- Bitcoin price has yet to prove its ability to gain further strength after finding support on dips below $26,200.
- Ethereum price has exhausted the symmetrical triangle without a directional bias, but the odds favor the downside.
- Ripple price must break above the multi-month resistance at $0.542 for more gains.
Bitcoin (BTC) price remains below the foothold of a slow-moving Simple Moving Average (SMA), suggesting a lack of buyer participation despite the common belief that US regulators’ warpath will not cause global problems for crypto. The king of crypto’s mood has affected the crypto top ten, including Ethereum (ETH) and Ripple (XRP).
Bitcoin price is yet to show its hand
Bitcoin (BTC) price has recovered from almost 10% losses that followed the regulatory attack on Binance. While most recoveries indicate fresh momentum, the case is different for BTC now, as the king of crypto remains under the foothold of the 50-day SMA at $27,618. Notably, this hurdle has dominated since May 7.
Unless bulls flip the 50-SMA into support, selling pressure from this level could repel Bitcoin price to retest the local multi-week support at $25,659, where buyers could regroup for the fourth time.
Further, Bitcoin price would need a lot more momentum for a break above the supply zone indicated by the red band on the chart. Selling pressure from this zone is expected to nullify every bullish attempt. Considering that the Relative Strength Index (RSI) was topping south to show a falling momentum, BTC holders and traders may have to wait longer.
BTC/USDT 1-Day Chart
Nevertheless, bulls overpowering the bears would catapult Bitcoin price beyond the seller-dominated zone to sweep liquidity above it.
Ethereum price lacks directional bias
Ethereum (ETH) price has filled a symmetrical triangle after weeks of consolidation with growing volatility. However, contrary to expectation, the largest altcoin still lacks directional bias after escaping the technical formation.
A breakout could be imminent for ETH if Ethereum price breaches above the 50-SMA at $1,857, marking the first step north. However, a daily candlestick close above the $2,128 resistance level would only validate the bullish outlook. Nevertheless, this is highly unlikely in the short term considering the need for more momentum as indicated by the RSI at 49 and heading south. Confirmation is to be sought above the $1,949 level.
ETH/USDT 1-Day Chart
Conversely, Ethereum price breaking below the 100-day SMA could spell doom for ETH bulls in the short term as buying pressure from this supplier level continues to bode well for ETH.
Ripple price faces a congested path south
Ripple (XRP) price has abandoned its impulsive move north, falling around 10% from the intra-day high of $0.547 recorded on June 4. Notably, the correction comes as ETH continues to find selling pressure to cap its rally around the $0.542 level. Notably, this zone has limited the upside for XRP for months, with the ensuing correction sending the remittance token’s market value down in double-digit percentages.
Failure to flip it into support could see Ripple price drop towards the demand zone before kickstarting a recovery rally bolstered by the demand zone. Nevertheless, the Relative Strength Index points to a decreasing momentum that could see XRP slum in market value.
XRP USDT 1-Day Chart
On the other hand, an influx in buyer momentum could see Ripple price break above the immediate barricade at $0.542, clearing the path for more gains.
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.