- Bitcoin price faces rejection at $25,200, which is the confluence of multiple resistance levels.
- Ethereum price follows the big crypto’s short-term outlook and has slid 4.00% in the last 24 hours.
- Ripple price faces a massive sell-off after attempting to overcome the $0.400 hurdle.
Bitcoin price shows a lack of bullish momentum as it approaches a key confluence that is prominent on multiple timeframes. The influence of BTC can clearly be seen on Ethereum, Ripple and other altcoins, which are in limbo.
Bitcoin price goes the other way around
Bitcoin price consolidation in the form of an ascending triangle ended as BTC breached the triangle’s base on February 21. Since then, BTC has shed 1.50% and is yet to formalize the second four-hour candlestick close below it.
If this trend continues, and it most likely will, Bitcoin price could revisit the daily support level at roughly $22,800. If the sellers continue to have their way despite this retracement, BTC might revisit the twelve-hour and four-hour support confluence level at roughly $21,000.
BTC/USD 4-hour chart
On the other hand, if Bitcoin price flips the $25,200 hurdle into a support level on higher time frames, like the daily or weekly, it will invalidate the bearish thesis. Such a development could trigger a surge in buying activity and propel BTC to $30,000 or higher.
Ethereum price fails to follow through
Ethereum price showed a bullish pennant up to February 20. But the selling pressure on February 21 invalidated this thesis as ETH produced a four-hour candlestick close below the pennant.
As a result of the ongoing order flow, which is largely bearish, things are on the fence for ETH since it shadows BTC. Due to the presence of inefficiencies to the downside, investors should expect Ethereum price to slide as low as $1,554 in the coming days.
ETH/USD 4-hour chart
While the bearish outlook for Ethereum price makes sense, a sudden spike in buying pressure that produces a higher high above $1,750 would invalidate the bearish thesis. In such a case, ETH could attempt an uptrend to tag the $2,000 psychological level.
Ripple price attempts to escape, but fails again
Ripple price produced a decisive daily candlestick close below the $0.400 support level on February 5. This move flipped the barrier into a resistance level and XRP bulls have been struggling ever since.
The most recent attempt to flip this hurdle was on February 20, which ended up a failure. As a result, XRP price slid 3.59% since yesterday’s daily candlestick open. Going forward, Ripple price could revisit the $0.367 support level if the sellers continue to run free.
XRP/USD 1-day chart
Regardless of the bearish outlook, Ripple price needs to flip the $0.400 hurdle to invalidate this pessimistic outlook. If successful, XRP price could then target the $0.448 and $0.512 hurdles.
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
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the Securities and Exchange Commission (SEC), the investors have resorted to offloading their holdings for now.
Coinbase to keep cornerstone staking service after CEO Armstrong fires shots at the SEC
Coinbase Exchange has committed to maintaining its cornerstone cryptocurrency staking services after CEO Brian Armstrong countered the US Securities and Exchange Commission (SEC), demanding regulatory clarity.
Cardano price signals accumulation as ADA crashes by nearly 10% in 24 hours
Cardano price took a critical hit on June 7 as the entire crypto market continues to suffer the impact of the regulatory crackdown against Binance and Coinbase. Amidst this chaos, the investors that bore the loss found an opportunity for recovery, but it does not sit in the hands of retail investors.
BNB price falls 10% as US court summons Binance CEO, Changpeng Zhao
Binance Coin is down a staggering 20% since June 4 to the current price of $260.93, representing a 10% downswing since the beginning of the Asian session on June 7. The leg down comes in light of recent developments in the case between Binance versus the US Securities and Exchange Commission (SEC).
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.