Bitcoin, Ethereum, Ripple price prediction: Major and altcoins begin to undo gains
As per analysts, technical indicators are showing a sell signal and it is right to say that investors can expect a minor pullback.
New Delhi: World’s most famous Bitcoin prices saw the 2nd leg of its rally which started from July but unfortunately failed to deliver a convincing close above a crucial support level. As per analysts, technical indicators are showing a sell signal and it is right to say that investors can expect a minor pullback.
A potential pullback for BTC
BTC climbed from $29,994 to $46,700 in a time frame of July 20 to August 10. This upward swing seems to come to an end as the Momentum Reversal Indicator has flashed a red ‘one’ sell signal of the 12-hour chart. It is advised to investors to watch out for a minor pullback with an immediate support level of $41,330 to $40,550.
As per FXStreet, the flipped demand zone which extends from $43,150 to $45,321 can hinder the downward movement and it is possible to produce a consolidation with that area.
Looking ahead from here BTC looks bullish and can continue to rally even after a setback. Bulls are likely to target the resistance levels of $49,024 and $50,958 from now.
Will ETH follow the big cryptos
Looks like Ethereum is more serious position than BTC as the Momentum Reversal Indicator has flashed a red ‘two’ signal on the one-day chart which is indicating an overextended upward trend.
As per analysts, the setup forecasts a one-to-four candlestick correction and the market can expect the downward trend to head much lower.
The immediate support price level of $2,638 will play the role of area for a reversal but it is possible that it can retest the level of $2,345.
The most direct and logical reason for the drawback of the bullish thesis is ETH’s correlation with Bitcoin. If the price closes below $2,271 then it will invalidate the optimistic scenario.
Ripple looks for a trigger
Momentum Reversal Indicator also flashed a red ‘one’ sell signal on the 12-hour chart for XRP’s Ripple. It is expected that investors can see one-to-four candlestick corrections.
Recently XRP failed twice to sail through the $0.827 resistance barrier which is a major warning sign for the coin. The downward trend and take the price down from $0.777 to $0.689 if the selling pressure.
A retest of $0.689 will be very vital and if investors go for a buying spree then it can come back around this area which will result in its upswing.