- Bitcoin price is attempting a recovery to $20,750 after three days of selling off.
- Ethereum price is waiting for Bitcoin’s cue to restart its recovery rally to $1,730
- Ripple price needs confirmation to kick-start its bounce to $0.340 and $0.381.
Bitcoin price is showing signs of pausing its downtrend with growing hints of a recovery. Investors need to wait for confirmation, however, before getting more seriously bullish. Ethereum and Ripple await the big crypto’s cue to do the same.
Bitcoin price hopes for a recovery
Bitcoin price has slipped below the ascending parallel channel, triggering a 10% crash to $19,513. As sellers take a break, the buyers are likely to step in and trigger a recovery rally. This development could see BTC retest the $20,750 hurdle.
While a move above this level could indicate a resurgence of buyers, it is unlikely that bulls have the necessary momentum. Therefore, investors should be cautious with the potential recovery rally for Bitcoin price.
BTC/USD 12-hour chart
Regardless of the buyers’ attempt, market makers are likely to target the liquidity resting below the swing lows formed between July 13 and June 18, extending from $18,889 to $17,578, especially if bulls fail to step in here.
Ethereum price loses steam
Ethereum price has filled the imbalance, resting at $1,478 and is currently attempting a recovery. ETH’s bounce depends on Bitcoin and what it does next.
If Bitcoin price rallies, Ethereum price could see a quick bounce to $1,571, followed by a retest of $1,650. If the momentum is strong, then $1,730 level is where Ethereum price could form a local top.
ETH/USD 4-hour chart
On the other hand, if Ethereum price fails to stabilize, sellers could send ETH down to collect the liquidity resting below $1,350 and retest the $1,280 support level.
Ripple price prepares its next move
Ripple price has filled the imbalance to the topside at $0.371 and collected the liquidity resting below equal lows formed at $0.326. While this efficient move is now complete, investors need to wait for a recovery above $0.326, which will confirm an incoming bounce.
The targets of this bullish move are $0.340 and $0.360, but things could escalate, allowing Ripple price to retest $0.381 if the momentum is right.
XRP/USD 6-hour chart
While things are looking ideal for a Ripple price recovery, a failure from bulls to step up will lead to a steep correction to $0.309 and $0.286 in search for liquidity hunts.
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.
Recommended Content
Editors’ Picks
Litecoin price is failing recovery as Whales pull back to December 2020 lows
Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections. While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.
Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul
Ripple Labs is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.
Ethereum Restaking - The next big thing after liquid staking?
Ethereum introduced unstaking this year, and the crypto market witnessed a stark shift. The Decentralized Finance (DeFi) space, in particular, observed the emergence of liquid staking protocols. With the discourse of “restaking” picking up heat, it seems like the market is getting ready for the next big thing.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.