- Bitcoin price has been dillydallying above the $26,555 support level and a breakdown from this threshold could result in a steep correction.
- Ethereum price could revisit $1,700 after nearly two months trading above it.
- Ripple price could slide as low as $0.422 in a dire-case scenario.
Bitcoin price action has not revealed any intentions to climb higher. A bearish resolution of the ongoing consolidation could catch off guard holders of Ethereum (ETH), Ripple (XRP) and other altcoins.
Bitcoin price likely to nosedive soon
As minted in the previous article, the Bitcoin price fractal is at the cusp of a breakout and could trigger a sell-off soon. The recent uptick on May 22 faced selling pressures and has resulted in a 3% drop so far. The Relative Strength Index (RSI) faced rejection after tagging the mean level. The Awesome Oscillator (AO) is retesting the midpoint and could flip above the zeroline, but the strength of this crossover depends on whether the bullish momentum can persist.
A breakdown of the $26,555 support level could result in Bitcoin price sliding to $25,175, which is the immediate foothold. Beyond this level, BTC could tag the $23,052 barrier. These moves would amount to 6% and 14% losses, respectively, from the price level of $26,761 at the time of writing.
BTC/USD 12-hour chart
While the outlook for Bitcoin price looks pessimistic, a decisive flip of the $28,051 hurdle into a support level will invalidate the bearish thesis. This development could see BTC potentially tag $30,287.
Ethereum price remains loyal to BTC
Ethereum price has continued to flirt with the $1,817 barrier for nearly two weeks now. The recent sweep of the buy-stop liquidity was a trigger to short ETH. A breakdown of the $1,817 level will be key in catalyzing the next leg down to $1,703.
In a dire-case scenario, Ethereum price could revisit the support zone, extending from $1,563 to $1,478.
ETH/USD 12-hour chart
While Ethereum price looks ready for a correction, investors should note that if Bitcoin flips the script, altcoins will follow suit. If ETH can sustain above $1,817 and flip the $2,028 hurdle into a support floor, it will invalidate the bearish thesis.
Ripple price struggles to move higher
Ripple price has been struggling to overcome the $0.469 hurdle for nearly a month. The recent attempts in May have failed, and XRP bulls are likely to give up, catalyzing a southbound move.
The immediate support levels include $0.439 and $0.432, which are roughly 4% and 5% below from the current price of $0.457. In a bearish case, Ripple price could sweep the $0.422 level for sell-side liquidity, bringing the total move to nearly 9%.
XRP/USD 12-hour chart
On the other hand, if Ripple price flips $0.469 hurdle into a support floor on a higher timeframe, it will invalidate the bearish thesis. Such a development could see XRP price attempt a retest of the $0.532 level.
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