- Bitcoin price seems to be continuously taking jabs at the $24,989 resistance level, but to no avail.
- As the merge continues to move forward, Ethereum’s price decline appears to be supporting buyers.
- Ripple price is still unmoved, reversing the $0.381 hurdle and revisiting the $0.439 resistance barrier.
Bitcoin price shows a bullish outlook as the market starts a new week. This development has seen a number of altcoins rise slightly, including Ethereum and Ripple. As BTC cools, capital may rotate into other coins.
For now, Ethereum’s upcoming upgrade Merge appears to be pushing altcoins higher, with BTC catching up. However, this move can wear out quickly and undo gains much quicker. Investors should therefore start posting profits and prepare for a reversal in timing unfortunately.
Bitcoin price won’t stop trying
Bitcoin’s price appears to be in the final stages of a distribution stage that is likely to lead to a sharp correction. The confluence of this move and the 50% retracement level of $24,989 makes this scenario all the more compelling. will be
Additionally, the 4-hour chart shows a bearish divergence formation, with price forming highs and the Relative Strength Indicator (RSI) forming lows. This development adds credence to the bearish outlook.
With the recent consolidation, investors should not wait for a correction to $21,440 or $20,750. However, a move to $22,586 is likely and is on the big crypto cards of the week.
BTC/USD 4-hour chart
Bitcoin’s price struggle at $24,989 looks cheeky, but investors should be aware that daily candlestick closes above this level indicate a potential bullish move. .
After the $24,989 hurdle turns decisively to the support floor, the nullification of the bearish thesis will be confirmed. In such a case, BTC could hit his $25,968 hurdle where his 100-day exponential moving average (EMA) is.
Ethereum Price Reminds Us of a Force to Consider
Ethereum’s price has been rising non-stop since July 13th and shows no signs of slowing down. The drop on the 4-hour chart has resulted in more than a recovery. A recent drop of 5.5% is about to be reversed as ETH climbs his 4.2%.
If this momentum continues, ETH will likely reach $2,158. Investors should therefore be on the lookout for smart contract tokens to surge to 8.5% in the near future.
ETH/USD 4-hour chart
On the other hand, if Ethereum price generates a daily candlestick below $1,730, it could invalidate the bullish thesis and trigger a sharp correction to $1,543.
Ripple price sings the same song
Ripple price has attempted to break the $0.381 hurdle eight times in a row with no discernible result. Sellers at this level are absorbing the incoming buying pressure, resulting in a two-week ongoing consolidation.
The support level at $0.340 and the double bottom formed at $0.326 are two short-term retracement targets. However, retesting the $0.287-$0.311 demand zone is the best place to be a buyer.
XRP/USD 1-day chart
Despite repeated failed attempts to break the $0.381 hurdle, the price of Ripple remains neutral to bullish. If the candlestick breaks below his $0.287, the demand zone and his potential bullish thesis for XRP price will be invalidated.
In such a case, investors can expect the Ripple price to retest the $0.239 support level.