Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates as altcoins charge ahead

Bitcoin price has been consolidating below the equilibrium of its trading range, revealing a lack of buying pressure. On the other hand, Ethereum, Ripple and other altcoins are taking this opportunity to rally.

Bitcoin price rallies prematurely

Bitcoin price retraced 6% after failing to slice through the 50% Fibonacci retracement level at $35,618. The retracement paused around $33,380 and continues to rally higher instead of sweeping the July 2 swing low at $32,700 or dipping into the demand zone extending from $30,573 to $31,979.

Therefore, investors can expect BTC might pull back once again at or before $35,619 and tag either of the two levels mentioned above.

The uptrend that originates as a result is likely to shatter the midpoint, aka equilibrium, at $35,619 and take a jab at the resistance levels ranging up to $40,516. A decisive 4-hour candlestick close above $40,516 will open the path to retest the range high at $42,452.

BTC/USDT 4-hour chart

On the other hand, a breakdown of the demand zone’s lower range at $30,573 will signal the non-existent buying pressure and invalidate the bullish outlook. In such a case, BTC might tag the support barrier at $30,000.

Ethereum price tries to defy bearish setup

Ethereum price has set up three higher highs and three lower lows since June 23. Connecting these swing points using trend lines reveals a rising wedge formation. 

This technical pattern forecasts a 16% downswing to $1,909, determined by measuring the distance between the first swing high and low and adding it to the breakout point at $2,271.

However, the 16% crash could be cut short at the demand zone that ranges from $2,024 to $2,106. Therefore, investors can expect ETH to bounce from this area to shatter the midpoint of the range at $2,320.

If this were to happen, Ethereum price could further rally 25% to tag the range high at $2,912 after slicing through the intermediate barriers at $2,460 and $2,640.

ETH/USDT 4-hour chart

If the selling pressure builds up enough to slice through the demand zone extending from $2,024 to $2,106, ETH will likely head to the intended target at $1,909.

In a highly bearish case, Ethereum price might end up sweeping the range low at $1,728. If the smart contract token fails to climb above $1,728, it will invalidate the bullish thesis.

Ripple price kick-starts the uptrend

Ripple price was awaiting a bounce from the 50% Fibonacci retracement level at $0.647, which came on July 5. The resulting upswing caught traction, surging 5% toward the 62% Fibonacci retracement level at $0.680.

The subsequent barriers include $0.704 and $0.727, representing the 70.5% and 79% Fibonacci retracement levels.

Breaching these barriers will open the path for the remittance token to retest the range high at $.785, roughly a 16% climb from its current position, $0.675.

XRP/USDT 4-hour chart

However, a failure to climb past $0.647 or the subsequent barriers will indicate weak buying pressure and likely result in a downtrend toward the mid-point at $0.647 or the support level at $0.624.

A decisive close below $0.628 will invalidate the bullish thesis and trigger a 6% sell-off to $0.596 or $0.581.