BTC determination stalls recovery plans for major altcoins
- Bitcoin price is looking for a buy signal that will come after a sweep of the $20,750 support level.
- Ethereum price is running into the $1,675 overhead barrier, attempting a recovery rally.
- Ripple price needs a buy trigger to start bounce and recover losses.
Bitcoin price continues to consolidate within another tight range with no directional bias in sight. This development has caused many altcoins to explode, while Ethereum and Ripple keep waiting for one BTC signal.
Bitcoin price recovery one step away
Bitcoin price continues to consolidate after the recent 12% crash that occurred between August 18 and August 20. This decline set up several similar lows at $20,750. Now, BTC investors can wait for the liquidity resting below these lows to turn bullish. The emerging recovery rally could propel BTC to $22,400 to $23,200 area.
BTC/USD 4-hour chart
While things look volatile for the Bitcoin price, a reversal of the $20,750 support level into a resistance level will delay the recovery rally. Such a development could trigger a continuation of the downward trend BTC $20,000 and $19,000 psychological levels.
Ethereum price is trying to remain bullish
Ethereum price is set to recover the most recent 19% loss it experienced following Bitcoin’s signal. After the first attempt failed to get past the $1,675 barrier, ETH resumed and gives this run-up a second chance. As a result, it has set a higher high at $1,673, but is still far from turning the $1,675 barrier into a support floor.
Doing this may open the way for Ethereum price to test the high timeframe resistance level at $1730. In a very bullish case, ETH may further visit the $1,820 barrier.
ETH/USD 4-hour chart
Even if mining targets appear to be met, a sell-off in Bitcoin price could hurt Ethereum’s mining. In such a case, a reversal of the $1,474 barrier could invalidate the ETH recovery task and trigger a potential crash to $1,280.
Ripple price needs a trigger to bounce
Ripple price has broken away from its $0.381 and $0.360 tight range as it crashed 13%. This move pressed on XRP price to retest the $0.340 support level, where it consolidates again. While a recovery rally is an ongoing bet, the chances of a bounce will increase after liquidity is below $0.331.
In such a case, XRP investors can expect remittance token to run for the $0.360 resistance level and $0.381 thereafter.
XRP/USD 4-hour chart
On the other side, if Ripple price turns the $0.326 support floor into a hurdle, it will invalidate recovery prospects and potentially trigger a crash to $0.309.
