Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Tiptoes to $40,000 as Fundamentals Recuperate

Last Updated July 23rd 2021
3 Min Read
  • Bitcoin affirms support at $36,000 as bulls focus on lifting beyond $40,000.
  • Ethereum rejected at $2,700, but support at $2,400 keeps bulls in an upward trajectory.
  • Ripple yearns for consolidation until substantial support forms to bolster the uptrend past $1.
  • Crypto assets across the board have posted immense recovery following one of the most intense breakdowns in history. Bitcoin tested $30,500 twice before the ongoing rally toward $40,000. Similarly, Ethereum plunged below $2,000 twice before bears gave way for the liftoff above $2,700. On the other hand, XRP struggles to sustain the uptrend despite the resistance at $1.

    Elon Musk is reported to have met Bitcoin miners in the wake of the massive dip. People speculate that the founder of Tesla has started advocating for mining to move to green energy after the company dropped BTC as a form of payment, initiating the historical crash.

    Meanwhile, China seems to have cooled down on the cryptocurrency crackdown in its borders. The Asian economic giant is known for strict regulations that often lead to squirmish with crypto enthusiasts and related businesses.

    Bitcoin builds the uptrend closing in on $40,000

    Following the support at $30,500, buyers have since been in control. However, the resistance at $40,000 appears to be a hard nut to crack. Thus, a minor correction took place on Tuesday, testing the buyer congestion at $36,000.

    In the meantime, BTC trades at $36,700 amid a renewed bullish outlook. The Moving Average Convergence Divergence (MACD) adds credence to the uptrend, but the failure to break above $40,000 hindered the recovery. Note that the MACD line (blue) still has a bullish outlook, cemented by a cross above the signal line.

    It is apparent that trading above the 50 Simple Moving Average (SMA) will bolster Bitcoin above $40,000. A price action such as this could trigger massive buy orders as investors acclimate to BTC, lifting to $50,000.

    BTC/USD four-hour chart

    Bitcoin BTC Four-Hour Chart

    Read Also: Should You Buy Bitcoin?

    Ethereum recovery hits a snag at the 50 SMA

    The uptrend discussed on Monday continues to $2,700, but bulls lost the momentum to push the price to $3,000. A minor correction came into the picture, sending Ether back to $2,400. Meanwhile, buyers are proving their preparedness for this recovery; hence, the prevailing uplift toward $30,000.

    A buy signal has recently been presented on the four-hour chart by the SuperTrend indicator. The call to sell is manifested by the indicator turning green from red and moving under the price. This indicator reveals the general trend of an asset and helps investors make decisions mainly in trading markets.

    The same uptrend has been validated by the Relative Strength Index (RSI), as shown in the four-hour chart. After the minor dip back to the midline, the RSI moves toward the overbought, signaling an improving bullish grip.

    ETH/USD four-hour chart

     Ethereum ETH Four-Hour Chart

    Check Out: Is Ethereum a Good Investment Right Now?

    Ripple price calls for consolidation

    The cross-border token hit highs above $1 as predicted on Monday. However, the uptrend lost steam, allowing bears to take control briefly. Support at $0.9 has been tested again, with XRP gaining ground to trade at 0$0.91.

    A comprehensive look at the Moving Average Convergence Divergence (MACD) calls for a sideways action after failing to cross into the positive region.

    The uptrend may not gain significant traction in the near term based on the Relative Strength Index (RSI). For now, the path with the least resistance is sideways until formidable support is established to allow bulls to focus wholly on the recovery mission.

    XRP/USD four-hour chart

    Ripple XRP Four-Hour Chart

    On the upside, delays are expected at the descending channel’s upper boundary and the hurdle at $1. A confirmed breakout at this level could catapult Ripple massively upward. Other resistances to keep in mind include $1.2 (cut short recovery last week), $1.3, and $1.6.

    Don't Miss: Is it a Good Time to Buy Ripple?

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