• Bitcoin price looks ready to trigger a 15% rally after a minor retracement.
  • Ethereum price seems to be forming a higher low, which could lead to a potential retest of $2,319.
  • Ripple price needs to reclaim range low at $0.65 to trigger a 20% upswing to $0.783.

Bitcoin price took a massive nosedive as it dropped from a level of support to create a new range low.

While the initial sell-off seems to be done, BTC is preparing for a leg up. The same trend is seen across Ethereum, Ripple and multiple altcoins, which are ready to make a comeback.

Bitcoin price prepares to sweep swing highs

Bitcoin price rallied 21% after a nasty 20% drawdown between June 20 and June 22. The recovery faced rejection at $34,800 and is currently undergoing a retracement. This pullback could extend up to $31,000 and set the stage for a 15% upswing to sweep above the 50% Fibonacci retracement level at $35,610.

In a bullish case, the rally could extend to $37,331.

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart

On the flip side, if Bitcoin price slices through $31,000 and fails to recuperate, it will invalidate the bullish thesis. 

In such a case, the flagship cryptocurrency could retrace 3% to $30,000. On the other hand, if the sellers continue to apply pressure, BTC might slide to $28,770– the range low.

Ethereum price promptly follows the pioneer cryptocurrency 

While Bitcoin price created a new swing low, Ethereum price did the same. ETH sliced through the previous range low at $1,728, to set up a new one at 1,700.

The recuperation rally pierced through the 79% Fibonacci retracement level at $1,976 but failed to hold above it. Therefore, investors can expect the second attempt to shatter $1,976 and take a jab at the 70.5% and 62% Fibonacci retracement levels at $2,077 and $2,177, respectively.

Surpassing these critical barriers might allow the bulls to push ETH to the 50% Fibonacci retracement level at $2,319.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

Regardless of the bullishness Ethereum price exudes, if Bitcoin price fails to go higher, the same moves will be reflected in ETH. Therefore, investors need to pay close attention to the levels mentioned for BTC.

A breakdown of the swing low on June 23 at $1,821 will invalidate the bullish scenario and kick-start a sell-off to the range low at $1,700.

Ripple price ready for move higher

Ripple price dropped 35% between June 20 and June 22, but its recovery is equally swift and is currently knocking on a crucial resistance level at $0.65. If XRP price manages to shatter this barrier and flip it into a support barrier, it will signal the start of an uptrend.

In such a case, investors can expect Ripple price to quickly climb 15% to retest the 79% Fibonacci retracement level at $0.745.

Following a breach of this demand barrier, if the buying pressure persists, the bulls might target $0.783 and $.821. However, the likely scenario here would be tight consolidation.

XRP/USDT 12-hour chart

XRP/USDT 12-hour chart

On the other hand, if XRP price fails to climb above $0.65, it will display the buyers’ weakness. In such a case, the remittance token might take a nosedive to $0.509, the recent swing low on June 22.

However, if bears continue to push XRP price lower, leading to a decisive 12-hour candlestick close below $0.509, it will invalidate the optimistic narrative.

In that case, Ripple might crash 11% toward the support barrier at $0.452.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana 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