Top 3 Price Prediction Bitcoin, Ethereum, Ripple: China’s Central Bank Closes 11 Crypto Trading Firms, BTC Remains Steady
- Bitcoin retreated from $48,000, but bulls collectively held to the support above $46,000 to keep the uptrend intact.
- The PBOC continues to crackdown on illegal cryptocurrencies trading activities and online speculation on foreign currencies.
- Ethereum bulls are ready for another fierce fight on a bid to close in on $4,000.
- Ripple must close the day above the 50% Fibonacci level or risk dropping to $1.
A minor correction wave swept across the cryptocurrency market on Tuesday. Most of the major cryptocurrencies waned in their uptrends, including Bitcoin, which according to CoinGecko, is trading 1.7% lower. Ethereum was not spared the ax as it dropped under $3,200. At the time of writing, Ether is trading at $3,228 amid a renewed push for recovery.
Intriguingly, some altcoins have not waved despite the growing sellers’ influence in the market. Solana hit another new all-time high at $74.5 after curving a new path from its peers. Terra also joined Solana to post a new all-time while gaining ground toward $30.
The PBOC Continues Hunt For Illegal Crypto Trading Activities
The latest report from China says that the People’s Bank of China (PBOC)’s Shenzhen branch has shut down 11 cryptocurrency trading companies. Most of the firms have been dealing with the trading and financial industry or with selected digital assets.
Around 46 companies have been under the investigation of the Shenzhen branch of the regulator. The primary mission has been to rid the jurisdiction of illegal transactions, including dealings with cryptocurrencies and online-based speculation on other foreign currencies.
Bitcoin Price Secures Backing At $46,000
The flagship cryptocurrency remained steady despite the crackdown report. This stability comes after BTC failed to hold above $48,000 on Monday, culminating in a correction toward $46,000. Realize that China’s crackdown on mining companies in May and June contributed significantly to the selloff that saw Bitcoin drop below $30,000.
Meanwhile, bulls seem to champion another swing at $48,000, a barrier where bears drew the line on Monday. The Relative Strength Index (RSI) reinforces the bullish grip on the price as it recoils from the midline. Traders can watch for movement closing the gap to the overbought area on the four-hour chart to ascertain the growing buyer influence.
BTC/USD Four-Hour Chart
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Ethereum Bulls Refuse To Give Up Control
Despite the correction that followed the recent failed attempt to gain ground to $4,000, Ethereum sustained an upward outlook as per the 12-hour chart. Support above $3,100 cut short the pulldown, bolstering Ether above $3,200.
At the time of writing, Ethereum trades at $3,265 while bulls launch another attack mission. As discussed on Monday, perhaps a confirmed break above $3,400 would clear the trajectory to $4,000.
Meanwhile, bulls seem confident that support at the ascending parallel channel’s lower boundary will allow them to stage a formidable fight and surmount the overhead pressure.
ETH/USD 12-Hour Chart
On the other hand, we cannot ignore a minor and short-term sell signal from the Moving Average Convergence Divergence (MACD) indicator. If the MACD keeps dropping to the mean line, sell orders will increase considerably, forcing Ethereum to seek refuge at $3,000. Such a move will also derail the expected upswing to $4,000.
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Ripple Bears Trim Gains From $1.35
The international money transfer token has retreated from $1.35 and tested support at $1.1. With this support remaining intact, perhaps bulls will retake control. Meanwhile, XRP is trading at $1.2 as bulls plan to break the 50% Fibonacci immediate hurdle.
A daily close above this Fibo level will cement the buyers’ presence in the market and pave the way for gains back to $1.35. However, overhead pressure will surge if the upside stays limited.
XRP/USD 12-Hour Chart
The MACD may flash a sell signal in the coming hours, leading to another drop. If support at $1.1 fails to hold, Ripple will start exploring levels toward $1 and $0.9.