Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin’s Imminent Drop Under 30,000 as Cryptos Cut Weekly Gains

Last Updated July 23rd 2021
3 Min Read
  • Bitcoin prints an asymmetrical pattern, hinting at a potential drop to $23,000.
  • Ethereum holds above the crucial $2,400 support as bulls look forward to gains eyeing $3,000.
  • Ripple bulls defend the support at $0.8, sparking hope for recovery to $1.
  • The cryptocurrency market is once again in a somber mood amid the end-week crash that has seen Bitcoin lose nearly 10% of its value on the day. Most crypto assets are in red while recording double-digit losses.

    Ethereum, for example, is down 12% in 24 hours to trade slightly above $2,400. As discussed earlier, Binance Coin is back to trading close to the $320 support after losing a whopping 16%.

    Bitcoin breaks below an exceptionally bearish technical pattern

    The flagship cryptocurrency has continued to drop from the crucial level of $40,000. Attempts to break this resistance led to frequent corrections this week, with the latest extending the bearish leg to $35,000.

    According to the four-hour chart, BTC is exchanging hands marginally above $35,000. As illustrated, an asymmetrical triangle pattern has been printed in the four-hour time. Trading below this pattern is a highly bearish signal, implying that BTC could drop to $23,000.

    The Moving Average Convergence Divergence (MACD) affirms the bearish outlook. Bears will gain more traction if the MACD line expands the divergence beneath the signal line.

    BTC/USD four-hour chart

     Bitcoin BTC Four-Hour Chart

    It is worth noting that the Relative Strength Index (RSI) appears to have found support at 40 and is pointing upward. If the support at $35,000 holds, bulls will start focusing on recovery. Investors could also join the market at a relatively lower price as speculation for gains above $40,000 surge.

    Read Also: Bitcoin Trading Tips

    Ethereum bulls unbothered by the 12% dip

    Ethereum holds above $2,400, support discussed on Thursday. Investors will likely take advantage of the lower price to increase their stakes, hoping to soon hit levels above $3,000.

    The formation of an ascending triangle pattern cements the bullish narrative. A breakout is anticipated before the two trend lines converge. As illustrated, triangles have precise breakout targets measured from the highest to lowest points.

    Therefore, a 36% upswing could materialize as the price slices through the x-axis resistance. Such a colossal move would bring Ether close to the all-time high and perhaps set the largest altcoin on a path to $5,000.

    ETH/USD four-hour chart

     Ethereum ETH Four-Hour Chart

    Marginally above the market value, Ether faces a resistance brought about by the 50 Simple Moving Average (SMA). If overhead pressure rises at this level, the downtrend could catch momentum toward the next anchor at $2,300 and $1,900.

    Check Out: Should You Buy Ethereum?

    The tug of war leaves XRP bulls exhausted

    Ripple extended the bearish action below $1 after bulls lost the battle to the bears. Support at $0.9 did little to stop the declines that marred the crypto market on Friday. The bearish outlook targeted losses toward $0.75, but support at $0.8 came in handy.

    At the time of writing, Ripple trades at $0.88 amid a revived uptrend. The region at $0.9 currently hinders the bullish action but once broken, XRP would be bolstered significantly upward.

    The short-term technical picture has started to improve, starting with the Relative Strength Index (RSI) rebound above 40. Moreover, the MACD line (blue) could cross above the signal line, thus validating the uptrend.

    XRP/USD four-hour chart

     Ripple XRP Four-Hour Chart

    On the upside, resistance is foreseen at the 50 SMA on the four-hour chart. Failure to break this zone and, more importantly, $1 could increase the selling pressure. Note that support levels at $0.9 and $0.8 are vulnerable. Therefore, losses may revisit levels at $0.75 and $0.65.

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