Markets in trouble as bears win power struggle
- Bitcoin price is revealing a massive bearish continuation pattern, suggesting a crash to $11,747.
- Ethereum price bounces temporarily, with bears eyeing a drop to $1,282 and below.
- Ripple price cancels its bullish charm and exposes the possibility of further downside.
Bitcoin Price Leans Towards Crash As Bears Win Power Struggle. This development has shifted the market tide in favor of sellers, and will soon be reflected in Ethereum and Ripple’s prices.
Bitcoin price has more to fall
Bitcoin price has formed a bearish continuation pattern known as a bear flag. This technical formation heralds a 42% decline achieved by adding the flagpole height to the breakout point.
So far, BTC has marked the upper trend line of the flag three times and is currently on its way to retesting the lower trend line. Assuming Bitcoin price breaks out to $20,462, the theoretical forecast method reveals a target of $11,747.
BTC/USD 1-Day Chart
On the other hand, if the Bitcoin price produces a daily candlestick near the July 20 swing high of $24,277, it will invalidate the bullish thesis.
Ethereum price poised for more retracement
Ethereum price missed the retest of the $1,700 barrier on July 24 and retreated roughly 18% to where it is now trading. A minor pullback seems in order, but selling pressure is likely to knock ETH down to a high of $1,282.
A breakdown of this barrier could spell trouble for holders as ETH could re-explore the $1,000 psychological level.
ETH/USD 4-hour chart
While things look pessimistic for the Ethereum price, a daily candlestick close above the $1,543 barrier will invalidate the bearish outlook. This development will give buyers a chance to try another rally and potentially retest the $1,700 resistance barrier.
Ripple price is losing hope
Ripple price is hovering below the $0.340 resistance barrier after a 14% retracement over the past six days. This decline has also cut through the two-month falling trend line that was reversed in the past week.
The overall outlook for Ripple is bearish as sellers could drive the altcoin further into the liquidity pool, which ranges from $0.301 to $0.311.
XRP/USD 1-Day Chart
Regardless of the bearish outlook, if the XRP price turns the $0.340 barrier into a support floor, investors can expect the possibility of a reversal. A confirmation will come if the remittance token manages to overcome the hurdle of $0.381.
