• Bitcoin price continues to coil in preparation for the next powerful movement.
  • Ethereum price has pierced through the 200-Week Moving Average.
  • Ripple price catches traders off guard blasting through key resistance levels.

The crypto market begins to show market divergence between the top moving assets.

Bitcoin price has yet to decide

Bitcoin currently coils in sideways fashion, lagging behind the Ethereum and Ripple, who have already begun ascending. This scenario prompts caution. Will Bitcoin consolidate below the 200-week moving average at the current price of $21,200 and enable a mini crypto trading season in the process? Or will Bitcoin plummet and wipe early Altcoin buyers out of the market. 

Bitcoin still needs to invalidate the downtrend by breaching above $31,000, a long trajectory away from Friday's $21,200 market value. A breach below $19,728 could be the catalyst to plummet the BTC price to $16800.

Invalidation of the downtrend of the down remains $31,000 unless a new low is formed over the weekend. If $31,000 gets broken, bulls could enter the market upon a pullback and aim for $37,500 in the short term resulting in a 77% increase from the current Bitcoin price.
tm/btc/6/24/22

BTC/USDT 2-Hour Chart

Ethereum price moves ahead

Ethereum price has begun decorrelating from the Bitcoin price action. On Friday, June 24, the ETH price breached the 200 Week Moving Average. A piercing bullish engulfing candle established on the 2-hour chart now supports the ETH price back above $1200.

Ethereum price does show an interesting volume pattern as there is a subtle turning in favor of the bulls. If market conditions are genuine, the Ethereum price should have no problem tackling $1420 and possibly $1535 in the short term.

Invalidation of the bullish thesis is the June 18 low at $881.50.Traders should beware that Bitcoin has yet to move through the 200-week moving average, which exponentializes the potential for a losing trade setup. If $881 were to get breached, the Ethereum price could fall back to $750, resulting in a 37% decrease from the current ETH Price.

tm/eth/6/2422

ETH/USDT 2-Hour Chart

Ripple leads the race

Ripple's XRP price has surprised sleeping bulls as the digital remittance token has risen 16% in just a few short hours. The bullish surge comes just two days after Ripple announces plans to hire 100 new employees to bring forth the next phase of their blockchain solutions.

Ripple price currently trades at $0.365 within a previous support level dating back to the May 11 sell-off. If the bull run is genuine, Ripple should hurdle the triangle apex at $0.395 and cross back into the 40-cent price levels. A pullback should commence  somewhere in the mid $0.40 zone and provide an excellent entry for bullish traders, placing a stop loss below the June 19 lows at $0.298.

However, the other scenario could be a sharp drop into new lows, as the current rally could be a zigzag correction. A safe bearish invalidation point is the top of wave four at $0.4650. If 0.465 gets breached, long-term counts towards $1.20 and higher will be back on the cards with confidence resulting in a 237% increase from the current Ripple price.

tm/xrp/6/24/22

XRP/USDT 2-Hour Chart

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

XRP price will see traders mainly focusing on the Powell speech later today at the Brookings Institution. With many questions being raised and Fed members contradicting one another, markets will be hanging on every word coming from Powell’s mouth to get a clearer view of what the path will be going forward.

More Ripple News

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

The European Central Bank (ECB) detailed its stance on Bitcoin (BTC) and the cryptocurrency ecosystem in a blog post on November 30. In this article, the financial institution outlined the stark differences between regulation of digital assets in Europe and the US and that they should not be legitimized. 

More Bitcoin News

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price is at the cusp of starting the long-awaited Christmas rally. SOL could be seen jumping 37%, making it its best performance for the year.

More Solana News

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Bitcoin price has triggered a 5% upswing overnight, slicing through critical hurdles. Three on-chain metrics suggest that BTC might have bottomed and has kick-started another bear market rally.

More Cryptocurrencies News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP