ETH will re-test the recent high of $631. In the long-run, ETH has the potential to hit %800, which is an estimated target of an ascending triangle.

Ripple gets the beating 

XRP is out of luck today. The cryptocurrency has lost over 8% of its value in less than 24 hours and touched the low of $0.44 after Ripple's CEO Brad Garlinghouse said that SEC was going to sue the company for selling unregistered securities. 

XRP, daily chart

XRP, daily chart

At the time of writing, XRP is changing hands at $0.48, marginally above the critical channel support reinforced by the daily EMA50. A sustainable move below this area will increase the selling pressure and push the price towards $0.35 9daily EMA100).

On the upside, a move above $0.5 is needed to mitigate the bearish pressure and bring the recovery back on track with the next focus on $0.61. This barrier is created by 78.6% Fibonacci retracement level.
 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP