- The price of bitcoin continues to struggle, but a jump to $19,511 followed by a quick recovery could trigger a recovery to $20,692 and $21,874.
- The price of Ethereum is following in the footsteps of Bitcoin and could drop to $1,471 to make up for the imbalance.
- Ripple price shows an ascending triangle forming, predicting a 25% breakout in the long term.
The price of bitcoin shows a bearish start to the week, which will allow market makers to collect long-awaited liquidity from the sell stop. This event is of huge importance as it could set the stage for the upcoming recovery rally for BTC and the entire altcoin.
Bitcoin price hints at volatility
The price of bitcoin made lows of $19,511, which is also the same as the August low, making this level extremely important to watch. A breach of the aforementioned barrier could serve as a buy signal for a rally, which would primarily be triggered by a return to the average price after the 10% collapse.
In such a case, investors can expect the price of bitcoin to rise to $20,692, which is the midpoint of the range from $21,874 to $19,511. However, breaking this hurdle will result in a breakout of the $21,874 level.
BTC/USD 4-hour chart
While everything looks promising for the price of bitcoin, a daily candle near $19,511 could wipe out the rally. The move would also refute the bullish thesis and could drop to $18,752.
Ethereum Price Breaks Above Bearish Signals
The price of Ethereum is following the price of Bitcoin and is trying to break below the 50% Fibonacci retracement level at $1563. If successful, this would confirm the bearish breakout and trigger a marginal decline to $1531.
Depending on the pressure from the sellers, the price of Ethereum could reach $1,505 and close the imbalance from $1,471 to $1,454.
ETH/USD 4-hour chart
On the other hand, if the price of Ethereum drops to $1,706 at the support level, this will invalidate the bearish thesis. This event could see ETH jump to $1,730 and in some cases $1,800.
Ripple Price Is Ready to Take a Big Leap Forward
Ripple price has made three distinct higher lows and five highs equal to $0.381 since June 13. The connection of the trend lines with these inflection points shows an ascending triangle. This technical formation suggests 25% upside potential, determined by adding the distance from the first swing high to the swing low and breakout point at $0.381.
However, the price of Ripple and its path north will hit a hurdle at $0.439, a break of this level will put the $0.477 target within reach.
XRP/USD 1-day chart
Regardless of the bullish outlook, investors should brace for a breakout of the August 29 lows at $0.318. However, a reversal from this level creating a lower non-recovery low would invalidate the bullish thesis about Ripple price.