Bitcoin and Ethereum price have slowly started to recover after their massive crash in the second week of June. Since then, BTC and ETH have made significant gains from last week. In addition, with the beginning of a new week, higher returns were expected.
As we have reported on Kriptokoin.com, Ethereum continues to struggle with the 200-week SMA indicator. Also, Ripple has managed to attract attention by outperforming other altcoins. However, there are great obstacles in front of it now.
Bitcoin (BTC)
Bitcoin price bounced off the $19,252 support level. It also rebounded 21 percent from its recent low of $17,605. If this impressive bounce continues, BTC will face the 200-week Simple Moving Average (SMA) at $22,517. This hurdle is very important and will set the directional trend for the coming weeks or months. If this hurdle is successfully translated into a support base, it will allow bitcoin price to retest the $23,480 barrier.
On the upside for Bitcoin, its moves are likely to hover around this level. However, if the market is bullish, BTC will go higher. In addition, the divergence formed on the weekly chart is determined as $ 29,300. If things don’t go the way Bitcoin wants, a rejection at the 200-week SMA will indicate buying weakness. In such a case, Bitcoin could produce a weekly candlestick below $19,252. This will invalidate the bullish thesis and trigger a 19 percent collapse at $15.551.
Ethereum (ETH)
Ethereum price looks much better than Bitcoin with the 200-week SMA. ETH is already in the process of grappling with this important resistance barrier. Interestingly, this level also coincides with the $1,224 resistance barrier. Therefore, a quick move beyond this merger will show that buyers are back in control. In such a case, Ethereum price could spike 35 percent against the $1,730 barrier.
It should also be noted that if Ethereum price fails to break through the $1,224 barrier, it will indicate that sellers are still in control. In this case, ETH will be able to decrease by 40 percent with $ 745.
Ripple (XRP)
Ripple price has managed to retrace the sloping support trendline since April 2017. This jump shows that sellers are in danger of extinction and buyers are on the line. Unlike other cryptocurrencies, ripple price must clear the $0.418 weekly resistance barrier before facing the 200-week SMA at $0.491. Assuming the buyers stepped in and turned the said barrier into a support floor, this rally would yield a 37 percent gain from the current position.
On the other hand, it should be noted that if ripple price encounters a large increase in selling pressure around the immediate resistance barrier at $0.418, we will be able to see the sellers finish the recovery. In such a case, the XRP price could decline further. Also, if this event occurs, there is a possibility to retest the sloping trendline or immediate support level at $0.228.
