Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC edges closer to recovery after sweeping Monday's low


  • Bitcoin price attempts to overcome the $30,711 hurdle after a 26% run-up.
  • Ethereum price looks primed for a breakout that could trigger a minimum rally of 21% to $2,439.
  • Ripple price continues to bounce between the $0.548 and $0.413 barriers, awaiting a breakout.

Bitcoin (BTC) price seems to be edging closer to ending its ongoing sideways movement. This development comes after BTC swept this week's lows, suggesting that a potential rally in the opposite direction is likely not just for the big crypto but also for Ethereum (ETH), Ripple (XRP) and other altcoins.

Read more: Coinbase slams SEC in new filing, argues regulator has no jurisdiction over cryptocurrencies on the exchange

Bitcoin price at inflection point

Bitcoin (BTC) price remains still after its 26% ascent since June 15. After its recent uptick, BTC has set up a new high at $31,430 after taking out the previous local top at $30,968.  The Relative Strength Index (RSI) has flipped above the mean line at 50, and the Awesome Oscillator (AO) has produced a green histogram bar above the zero line. This development is a clear sign that bullish momentum is on the rise. 

Therefore, a decisive three-day candlestick close above the Momentum Reversal Indicator’s (MRI) State Trend Resistance level at $30,711 will be a buy signal. A move after this flip will allow Bitcoin price to target the weekly Bearish Breaker’s midpoint at $35,260.

Although unlikely, if the bullish momentum continues to remain dominant, Bitcoin price could attempt a retest of the Bearish Breaker’s upper limit at $41,273. 

BTC/USDT 3-day chart

BTC/USDT 3-day chart

Additionally, the lower timeframe chart, as seen below, shows a much more nuanced outlook for Bitcoin price. On June 28, BTC swept Monday''s low at $29,890. The intention of this move was to collect the sell-side liquidity, which often signals a move in the opposite direction. Therefore, the next short-term target for Bitcoin price could be the equal highs at $31,050 followed by the June 23 swing high at $31,500.

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart

The bullish outlook for Bitcoin price makes sense considering the momentum indicators, but investors need to take a closer look at the RSI. While BTC has produced three higher highs since January, RSI has produced three lower highs. This setup is termed “bearish divergence” and often results in correction of the underlying asset.

Also read: Bitcoin holds above $30k as investors await historically strong July, eye options expiry

Ethereum price awaits buy signal

Ethereum (ETH) price looks extremely promising, not just from a technical point of view, but the indicators are also suggesting a bullish outlook. Between May 31, 2022, and June 28, 2023, ETH has set up an ascending triangle with roughly three equal highs and four higher lows. 

This technical formation forecasts a 45% ascent to $2,915 upon the breakout of the $1,865 hurdle. The theoretical target is obtained by measuring the distance between the first swing high and swing low and adding it to the breakout point of the $1,865 resistance level.

Therefore, Ethereum price needs to produce a decisive flip of the aforementioned barrier to kickstart this massive bullish move. 

Supporting this outlook are the RSI and AO indicators, both of which have moved above their respective mean lines - 50 and 0. This development signals a shift in momentum favoring the bulls. Furthermore, the Wave Trend indicator has produced a bullish crossover just above the oversold zone, adding credence to the bullish thesis.

Therefore, investors need to be patient as this is a long-term outlook that will take quite a while to play out.

ETH/USDT 3-day chart

ETH/USDT 3-day chart

On the other hand, if Ethereum price produces a decisive three-day candlestick close below $1,639, it will invalidate the ascending triangle’s bullish thesis. A further spike in selling pressure could trigger a near 15% descent to $1,408. 

Ripple price needs clarity

Ripple (XRP) price has been stuck trading between the $0.548 and $0.413 barriers since March 26. A decisive flip of the upper limit at $0.548 into a support floor would be a clear buy signal. In such a case, XRP could trigger a 40% ascent to $0.778, which is the target of the potential double bottom pattern, as shown in the chart below.

Interestingly, the aforementioned Ripple price target also coincides with MRI’s State Trend Resistance level, making it a key level to book profits.

XRP/USDT 3-day chart

XRP/USDT 3-day chart

While it is assumed that a breakout of $0.548 would lead to a Ripple price rally, investors need to take another look at the indicators. The RSI and AO indicators have produced clear lower lows, while the XRP price has produced equal highs. Such a setup is termed “exaggerated bearish divergence,” and it often leads to a steep correction for the underlying asset.

The Wave Trend indicator has also signaled a bearish divergence, aligning with the overall bearish outlook. Therefore, a pullback that breaks below the $0.413 support level will invalidate the bullish thesis. Such a move could result in a 17% correction to the next State Trend Support level at $0.334.

Also read: New evidence suggests SEC's common enterprise claim against Ripple doesn't hold, John Deaton says


Like this article? Help us with some feedback by answering this survey:


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum showed signs of recovering its bullish momentum on Thursday, briefly rising to $3,618 as whales entered a buying spree. Despite the movement from whales, the US Securities and Exchange Commission Wells notice to Uniswap could affect Ethereum in the long run.

More Ethereum News

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

MarginFi saw more than $260 million leave its platform into other competing Solana platforms on Thursday. This follows controversial accusations from staking protocol SolBlaze and CEO Edgar Pavlovsky's resignation.

More Solana News

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

A Dogecoin contributor warned the DOGE community on Thursday to desist from derivatives trading due to the high volatility that may occur as the Bitcoin halving approaches. The warning comes as Coinbase is set to begin trading the Dogecoin futures contract after gaining approval from the CFTC.

More Dogecoin News

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

Flow cryptocurrency received attention on Monday after Fortune obtained a document revealing the Securities & Exchange Commission closed an investigation on its founding company, Dapper Labs, which is also responsible for developing NBA Top Shot and Crypto Kitties NFTs.

More Cryptocurrencies News

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants. On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.

Read full analysis

BTC

ETH

XRP