What needs to happen for cryptocurrencies to recover
- The Bitcoin price is fixed by trading within the range of $ 18,600 to $ 20,922 and shows no signs of breaking out.
- The Ethereum price is far more optimistic than the BTC price action and suggests a potential rise to $ 1,425.
- Ripple price seems to be planning a 20% move to $ 0.386, but buyers have yet to show up.
The Bitcoin price has been extremely boring in recent days, and suffocates the performance of Ethereum and Ripple as well. But things can take a quick turn if the big crypto sees some much-needed volatility.
The Bitcoin price remains directionless
The Bitcoin price has an upside of around $ 22,500 due to high timeframe resistance levels and the 200-week Simple Moving Average (SMA). From a lower time frame, BTC is struggling with the second quarter open at $ 19,943.
A minor trend to sweep $ 20,922 high seems likely. Investors should note that this level is present within the four hour supply zone, which ranges from $ 20,681 to $ 21,194, and therefore a rejection is the most likely outcome.
So market participants must prepare for a 9% decline that sweeps Monday’s lowest level of $ 19,032. In some cases, the BTC may slide lower and sweep the area low to $ 18,600. However, investors should not be surprised if this downtrend continues until it tests the June 18 swing of $ 17,578.
BTC / USD 2-hour chart
While things are looking up for the Bitcoin price, a daily candlestick near the $ 21,705 hurdle will indicate that the bulls are fighting for improvement. In such a case, BTC may accumulate higher and retest the $ 22,500 resistance barrier.
The Ethereum award sees a rapid rise
The Ethereum price has jumped from the $ 878-to-$ 1,284 series midpoint to $ 1,081, indicating that the bulls are still in control. But if buyers fail to shine here by pushing ETH higher, sellers will be quick to take over.
Investors can expect the ETH to trigger a rally to $ 1,284 so that market participants can gather the buy-stop liquidity that rests above this level. In some cases, this move can extend higher and fill the gap to fair value, also called inefficiency, which extends up to $ 1,425.
This increase will represent a 25% increase in the Ethereum price.
ETH / USD 4-hour chart
Regardless of the bullish outlook, if the Ethereum price produces a four-hour candlestick near below the $ 878 barrier, it will turn it to a resistance level and invalidate the bullish thesis. Such a development could cause ETH to crash to the next $ 700 support level.
Ripple price action continues to be boring
The Ripple price has turned below the midpoint in the range of $ 0.286 to $ 0.386. Interestingly, sellers have further pushed the remittance token into a deep discount mode, from $ 0.307 to $ 0.324.
This area is where reversals tend to happen in different markets, and that’s what the XRP price is trying to do. However, it seems that the bullish momentum is lacking for the time being. So a rapid rise in the price of Bitcoin could make Ripple follow suit.
In such a case, the XRP price is likely to aim for a sweep of range high of $ 0.386, which also has buy-short liquidity resting on it.
XRP / USD 4-hour chart
On the other hand, if the Ripple price produces a four-hour candlestick near the $ 0.286 low range without a quick recovery, it will turn the page level into a resistance barrier. Such a development would invalidate the bullish thesis and potentially trigger a further decline to $ 0.250.
