Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Breaks toward $30,000, Goldman Sachs-backed Circle to go Public

Last Updated July 23rd 2021
2 Min Read
  • Bitcoin price explores levels under $33,000 after failing to close the day above $35,000.
    • Stablecoin fintech company Circle to go public on a $4.5 billion blank check.
    • Ripple and Ethereum break solid uptrend within ascending parallel channels.

    Crypto assets across the market lost some ground following the mid-week gains. Bitcoin corrected from slightly above $35,000 amid a push by the bears to close the day under $32,000.

    Ethereum could not clear the resistance at $2,400, instead opened the door for losses toward $2,000. Similarly, Ripple revisited levels close to $0.60 in the wake of a stubborn barrier at $0.7. Note that these declines spread across the crypto market, momentarily flipping green.

    Circle to go public

    Goldman Sachs-backed fintech firm could soon be publicly listed. According to an announcement from the company, a merger with an unnamed bank will elevate it to a publicly listed company. A $4.5 billion deal is currently on the table for the company that issues the USD Coin (USDC).

    Bitcoin price gradually closes in on $30,000

    Bitcoin price may extend the bearish price to $30,000 in the coming sessions, mainly if support at $32,000 fails to hold. Overhead pressure already intensified with the breakdown from levels above $35,000.

    Moreover, the Moving Average Convergence Divergence (MACD) indicator bearish signal adds weight to the impending breakdown. Notice the 12-day EMA crossing below the 26-day EMA and the dip into the negative territory. As long as this technical picture remains intact, BTC’s downtrend will extend massively.

    BTC/USD four-hour chart

     BTC/USD 4-hour chart 070821

    Read Also: Bitcoin Price Prediction

    Ethereum flashes multiple sell signals

    Ether has broken the uptrend that has for some time sustained within an ascending parallel pattern. Losing the channel’s lower boundary support catalyzed the ongoing downtrend. Meanwhile, Ethereum trades at $2,150 while bears gaze at the downtrend extending below $2,000.

    The 100 Simple Moving Average (SMA) is in line to offer the much-needed support. However, if lost, more sell orders will be triggered as losses soar toward the recent support at $1,800.

    Meanwhile, the MACD has a vivid bearish signal that could be accentuated by crossing into the negative region. Similarly, it would take time and effort to reverse the 12-day EMA crossing to levels above the 26-day EMA. Therefore, Ethereum’s least resistance path may remain downward in the short term.

    ETH/USD four-hour chart

     ETH/USD 4-hour chart 070821

    It is worth mentioning that support at the 100 SMA could help avert the potentially massive losses. On the upside, a confirmed uptrend past the 50 SMA and the 200 SMA will add credence to the bullish outlook eying price levels above $2,400.

    Don't Miss: What's the Future of Ethereum?

    Ripple price holds crucial support

    Ripple price, like Ethereum, broke out of an ascending parallel channel. This move shattered hopes of XRP trading above $0.7. Instead, reducing bulls to play defensive mechanisms heading to $0.6.

    At the time of writing, Ripple trades at $0.62 after holding above $0.60. As long as this support remains intact and buyers increase their entries, XRP will restart the uptrend for gains eyeing $1.

    XRP/USD four-hour chart

     XRP/USD 4-hour chart 070821

    The RSI appears to have embraced support near the oversold area. An upward movement will encourage more buyers to join the market. With an increased tailwind. Ripple may start throwing formidable japs at crucial resistance levels around 0.7 and $0.8.

    Check Out: Ripple Trading Predictions

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