- Bitcoin price has retested a significant parallel channel.
- Ethereum price revisits historical indicator lows.
- Ripple price could induce a rally towards $0.40 if the. $0.34 resistance level is successfully hurdled.
The crypto market is dependent on Bitcoin’s survival. The possibility of a market reversal is still valid.
Bitcoin price is at a fork in the road
Bitcoin price currency trades at $20,646. The bulls are struggling to claim grounds on the 200-week moving average. An Elliot wave trend channel lies within the vicinity of the current market value price, which signals optimism as the first engagement is being witnessed on the 4-day chart. The Relative Strength Index revisits four-year lows and has subtle space to move lower, confirming that BTC price could fall into 2017 highs at $19,666.
Invalidation of the downtrend is a breach of $30,500. If this bullish event occurs, the bulls could push for new all-time high targets in the $80,000 range resulting in a 300% increase from the current Bitcoin price.
BTC/USDT 4-Day Chart
Ethereum price needs to recover soon
Ethereum price revisits historical RSi low last touched in $2018 when Ethereum traded at $81 on the 4-day chart. Ethereum price currency trades at $1,076. The anomalous indicator reading warrants significant belief that reversal could occur. Still, if the bulls have failed to rally support from the 200-week moving average, if they do not find support soon, a three-digit Ethereum will likely occur, targeting $800.
Invalidation of the bearish trend lies at $1760. If the bulls can accomplish this hurdle, new all-time highs in the $5,000 zone will be a confident target, resulting in a 365% increase from the current Ethereum price.
ETH/USDT 4-Day Chart
Ripple price could see a change in the trend
Ripple price is in a make-or-break decision as talks of an SEC settlement continue to linger within the market sentiment. A delayed hearing could be the catalyst to enable Investors to lessen their load. XRP seems to correlate with Bitcoin price and could continue moving lower towards $0.25 if market conditions persist.
Xrp price still trades within wave four territory, keeping the bearish trend intact. However, a simple breach of $0.34 could invalidate the downtrend and trigger a rally back into $0.40, resulting in a 25% increase from the current XRP price.
XRP.USDT 9-Hour Chart
Read More: Who will catch the falling knife?