|

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and altcoins begin to undo gains

  • Bitcoin price is contemplating a pullback as the MRI flashes a sell signal.
  • Ethereum price might also undergo a minor retracement to complete a massive bullish pattern.
  • Ripple price also shows signs of a pullback as the MRI warns of an incoming sell-off.

Bitcoin price witnessed the second leg of its rally that originated on July 20 but failed to produce a convincing close above a crucial support level. Moreover, a technical indicator is flashing a sell signal, further supporting a downswing. 

Therefore, investors can expect a minor pullback across the board. 

Bitcoin price eyes a potential pullback

Bitcoin price climbed from $29,994 on July 20 to $46,700 as of August 10. This 59% ascent seems to be coming to an end as the Momentum Reversal Indicator (MRI) flashed a red ‘one’ sell signal on the 12-hour chart. This setup forecasts a one-to-four candlestick correction. Therefore, investors need to watch for a minor pullback to the immediate support level at $41,330 or $40,550.

While a retracement is likely, the recently flipped demand zone, extending from $43,150 to $45,321, could hinder the downside movement and produce a consolidation with that area.

Either way, BTC looks bullish and might continue to rally after a brief setback. 

In the case of an ascent, the resistance levels at $49,024 and $50,958 will likely be the bulls’ targets.

BTC/USDT 12-hour chart

BTC/USDT 12-hour chart

Regardless of the bullish outlook, a potential spike in selling pressure that pushes BTC below $37,241 will negatively impact the upswing and invalidate the bullish thesis since it would produce a lower low.

Ethereum price readies to follow the big crypto

Ethereum price is in more serious trouble than BTC as the Momentum Reversal Indicator (MRI) flashed a red ‘two’ sell signal on the 1-day chart, which indicates an overextended upswing. Since this setup forecasts a one-to-four candlestick correction, investors can expect the downtrend to head much lower.

The immediate support level at $2,640 is the most likely area for a reversal, but in some cases ETH might retest $2,345, the trading range’s midpoint.

The reversal that stems from the area mentioned above will likely shatter $3,240 and $3,371 and make a run at the $3,716 resistance barrier.

ETH/USDT 1-day chart

ETH/USDT 1-day chart

Perhaps the most logical reason for the failure of the bullish thesis is due to Ethereum’s correlation with Bitcoin. If BTC flash crashes, ETH will follow suit.

Therefore, a decisive daily close below $2,271 will invalidate the optimistic scenario and open up the path for further descent.

Ripple price awaits a trigger

Ripple price is also plagued by the MRI that flashed a red ‘one’ sell signal on the 12-hour chart. Therefore, investors can expect a one-to-four candlestick correction.

Moreover, this warning sign arrives after XRP price failed twice to slice through the $0.827 resistance barrier. The resulting downswing might reverse around $0.777 or head to $0.689 if the selling pressure increases.

A retest of $0.689 will produce a double bottom, and if the buyers make a comeback around this area, XRP price will likely restart its upswing. If the resulting climb flips $0.827 into a support level, market participants can expect this remittance token to hit $0.91 and $1 in a highly bullish case.

XRP/USDT 12-hour chart

XRP/USDT 12-hour chart

While things seem to be relatively better for XRP price, a breakdown of the $0.725 support level might jeopardize the bullish outlook as it would create a lower low.

However, a breach of the $0.689 would seal the deal and invalidate the optimistic scenario.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge
The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.