Bitcoin has been spending over $30,000 for about two weeks. After multiple failed, upside and downside attempts, this region is getting closer and closer to its reinforcement, the president is discussing the possibility that crypto could make a breakout. According to analysts, the realization of this scenario may drag Ethereum, Ripple and other altcoins with it.
The probability of Bitcoin price turning into an outlier
As we reported , Bitcoin price failed to break the 50% Fibonacci retracement level from $35,618 twice in the last two weeks. The resulting dip actually pushed BTC into a changing demand zone at $30,573 to mid-$31,979. This could lead to a possible uptrend, as analysts predicted, by correctly moving into the buy zones expected by the orders. In the first snag that will be encountered on the rise, the resistance is determined as $ 35,618. The 6-hour candle close to be recorded above the region may also indicate that the bullish momentum is reviving, according to analysts.
In such a case, analysts predict that BTC could test the $36,600 and $39,146 resistance levels. If the bulls continue, we can easily see that the price has reached $ 40,000, according to analysts. Additionally, as the Bitcoin price turns bullish, investors need to be aware of a potential increase in critical selling pressure, with the bottom of the demand zone at $30,573. In the leading altcoin Ethereum, the situation is as follows…
Ethereum price starts to rise
Ethereum completed its downside purpose after breaking the ascending wedge pattern on July 8. At the same time, the level where it made a base around $ 1, 869 shows that a full return is on the way, according to analysts. If it is remembered that the Bitcoin price is in a valuable demand zone, ETH, which takes the wind behind it, can successfully complete the uptrend. In this case, the probable ETH and BTC correlation could face Ethereum led by the leading crypto to $2,018, then to a recently inverted supply zone ranging from $2,041 to mid $2,106.
This scenario, in which the resistances are sequentially exceeded, and the buyer reinforcement afterwards, means that the second wave buyers have returned, with the 6-hour candle closing on the region. Such a move will pave the way for Ethereum price to retest the midpoint of the process range at $2,297, according to analysts. Additionally, if this possibility occurs, ETH would represent a 17% rise from $1,956 to $2,297.
However, on the other hand, breaking the $1,869 reinforcement level will show that the bullish momentum is lacking and will open the way for selling into the lower $1,700 range. Breaking this barrier would invalidate the bullish view and potentially trigger a move to $1,438.
Ripple is getting ready to explode
After Bitcoin and Ethereum, Ripple formed a second low at $0.585 on July 14, signaling the start of a potential uptrend. If the buying pressure continues, XRP will likely label the 50% Fibonacci retracement level to $0.647. At the same time, a 4-hour candle close above the region may indicate that the buying pressure is revived, according to analysts.
What is expected in such a move paves the way for XRP to make another attack to break the highly probable reversal zone from $0.68 to $0.727. In the possible bullish momentum, it could face a slowdown to $0.704 following a 16% rally. However, otherwise, XRP can be expected to break $0.727 hard and take a hard hit in the range high from $0.785.
Finally, for Ripple, if the buying pressure fails to surpass the 50% Fibonacci retracement level at $0.647, it means the bulls are weak, according to analysts. While such a development could hinder or delay the uptrend, breaking the lower boundary of the demand zone at $0.547 will invalidate the bullish outlook. Continuing, XRP price might retest the lower range at $0.509.