Can bulls make a strong comeback this week?

• Bitcoin price is trying to recover to $20,750 after three days of selling.
• Ethereum price awaits Bitcoin’s signal to restart the recovery rally to $1,730
• Ripple price needs confirmation to kickstart bounce to $0.340 and $0.381.

Bitcoin price is showing signs of stopping the downtrend with increasing hints of a recovery. However, investors will have to wait for confirmation before becoming more seriously bullish. Ethereum and Ripple are waiting for the big crypto’s signal to do the same.

The Bitcoin price is hoping for a recovery

Bitcoin price has fallen below the ascending parallel channel, triggering a 10% crash to $19,513. As sellers take a break, buyers are likely to step in and trigger a recovery rally. These developments could prompt BTC to retest the $20,750 barrier.

While a move above this level could indicate a resurgence of buyers, bulls are unlikely to have the necessary momentum. Therefore, investors should be wary of the potential recovery rally for the Bitcoin price.

BTC/USD 12-hour chart

Regardless of the buyers’ attempts, market makers are likely to target the liquidity resting below the swing lows formed between July 13 and June 18, ranging from $18,889 to $17,578, especially if bulls fail to step in here.

Ethereum price is losing momentum

Ethereum price has filled the imbalance, rests at $1,478 and is currently trying to recover. ETH’s bounce depends on Bitcoin and what it does next.

If the Bitcoin price rises, the Ethereum price could see a quick bounce to $1,571, followed by a retest of $1,650. If the momentum is strong, the $1,730 level is where the Ethereum price could form a local top.

ETH/USD 4-hour chart

On the other hand, if the Ethereum price fails to stabilize, sellers can send ETH down to gather the liquidity resting below $1,350 and retest the $1,280 support level.

Ripple price is preparing its next move

Ripple price has filled the imbalance to the upside of $0.371 and collected the liquidity that rests below similar lows formed at $0.326. While this effective move is now complete, investors will have to wait for a recovery above $0.326, which would confirm an incoming return.

The targets for this bullish move are $0.340 and $0.360, but things could escalate, so Ripple price could retest $0.381 if the momentum is right.

XRP/USD 6-hour chart

While things look ideal for a Ripple price recovery, a failure by bulls to step up will lead to a steep correction to $0.309 and $0.286 in pursuit of liquidity hunts.