• Bitcoin rejected from $20,000 to end the month of June. 
  • Ethereum price tests a critical support level.
  • Ripple price loses the battle as bears aim for $0.29.

The cryptocurrency market continues to fester with pessimism. If market conditions persist, the summer of 2022 will yield a fruitless crop.

Bitcoin price signals scary times

Bitcoin price trades at $19,350 at the time of writing. The bears showed up towards the final days of June with enough strength to produce a monthly close below the psychological $20,000 level at $19,942. The monthly close is now the second-largest bearish candlestick since May 2021. This unfortunate piece of evidence bears the necessity to consider lower targets for the Bitcoin price in the coming months. $18,750 and $17,300 will be key levels to keep an eye on. 

Invalidation of the bearish downtrend relies upon a breach above $23,500. If the bulls can hurdle the mid $23,000 barrier, they may be able to reconquer the trend and rally toward $31,000, resulting in a 60% increase from the current Bitcoin price.


tm/btc/7/1/22

BTC/USDT 1-Month Chart

Ethereum price tests final support

Ethereum price trades at $1,047 at the time of writing. A Fibonacci retracement tool surrounding June's low and high ($881 - $1,233) suggests that the ETH price has lost 50% of profits accrued. If the bulls cannot produce a rally from the current price levels, the bears will reconquer the trend aiming for the June 18 swing low at $890 and potentially $700 to shake knife catchers out of the market. It is worth noting that a death cross is underway as the 21-day moving average is plummeting into the notorious 200-week moving average. The collision of these key moving averages confounds the market’s sentiment as a whole as the Crypto Fear and Greed Index revisits historical levels.  

Invalidation of the bearish trend remains a breach above $1,284. If the bulls can take out this level, they may be able to rally as high as $2,100, resulting in a 100% increase from the current Ethereum price.

tm/eth/7/1/22
ETH/USDT 4-Hour Chart

Ripple’s XRP price loses bullish grounds

XRP price shows unsustainability as June was a highly volatile news-correlated market. The technicals suggest the hype is over as the bears have confidently breached through the 50% and 61.8% Fibonacci Retracement levels (surrounding June’s monthly low at $0.28 and a monthly high of $0.38).

XRP price looks to aim for the $0.28 swing lows in the shorterm. However, a $0.20 Ripple price has long been forecasted at FXStreet. Investors should consider a liquidation into the $0.20 vicinity as the second probable target. 

Invalidation of the bearish downtrend is a breach above $0.39.

The next attempt at this $0.39 barrier could trigger a bull rally towards $0.51, resulting in a 63% increase from the current XRP price.

tm/xrp/7/01/22
XRP/USDT 4-Hour Chart

 

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