- Bitcoin price eyes a retest of the daily FVG extending from $23,951 to $22,184.
- Ethereum price could slide 10% to $1,703, but if bearish momentum persists, ETH could even lower to $1,564.
- Ripple price looks for accumulation opportunities before exploding to $0.633.
Bitcoin (BTC) price shows exhaustion just below a crucial psychological level. Additionally, the development of a bearish signal adds downward pressure to BTC, Ethereum (ETH), Ripple (XRP) and other altcoins.
Bitcoin price ready to make its move
Bitcoin price has been in a tight directionless consolidation since March 18 and has stayed inside between the $26,500 and $29,300 range. Looking at the last three significant higher highs for BTC formed on February 2, February 21 and March 30 shows nothing amiss with the big crypto.
However, the Relative Strength Index (RSI) and Awesome Oscillator (AO) have formed lower highs for the said time periods. This non-conformity is termed as bearish divergence and forecasts a correction.
The most recent upswing pushed Bitcoin price from $19,521 to $29,233, the midpoint to this level is $24,377. At the very least, a retracement to the mean will knock BTC down to retest the aforementioned level. Resting below the midpoint is the daily Fair Value Gap (FVG), extending from $23,951 to $22,184.
A dip into this area could provide some relief as it could attract sidelined buyers.
BTC/USD 1-day chart
While the details explained above for Bitcoin price is a short-term outlook, a bounce off the daily FVG, extending from $23,951 to $22,184, is a good place for accumulation. However, if BTC flips the $30,000 psychological level into a support floor before correcting lower, it could put a lot of investors’ short stop-losses in jeopardy and could potentially invalidate the bullish thesis. In such a case, BTC could eye a retest of the next significant hurdle at $34,000.
Ethereum price looks extended
So a retracement to stable support levels at $1,817 or $1,703 seems likely. A further spike in selling pressure could see Ethereum price tag the FVG, extending from $1,564 to $1,478. This area is a good place for accumulation since the overall outlook for the crypto markets remain bullish.
ETH/USD 1-day chart
On the other hand, if sellers fail to push Ethereum price lower, it will be a failure on the bears’ part. If buyers take control at this point and flip the $2,000 psychological level into a support floor, it would invalidate the bullish thesis and attract sidelined buyers to panic buy. Such a move could further propel ETH to tag the $2,200 hurdle.
Ripple price looks to rest before its next journey
Ripple price has been trading inside the $0.336 and $0.537 range since it was first formed in early May 2022. The recent push above the range high was met with high sell-side pressure, which led to a retracement.
So far, XRP has shed 14% and it could continue until it finds a stable support level. The most significant contenders for Ripple bulls to form a base include $0.445 and the range’s midpoint at $0.436.
These levels are accumulation zones before Ripple price kick-starts its next run that is likely to tag the $0.633 hurdle.
XRP/USD 1-day chart
Invalidation of this outlook will occur if Ripple price flips the range’s midpoint at $0.436 into a resistance level. In such a case, XRP price will retest the range low at $0.336.
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