Pitstop before bullish explosive move
- Bitcoin price sheds weight, coming closer to its reversal point at $16,545.
- Ethereum price tags the $1,202 to $1,218 demand zone, providing sidelined investors an opportunity to accumulate ETH.
- Ripple price is at a make-or-break point, a recovery above $0.382 will kick-start a run-up.
Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up.
Bitcoin price sheds dead weight
Bitcoin price has slid from a high of $17,430 to a low of $16,655, collecting the sell-stop liquidity resting below the $16,607 swing lows. This development is a clear sign of market manipulation, which if followed by a reversal above $16,881, will confirm the start of the next leg-up.
Such a bullish situation could see Bitcoin price kick-start its recovery rally to $17,593. In some cases, this move could extend to $19,235.
BTC/USD 4-hour chart
Regardless of the bullish outlook, if Bitcoin price produces a four-hour candlestick close below the $15,894 swing low, it will invalidate the optimistic scenario. This move could trigger a sweep of the equal lows at $15,443,
Ethereum price at an opportune level
Ethereum price showed an obvious retracement to the $1,202 to $1,218 demand zone. This move makes it easier for sidelined buyers to step up. The result of which can be witnessed in ETH, which has already appreciated 1.7% so far.
Going forward, a recovery above Monday’s low at $1,246 will indicate a resurgence of buyers. Such a move could indicate that the recovery rally for Ethereum price is underway. In this case, the targets include $1,280 and Monday’s high at $1,305.
ETH/USD 4-hour chart
While things are looking up for Ethereum price, a breakdown of the $1,195 support level will invalidate the bullish thesis and potentially crash ETH to $1,073.
Ripple price needs to tread carefully
Ripple price has sliced through the $0.382 support level, indicating a surge in selling pressure. This move needs to recover quickly and prevent sellers from having a field day. However, the big crypto’s recovery is crucial for the remittance token to restart its uptrend.
If BTC backs a bounce in XRP price, allowing Ripple to flip $0.382 into a support level, it will indicate the start of an uptrend. In such a case, the remittance token will eye a retest of the $0.448 and subsequent hurdles at $0.472 and $0.506.
XRP/USDT 1-day chart
On the other hand, a breakdown of the $0.360 level will create a lower low and invalidate the bullish thesis for Ripple price. Such development could see XRP price slide lower and retest the $0.316.