Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Bears go hunting and bulls go on sale on Ethereum


  • Chances of bearish scenarios have been increasing and may now extend to the medium term.
  • Ethereum enjoys better short-term prospects in the short term amid a rotation process.
  • XRP’s technical situation has been deteriorating and it is at risk of a falling sharply.

 

The weekend is here, and it seems that the negative post-holiday effect – typical of stock markets – is affecting cryptocurrencies.

This seasonal pattern is sustained by the positive emotions of individuals in the days before a holiday in contrast to the emotional situation in the following days.  

Bitcoin had already pierced essential supports in previous days but recovered later.  Its companions on the Crypto podium held up in their higher ranges.

However, the hangover after the 4th of July comes into play and impacts the market. Ethereum has slipped below $290, and XRP moves into the low range and seeking the SMA100, firing the signal to start developing a second bearish leg.

With these falls, the consolidation process opens a new scenario that will last somewhat more than expected. 

But not all is lost. Opportunities show up from time to time.

 

ETH/BTC Daily Chart

 

The ETH/BTC crypto cross kicks off the day by drawing a remarkable bullish candlestick that starts from support levels and attracts the attention of the market. Traders see it as an opportunity to take positions with a significant Beta against Bitcoin. 

In long-term strategies, the profit potential of taking positions seeking to increase net value in Bitcoins is very profitable. Opportunities like the current one with Ethereum which is at the lows versus Bitcoin offers a considerable profit potential with a reasonably controlled risk.

From the current level between 0.0255 and 0.026, the revaluation potential related to Bitcoin is 90% – with a price target of 0.04 in a first phase – being able to extend up to 275% and targeting in 0.070 in the long term.

ETH/BTC is quoted at 0.0259 and seems to be trying to draw a bullish figure back after the doji drawn yesterday. To confirm the pattern, ETH/BTC will only need to close above 0.0269. However, a close above 0.0271 would be preferable.

Above the current price, the first resistance level is at 0.0269 (price congestion resistance), then the second at 0.0276 (price congestion resistance) and the third one at 0.029 (EMA50 and price congestion resistance).

Below the current price, the first support level is at 0.025 (price congestion support), then the second at 0.0227 (price congestion support) and the third one at 0.020 (price congestion support).

 

 

The MACD on the daily chart shows a bullish cutting pattern with a high chance of success. A close to 0.027 would confirm the cut.

The DMI on the daily chart shows how the bulls have increased their activity in the double bottom zone, which is potentially bullish. This positive data reinforces the opposite effect on bears, which decrease their trend strength when they reach these levels.

BTC/USD Daily Chart

 

BTC/USD is trading at $11,203 and meets yesterday's prediction based on the MACD's failure to cross higher.

Above the current price the first resistance level is at $11,314 (price congestion resistance), then the second at $14,000 (price congestion resistance) and the third one at $17,000 (price congestion resistance).

Below the current price, the first level of support is at $10,600 (price congestion support), then the second at $9,700 (price congestion support) and the third one at $9,150 (EMA50 and price congestion support).

 

 

The MACD on the daily chart shows how the bearish cross accelerates after Wednesday's test. The most likely pattern suggests an acceleration of the bearish movement.

The DMI on the daily chart clearly shows us how the bears have been increasing their strength for days while the bulls – despite maintaining control – are withdrawing progressively. This decrease in activity on the buyer side will intensify in the coming days.

 

ETH/USD Daily Chart

 

ETH/USD trades at $292 and is losing significant support for price congestion at $290. Ethereum is up today, resisting Bitcoin’s falls. It continues demonstrating its resilience.

Above the current price, the first resistance level is at $290 (price congestion resistance), then the second at $305 (price congestion resistance) and the third one at $318 (price congestion resistance).

Below the current price, the first level of support is at $260 (EMA50 and price congestion support), then the second at $250 (price congestion support) and the third one at $238 (price congestion support).

 

 

The MACD on the daily chart shows a bearish structure at an intermediate stage of development. The pattern is ambiguous and can both continue to fall and begin to turn upside down.

The DMI on the daily chart continues to show the bulls at an advantage, although it is now minimal. The bears are placed above the ADX line and are increasing their chances of success.


XRP/USD Daily Chart


XRP/USD is changing hands at $0.382 after it failed to top the EMA50. The day's trough is also below the SMA100 and deepens its downside drift.

Above the current price, the first resistance level is at $0.39 (price congestion resistance), then the second at $0.41 (EMA50 and price congestion resistance) and the third one at $0.428 (price congestion resistance).

Below the current price, the first level of support is at $0.367 (double price congestion support and SMA100), then the second at $0.344 (price congestion support) and the third one at $0.334 (price congestion support).

 

 

The MACD on the daily chart widens the bearish profile and deepens the negative zone of the indicator. The current setup proposes bearish continuity, being possible to look for levels close to 0.30.

The DMI in the daily chart shows how the bears manage to put themselves in command of the market and exceed the ADX line, which augurs an extended downward trajectory.

 

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