Bitcoin price is showing signs of fatigue as it overturns its 3-day bullish trend. As a result, Ethereum, Ripple, and other altcoins have taken a step back.
Traders can anticipate this slight pullback to develop into a bridgehead that bulls will use to prolong the run-up in the future.
The Bitcoin Price Is Planning Its Next Move
On June 22, bitcoin price surpassed the weekly open of $20,535 and surpassed Monday’s high of $21,068. Because of this bullishness, many altcoins experienced exponential rallies.
Even so, the burnout of buying pressure appears to be causing a correction, with BTC falling from $21,705 to $20,416.
This 7% drop is anticipated to remain until BTC retests the $19,416 resistance level.
Traders have an opportunity to save the price and elevate it higher, extending the bull run. However, failure could cause Bitcoin’s price to fall and surpass Monday’s low of $17,924.
If Bitcoin price makes a higher high just above June 21 swing high of $21,705 and settles down above $21,068, the bearish outlook will be invalidated.
BTC may now rise to $23,000 as a result of this development.
The Price Of Ethereum Is About To Rise
Between June 19 and June 22, the price of Ethereum increased by 35%, reaching a swing high of $1,192. ETH produced a series of higher highs during the process, signaling the end of bullish momentum.
This pullback is likely to push the Ethereum price lower yet further, at least until it reaches the $993 resistance level. Bulls have a chance to save ETH and spark a run-up that could stretch further than the recently established swing high.
However, if Ethereum price closes below $993 in four hours with no signs of a swift recovery, the bullish theory will be invalidated. This development will also result in a retest of the $1,219 and $1,283 resistance levels.
Ripple Price Should Give It Another Shot
Since June 13, the ripple price has encountered the $0.336 barrier three times. Every time the bulls sparked a rally in an effort to break out, it ended in failure. The most recent test was on June 21, and it yielded in a 5% market correction.
This decline is likely to continue until the XRP price reaches the $0.306 trading range. A rebound off this level, combined with increased buying pressure, will be critical in provoking an extension of the current upswing.
If the Ripple price finally breaks through the $0.336 obstacles, XRP may revisit the $0.401 barrier after a 19 percent increase.
While the Ripple price is looking pretty hopeful, a four-hour candlestick close below $0.306 will render the recent uptrend to $0.336 invalid. In this case, the price of XRP could fall to $0.250, the next stable resistance level.
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