- Bitcoin price still consolidates below the 200-week simple moving average.
- Ethereum price finds support on the 8-day simple moving average.
- Ripple price could be in jeopardy of a death cross event.
The cryptocurrency market is in a historical pivotal moment. One good trade could replenish all losses, while one bad trade could be catastrophic.
Bitcoin price has yet to decide
Bitcoin price is currently trading at $20,727. Investors will likely stay on the sidelines until the peer-to-peer digital currency can hurdle above the 200-week simple moving average (SMA), currently priced at $22,540.
Bitcoin price has yet to conquer bullish grounds on the Relative Strength Index and lacks volume to justify a valid uptrend. Thus, being an early bull could result in a catastrophic loss. Early bulls should keep their invalidation level above the 200-week moving average to avoid being pulled into a time-consuming consolidation.
The earliest clue to invalidate the bearish trend will be to breach and close above $23,000. If this bullish event occurs, the bulls should have enough strength to rally towards $31,000, resulting in a 55% increase from the current Bitcoin price.
BTC/USDT 1-Day Chart
Ethereum price looks most probable to rise
Ethereum price currently trades at $1,184, finding support above the 8-day SMA. The 21-day SMA resides above the current market price at $1,300, which justifies the choppy price movement witnessed at the end of June. A breach above the $1,300 barrier could be the catalyst to propel ETH price to $1,700 in the short term.
Invalidation of the uptrend scenario is a breach below the June 18 swing low at $881.50 with one caveat. Traders should allow a breach of the 21-day SMA at $1,300 to happen before placing an entry. If this bullish event occurs, an entry and firm stop loss could be placed below $881. Remember that a breach below $881 would invalidate the potential for a bull run and result in a sellers' frenzy with bearish targets in the $750 zone. A plummet to $750 would result in a 35% decrease from the current Ethereum price.
ETH/USDT 6-Hour Chart
Ripple's XRP price is in a make-or-break predicament
Ripple's XRP price could fall to new lows as the digital remittance token has been rejected from the $0.38 barrier. Over the weekend, the bulls consolidated in the resistance zone allowing traders to join the party early with optimism after rallying 35% since the June 18 low at $0.28. Unfortunately, the exhaustion was too much to handle as the bears have now retaliated and could potentially force a bearish death cross of the 8- and 21-day simple moving averages.
Ripple price currently trades at $0.34. The bulls will need to re-hurdle the $0.38 barrier soon, or they will have a serious dilemma on their hands, as the power of a death cross could send the XRP price below the June 18 lows at $0.28. The long-anticipated $0.20 confluence zone would be a high-probability bearish target.
Invalidation of the bearish trend remains above $0.4170. If the bulls can breach through, a rally towards $0.51 will likely occur in the short term, resulting in a 48% increase from the current Ripple price.
XRP/USDT 6-Hour Chart
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