Top 3 Price Prediction Bitcoin, Ethereum: Bitcoin V-shaped Recovery Aims for $41,000
- Bitcoin price bounces hard after the pull down under $30,000.
- BTC’s V-shaped recovery could bolster the price to $41,000.
- Ethereum hit a barrier at $2,000, delaying recovery toward $3,000.
- Ripple eyes an upswing to $0.8 after bouncing from the descending triangle breakdown.
Bitcoin held onto new support at $29,000 before resuming the uptrend above $30,000. The entire market has witnessed significant gains as investors returned to the market in masses. Ethereum is up 6.1% over the last 24 hours but still struggles with the seller congestion at $2,000.
Solana emerged the biggest winner following the widespread losses, growing by more than 30% to trade at $31. Uniswap and Dogecoin were not left behind, accruing gains of 15% and $16%, respectively. Note that most crypto assets are in the green after staying underwater since the week started.
Bitcoin price nurtures V-shaped recovery intact
A V-shaped recovery comes into effect when an asset dips massively before making a sustained upswing. For instance, currently, BTC exchanges hands at $34,000 amid the push by the bulls for highs beyond $40,000. If this pattern is not interfered with, we expect the price to rise sharply before running into significant resistance at $41,000.
BTC/USD four-hour chart
Meanwhile, the Moving Average Convergence Divergence (MACD) may present a buy signal in the near term. The call to buy occurs when the MACD line(blue) crosses above the signal line. Moreover, the uptrend will be validated as the MACD crosses above the signal line.
On the upside, resistance is anticipated around $36,000, a region highlighted by the 50 Simple Moving Average (SMA) on the 12-hour chart. Closing the day above this crucial level is vital to sustaining the uptrend.
On the downside, if Bitcoin price fails to close the day above $34,000, investors should expect the uptrend to delay, perhaps invalidating the V-shaped recovery. Moreover, the bearish leg may extend to retest the primary support between $31,000 and $29,000.
Ethereum battles immense selling pressure at $2,000
Ether tested the support at $1,700 this week, following immense bleeding from June’s highs around $2,900. A recovery ensued from the support, with the bulls stretching the up leg to $2,000. However, intense seller congestion at this level limits the buyers’ efforts.
The 12-hour chart shines a light on the soaring overhead pressure, especially with a bearish signal from the SuperTrend indicator. Note that this is a chart overlay indicator that follows the trend of an asset.
The SuperTrend uses the true average range to ascertain volatility, thus sending signals to either short or long assets. For example, since a sell signal flashed on May 17, Ethereum is yet to come out of the downtrend. As long as this indicator holds above the price, significant price recoveries will not come by easily.
ETH/USD 12-hour chart
It is worth noting that cracking the resistance at $2,000 could affirm the bulls’ presence in the market and call more investors from their hideouts, boosting Ethereum toward $3,000.
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How strong is Ripple price upswing from $0.5?
Ripple’s breakdown in the last couple of days hit a descending triangle pattern target of $0.5. The slump seems to have allowed investors to buy more XRP at a lower price, adding weight to the ongoing recovery.
Meanwhile, XRP trades at $0.64, but bulls have their eyes fixated on the support turned resistance at $0.8. The overall technical picture shows that buyers have the upper hand, although the immediate hurdle at $0.65 comes out of the way.
XRP/USD four-hour chart
Note that the RSI affirms the bullish outlook following the upswing from the oversold region. However, the hesitance to move close to the midline shines a light on the presence of selling pressure. In other words, if the recovery to $0.8 fails to materialize, XRP will be forced to revisit the levels around $0.6 and $0.5, respectively, before a formidable upward price action occurs.
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