●Bitcoin price could drop 10% after a weeklong consolidation with BTC bulls showing exhaustion.
●Ethereum price is likely to revisit $2,800, a 5% fall that could trigger a cascade of losses.
●Ripple price eyes $0.6000 as XRP bulls show strength on the heels of SEC lawsuit conclusion.
Bitcoin (BTC) price’s bullish breakout appears to be losing steam, with the sentiment spreading across the market and leaving Ethereum (ETH) and altcoins in general susceptible to a crash. Meanwhile, Ripple (XRP) price is an outlier, pushing north on the heels of developments in the legal front.
Bitcoin likely to correct before next leg up
Bitcoin (BTC) price is confronting resistance at $52,768 blockade, a roadblock that has stood for the past week. With the Relative Strength Index (RSI) dejected and moving horizontally, coupled with its position at 79, BTC is overbought, a status that often precipitates a correction.
Likely targets in a southbound directional bias would be the 78.6% and 61.8% Fibonacci levels, at $49,786 and $47,445, respectively. In a dire case, Bitcoin price could roll over to the 50% Fibonacci level at $45,801, 12% below current levels.
The Spent Output Profit Ratio (SOPR) indicator also suggests a possible correction, having increased above 1 as a 30-day Simple Moving Average (SMA). This is bolstered by fading histogram bars on the Moving Average Convergence Divergence (MACD) indicator.
BTC/USDT 1-day chart, Source: TradingView.
Notably, however, the bulls still have a presence in the BTC market, seen with the status of the MACD in positive territory. If these traders act, Bitcoin price could push north, clearing the $52,768 blockade and potentially record a new range high.
Ethereum price likely to revisit $2,800
Ethereum (ETH) price has outperformed BTC. However, it appears to be delaying the inevitable as altcoins await the Bitcoin cue. The RSI shows ETH is already overbought, worsened by the SOPR above 1, hinting at possible correction.
A move south could see Ethereum price lose the immediate support at $2,874, potentially extending the fall to the $2,800 base, 5% below current levels. In a dire case, ETH could roll over to the confluence between the midline of the channel and the horizontal line at $2,689. A break and close below this level would invalidate the bullish thesis.
ETH/USDT 1-day chart, Source: TradingView.
On the other hand, a reentry by the bulls could send Ethereum price further north, clearing the $2,944 range high and potentially extend the gains to the $3,000 psychological target, almost 3% above current levels.
Ripple price eyes $0.6000
Ripple (XRP) price remains bullish despite the broader market showing weakness, an optimism inspired by hopes of a conclusion in the legal saga against the US Securities & Exchange Commission (SEC).
With RSI at 58 and leaning north, Ripple price could increase amid rising momentum and the fact that there is still more room north before ETH is overbought. Enhanced activity among the bulls could see XRP price shatter the resistance due to the upper boundary of the descending parallel channel bringing the $0.6000 psychological level into focus. A tag of this milestone would constitute a 7% climb above current levels.
XRP/USDT 1-day chart, Source: TradingView.
On the other hand, a rejection from the channel’s upper boundary could send Ripple price south, first losing support due to the $0.5368 buyer congestion level. An extended fall could see Ripple price test the midline of the channel at $0.5145, or in a dire case, slip to the support floor at $0.4734, 15% below current levels.
