Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC grinds down despite surging open interest

Bitcoin (BTC) price is moving south, coming on the back of growing open interest growing and subsequent increases in liquidations. Ethereum is recording a similar market outlook, causing investors to wonder whether it is the work of manipulators. As BTC and ETH investors brace for a massive move, Ripple (XRP) price continues to whiplsahs and may whitewash all the ground covered on July 13 if bulls continue sitting on their hands.

Also Read: Bitcoin volatility signals impulsive move ahead, bulls pay a steep price to get a piece of the action.

Bitcoin price coils up for a grand move north

Bitcoin (BTC) broke off from its consolidation along the equilibrium, taking a nosedive below the 100-day Exponential Moving Average (EMA) at $29,339. The largest cryptocurrency by market capitalization could drop further to tag the $28,758 support level before a possible pullback.

The ensuing demand pressure could see Bitcoin price shatter past the EMAs and escape above the downtrend line. Such a move would clear the path for a possible breach of the $30,079 resistance level and, in a highly bullish case, tag the $30,441 resistance level. Such a move would constitute a 5% climb.

BTC/USDT 12-hour chart

Conversely, if selling pressure increases, Bitcoin price could break below the immediate support at $28,758. Such a move would expose the BTC to a  possible drop down to the $27,000 range or, in the dire case, slump lower to tag the 26,3000 range. Such a move would constitute a 10% drop from current levels.

The Relative Strength Index (RSI) position below 50 adds credence to this bearish outlook and the Awesome Oscillator (AO) histograms in the negative zone.

Also Read: Bitcoin volatility signals impulsive move ahead, bulls pay a steep price to get a piece of the action.

Ethereum price to head north as open interest skyrockets

Ethereum (ETH) price, like BTC, is in a downtrend, but this could be corrected soon as open interest rises. With more money coming into the ETH market, the PoS token could break out 5%, overcoming the $1,891 resistance level before a possible tag of the $1,921 resistance level.

For now, however, Ethereum price is looking for a possible pivot, with the $1,8118 level presenting as a potential turnaround point for a northbound move. If this bullish outlook plays out, ETH could move above the 200-, 50-, and 100-day EMAs at $1,842, $1,852, and $1,857, respectively. Further north, ETH could breach the $1,981 level and, in a highly bullish case, tag the $1,921 hurdle. This would constitute a 5% climb.

ETH/USDT 12-hour chart

Conversely, failure of the $1,813 level to hold as support could see ETH descend toward the psychological $1,725 level.

The RS supports the downside, heading south with a potential breach of the 30 level. Similarly, the AO histograms are red and negative, solidifying bears' presence in the market.

Also Read: Ethereum, XRP, Litecoin and Cardano prices could be bottoming out

Ripple price slump continues

Ripple (XRP) price continues with its southbound move and could test the 200-day EMA at $0.5766 soon unless bulls recover. With strong bearish forces, the remittance token could extend lower to the $0.5048 support level or, in the dire case, write off all the ground covered in the July 13 rally to find support around the psychological $0.4604, marking a 20% slump below current levels.

The RSI indicator, currently at 28, indicates the bearish outlook in the market, with the AO histograms also bolstering the case for the bears.

XRP/USDT 12-hour chart

However, considering the position of the RSI, XRP could be regarded as overbought if this momentum indicator crosses above the 30 range to the north. The ensuing demand pressure could send Ripple price north, potentially surpassing the $0.6840 hurdle. A sustained uptrend could fuel a climb to the $0.8193 level, denoting a 40% flight above current levels.