Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Renews Bid for $40,000

Last Updated July 23rd 2021
2 Min Read
  • Bitcoin brushes shoulders with $38,000 after a sharp recovery from $31,000.
    • Ethereum stalls ahead of a massive ascending triangle breakout to $3,900.
    • Ripple's uptrend is still intact despite the correction from the resistance at $0.92.

    Bitcoin is once again lifting the entire market from the dip earlier this week. Most crypto assets are in the green during the European session on Thursday, while BTC is trading slightly under $38,000. Ethereum is up 2.6% to exchange hands at $2,500, while Ripple is trading at $0.88 after a 2.3% price increase in 24 hours.

    Some of the most improved tokens include Polkadot (up 10%), Wrapped Bitcoin (9.4%), Monero (up 9.55), Kusama (up 11.8%), and Litecoin (up 7.5%).

    Can Bitcoin sustain the V-shaped recovery?

    Bitcoin slumped to $31,000 earlier this week, but the support at $32,500 bolstered it to highs above $37,000. The sharp reflex-like recovery seems to have stalled at $38,000, casting doubts on whether bulls can sustain the uptrend to $40,000.

    However, the Moving Average Convergence Divergence (MACD) has a bullish impulse, as shown on the four-hour chart. If this trend momentum indicator sustains the position above the mean line, Bitcoin may lift above $38,000 in the short term. Besides, the bullish signal presented by the MACD line (blue) crossing above the signal line adds credence to the bullish outlook.

    BTC/USD 4-hour chart

     BTC/USD 4-hour chart 061021

    A daily close above $38,000 would pave the way for gains above $40,000. Moreover, cracking the massive hurdle at $40,000 will likely trigger huge gains toward $50,000.

    Read Also: Bitcoin Price Prediction: The Outlook For 2021 And Beyond

    Ethereum's sideways trading comes before potential upswing

    Ethereum has stalled due to the resistance at $2,600, as reinforced by the 100 Simple Moving Average (SMA) on the four-hour chart. At the time of writing, Ether trades at $2,500 amid a sideways trading action.

    A bullish signal from the MACD points toward an eventual breakout, mainly if Ether can rise above the stubborn seller congestion zone at $2,600. Realize that an ascending triangle pattern is developing on the four-hour chart.

    This is a massive bullish formation and could blast Ethereum above $3,900. However, bulls have to close the gap to $3,000, where a breakout is anticipated. Ascending triangles have precise breakout targets measured from the patterns' highest to lowest points.

    ETH/USD four-hour chart

     ETH/USD 4-hour chart 061021

    Don't Miss: Why Ethereum Will Skyrocket

    Ripple eyes short-term key technical pattern

    Ripple is back to trading under $0.9, following an unstained recovery to $0.92. The correction comes amid increasing overhead pressure. Tentative support at $0.85 is expected to bring stability and allow bulls to focus their efforts on recovery. Note that if the bearish leg extends below this level, we can anticipate losses to stretch to this week's support at $0.85 before another attempt on recovery occurs.

    XRP/USD four-hour chart

     XRP/USD 4-hour chart 061021

    It is worth keeping in mind the developing ascending triangle on the chart. Support at the rising trend line can keep the bearish advances in check. Moreover, a higher low pattern insinuates that bulls are gaining traction.

    A breakout at the triangle's x-axis may swing Ripple 60% higher, closing the gap toward $2. This breakout target is measured from the triangle's highest to the lowest point.

    Check Out: Will Ripple Make Me Rich in 10 Years?

     

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.