Bitcoin prices still respect the bearish trendline, but are refraining from testing support as the Bulls continue to buy.
- Ethereum prices remain in the distribution zone, buy-side volumes have increased further, and are set for breakouts.
- The June pivot is nowhere to be seen as XRP prices have lost their monthly pivot since May and the Bulls are looking for support.
Bitcoin prices, Ethereum, and other cryptocurrencies are perfectly balanced and the price actions are integrated to form lower highs and higher lows in the process. Buyers and sellers are squeezing each other as the bearish triangle completes with all three cryptocurrencies and could break out next week or the following week. Monitoring headlines is important for measuring the exact moment of correct engagement, as the catalyst needed for that breakout is either a central bank surprise or a geopolitical event.
Bitcoin price set to rise by 15%
Bitcoin (BTC) prices have so far respected the downtrend, even after receiving a firm rejection of the red downtrend line. As the price action returned for support, the Bulls refrained from lowering Bitcoin’s price to $ 28,695.13 and instead bought it earlier to trade for about $ 30,000. From here, the price of BTC will probably fluctuate up and down $ 30,000, waiting for an important catalyst to ignite the fuse for a breakout.
BTC prices show that the Relative Strength Index is rising, showing signs that bulls are preparing for the summer rally, which they bought in bulk and previewed two weeks ago. There is a desire for risk, but it is all within a narrow range of opportunities as it depends on the central bank and how it steers the global economy to avoid inflation concerns. BTC prices above $ 31,321.98, buyers break the downtrend and rise towards $ 32,649.28, entering the distribution zone where they have the opportunity to test a 55-day simple moving average, 15% in the process. Expect to book the profits of.
BTC / USD Weekly Chart
Alternatively, the risk to Bitcoin prices could come from the current background of the global market, where traders are pushing up and pushing up the euro and US dollar rates. It spreads to cryptocurrencies priced in dollars, where it creates a similar wave pattern. A jump in favor of a stronger dollar could spill over to BTC prices, falling below $ 28,695.13 and reaching $ 25,000.
Ethereum prices are still in distribution as the bulls get the taste of breakout
Ethereum (ETH) prices have been trading well along the distribution zone marked up since July last year. Since entering the zone in mid-May, the RSI has fired higher and traded away from oversold areas. The Bulls even got a flavor of how the breakout felt, with an increase of more than 10% in the last week of May alone. Prices have fallen, but not enough to trigger a bull to make the same deal again.
ETH prices are again set in the range of $ 1,688 to $ 1,928 as buy-side demand grows. Back above the distribution zone, the jump to the new $ 2,200 monthly pivot matches the test against the red downtrend line. If it goes up, expect a bullish and large influx of investors, which will deplete demand and supply, and bring about a large rally towards $ 3,000.
ETH / USD Weekly Chart
However, the bearish signal is technically still in the driver’s seat and should not be ignored. Bears are unlikely to easily fold into their position, waiting for the right moment to catch the bull and push it out of position by a bull trap or another quick reversal at an important critical level. increase. Later, when the Bulls were forced to switch sides and sell their shares, selling pressure increased, ETH’s price fell to $ 1,404, which could result in a 22% loss from today’s price.
XRP pricing is seeking support as the new monthly pivot is diverging
Ripple (XRP) prices are as confusing to traders as the new month. The monthly pivot has also been readjusted and the position has shifted. After a fairly volatile month, this month’s pivot goes even further, with current price action at $ 0.3616 either on the red downtrend line or on the floor. The price of XRP is expected to fall a little further before the emergence of catalysts that could rise towards $ 0.50.
The price of XRP relies heavily on monthly pivots, as evidenced by the April and May price actions, and was respected each time the price reached the pivot level. The closest pivot is currently $ 0.47, above the downtrend line, indicating a possible breakout. Such breakouts can come from some headlines for ongoing negotiations between Russia and Ukraine, and can be a breakthrough at any time. This could cause the XRP price to skyrocket towards $ 0.50.
XRP / USD Weekly Chart
There is also the risk of harmful news headlines crossing the network, and there is considerable risk from OPEC +’s expulsion of Russia, thus further isolating the country. That brings another wave of risk-off, which could be enough for the price of XRP to fall below $ 0.36. Towards $ 0.29 – Below the $ 0.30 marker on monthly S1 support. This means that the XRP price is at risk of losing another 30% of its value.