Bitcoin (BTC) price has shown incredible strength since the local bottom on August 5. Since then, BTC has risen by 21% and is trading below $60,000. Ethereum (ETH) price and Ripple (XRP) price have followed in the footsteps of the pioneer cryptocurrency and recovered some of the losses.
Bitcoin price likely to skyrocket
Bitcoin price is forming an inverted head and shoulders formation on the 30-minute chart, indicating a bullish outlook. As the name suggests, this formation contains three prominent swing lows, with the central swing point lower than the other two.
The target for this technical formation is the addition of the distance between the neckline and the head to the breakout point. In such a case, the Bitcoin price prediction suggests a rise to $62,971.
On the other hand, a break of the $56,719 support level would invalidate the inverse head and shoulders formation. This development would push the BTC price to $54,676.
Ethereum price struggles with key support level
Ethereum price has been fluctuating around the $2,618 mark for nine days without any impulsive price movement in any direction. This ETH prediction is the exact opposite of what is happening with Bitcoin price. For now, ETH price is likely to continue falling to collect the sell liquidity below $2,510 before a trend reversal could occur.
The Relative Strength Index (RSI) also looks weak as it is below the mean of 50, indicating a possible correction in ETH price before an uptrend begins.
A failure to recover above $2,618 after a liquidity surge of $2,510 will be a sign of weakness for ETH bulls. Such a development in Ethereum price predicts further south, where
XRP price in difficult situation
XRP price is currently dead and exhibiting a negative slope, which is bearish, unlike Bitcoin price, which has a clear bullish outlook. This type of price action often resolves to the downside, resulting in a rise in volatility. Investors can expect the remittance token to retest the four-hour demand zone, which extends from $0.492 to $0.516. Sidelined buyers are likely to make a comeback here and trigger a recovery in Ripple price.
On the contrary, a break of the $0.492 support level would invalidate the optimistic forecast. In such a case, the XRP price could trigger a 12 percent correction to the August 5 swing low of $0.431.
Frequently Asked Questions (FAQs)
The Bitcoin price has shown incredible strength, rising 21% since August 5th.
The Ethereum price has been fluctuating around the $2,618 mark for the past nine days without any impulsive deviations in any direction.
XRP price could start a 12% correction to the August 5 swing low of $0.431 if the $0.492 support level is broken.
Akash Girimath
Akash Girimath is basically an engineer but is interested in the chaos of financial markets. Akash is a senior reporter and analyst who also regularly trades cryptocurrencies and manages a small cryptocurrency fund for friends and family.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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