Neither BTC, ETH nor XRP have a specific direction
BTC is slowing as the price approaches key support with no volatility in sight. At the same time, ETH and XRP are also closely tracking the lead and consolidation of the leading cryptocurrency and are not showing any particular direction.
BTC price is not ready to go higher
Bitcoin price has been hovering around $42,295 for almost 2 weeks and shows no signs of going far. BTC is likely to hover below Monday’s low at $39,628 before starting an uptrend.
In such a case, investors can expect BTC to rally at $43,096 by the weekly open. Clearing this hurdle will put the price on a path to retest the opening year at $46.224. In a bullish case, the leading cryptocurrency will surge higher and retest the 200-day simple moving average (SMA) at $48,663.
BTC/USD 4 hour chart | Source: Trade View
While bitcoin price looks hesitant, a 4-hour candle close below $39,487 could lead to further declines. In that case, BTC is likely to fall back to the $36,684 support before starting another uptrend.
ETH price returns to difficult barriers
ETH created 4 daily candles that closed above the weekly support at $3,061, resulting in a 12% gain. However, the bulls have failed to retest the 200-day SMA and have declined lower.
The price is currently retesting the same support level on the weekly chart and forecasting a move higher. ETH’s quick bounce off this barrier will provide an opportunity to retest the 200-day SMA at $3,484. Clearing the barrier also opens the way to a two-day supply zone stretching from $3,675 to $3,862.
ETH/USD 1-day chart | Source: Trade View
Regardless of the potential bullish outlook, if BTC crashes, ETH’s price will follow. A break below the $3,601 support is likely to lead to the next retest of the barrier at $2,712 where buyers can attempt to push the price back.
However, a close below this barrier will invalidate the bullish thesis and a drop to $2,440 is likely.
XRP price lacks momentum
XRP has retested the demand zone on the daily chart (stretched from $0.694 to $0.753) almost 4 times over the past month. The price needs to gather some momentum to recover from this barrier as several retests have weakened the structure and a downside break is imminent.
The increased buying pressure could help XRP retest the $0.817 level or the 50-day SMA at $0.834. Any move above this hurdle could allow the price to retest the 200-day and 100-day SMA confluence at $0.96.
XRP/USD 1-day chart | Source: Trade View
If XRP breaks below the specified demand zone, it will most likely return to the $0.604 support. Here, buyers can shake hands to push prices back up. However, the daily candle closing below this platform would invalidate the bullish thesis by creating a lower low.
In such a situation, XRP is likely to return to the $0.518 level and gather selling liquidity below.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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