Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos at risk of further downside
- Bitcoin price falls into the 200-week moving average, liquidating $348 million in the process.
- Ethereum price did not find support at the 2017 all-time highs at $1427.01.
- Ripple price falls from a triangular pattern in nearly a straight line.
The crypto market needs to turn soon, or summer will be a very disappointing time for investors. Here’s a June recap of Bitcoin, Ethereum and XRP prices.
Bitcoin price shatters optimism
Bitcoin price currently trades at $21,800. The 200-week moving average is being tested as support, and it could be the catalyst before a reversal occurs. Coinglass has reported that $348 million have already been liquidated. Despite the severe loss in value for the peer-to-peer cryptocurrency, someone is making out as a big winner. If the bulls do not provide support soon, a break into the 2017 all-time highs at $19,798 will be the next probable target.
Invalidation for traders willing to participate in a high-risk high-reward trade setup is a breach and close above $25,500 on the daily chart. Said price action could be the catalyst to send Bitcoin price back to $28,000, resulting in a 20% increase from the current BTC price.
BTC/USDT 1-Day Chart
Ethereum price unphased by history
Ethereum price has revisited the 2017 all-time high at $1427.01 this week. To many traders' surprise, the previous resistance level provided no support as the bears pushed through the barrier level with a strong engulfing candle on the daily chart. Ethereum price now trades at $1184, a level unseen since January 2019. If the bulls do not show up soon, a break into a weekly order block around $800 could be the next bearish target.
A high-risk invalidation level is a breach above $1536. If the bulls can accomplish this bullish event, a continuation rally into $1800 could occur. The ETH price would subsequently rise 40% from the current trading price.
ETH/USDT 1-Day Chart
Ripple price hits target one
Ripple price validates last week's bearish trade setup as a breach of $0.3839 immediately sent XRP into a free-fall decline. The digital remittance token now consolidates at $0.29. Considerable volume has poured in, warranting the idea for vicious volatility spikes throughout June. If market conditions persist, an extended target at $0.24 could occur.
Invalidation for the bearish downtrend is a breach above $0.40. If this were to occur, the macro downtrend could be deemed over. XRP price could rise as high as $1.20, resulting in a 200% increase from the current Ripple price.
XRP/USD 1-Day Chart
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
