Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Key Sell Signal Threatens Bitcoin's Massive Drop to $36,000

Last Updated July 23rd 2021
3 Min Read
  • The TD Sequential indicator will likely present a sell signal on the daily chart.
    • Shiba Inu and Chiliz rally the most on Coinbase Pro listings.
    • Etheruem risks plunging under $2,000 if support at the 200 SMA shatters.
    • Ripple deals with rising overhead pressure, leaving support at $0.8 extremely vulnerable.

    The cryptocurrency market is mainly in red, as observed on CoinGecko. Bitcoin has joined most crypto assets, posting losses of up 1.3% in 24 hours. The pioneer altcoin Ethereum is down 4.3% to trade marginally above $2,400. Similarly, Ripple exchanges hands around $0.84 after a 3.25% loss in the same period.

    Intriguingly, some selected altcoins are posting double-digit gains despite the corrections in the market. For instance, Shiba Inu (SHIB) spiked over 20% following its listing on Coinbase Pro. Likewise, Chiliz also grew in value by more than 20% upon listing on the same exchange. Other tokens performing remarkably well include Leo Token and Amp among the top 50.

    Why Bitcoin's downtrend could gain traction

    The flagship cryptocurrency teeters marginally above $39,000 at the time of writing. Declines are becoming apparent following a barrier at the 200-day Simple Moving Average (SMA). Holding above $40,000 was untenable by the bulls, hence the ongoing retreat.

    If support at $39,000 fails to hold, investors should anticipate another dip, perhaps to $36,000. Besides, the TD Sequential indicator may flash a sell signal in the coming few days on the daily chart.

    According to this technical tool, a sell signal manifests in a green nine candlestick. It implies that the uptrend is losing ground and sellers are getting ready to take control. If validated, the bearish signal leads to a significant dip in price.

    BTC/USD daily chart

     BTC/USD daily chart 061621

    Realize that the Moving Average Convergence Divergence (MACD) indicator has a bullish outlook despite the retreat from areas above $40,000. If the technical picture remains the same, the overhead pressure may start to diminish as bulls retake control for gains beyond $40,000.

    Check Out: 15 Reasons Why You Should Invest in Bitcoin Today

    Ethereum retesting crucial support

    Ethereum suffered rejection at $2,650 on Monday. Initially, support at $2,500 ensures that the accrued gains had been protected. However, sellers have continued to increase their presence in the market, hence the ongoing retreat in prices.

    Ether trades at $2,467 while bulls battle to secure support at the 200 SMA on the four-hour chart at the time of writing. If the immediate support fails to hold, we can anticipate a further dip toward $2,400 (last week's anchor). Realize that Ethereum recently plunged to $1,750, hence if pullback continues, the bearish leg may revisit this same level.

    ETH/USD 12-hour chart

     ETH/USD daily chart 061621

    On the other hand, holding the price above $2,400 would bring back market stability. Then, with formidable support in place, buyers will focus on the recovery mission toward $3,000.

    Read More: Why This Is the Best Time to Buy Ethereum

    Ripple screams sell amid a weaker bullish front

    Ripple price rejection from areas above $0.9 and precisely at the 100 SMA introduced immense selling pressure. On the brighter side, bulls barricaded the zone at $0.8, ensuring that bearish advances were not allowed to stretch further.

    Meanwhile, XRP continues to lose ground toward $0.8, especially with more resistance from the 50 SMA. The Relative Strength Index (RSI) cements the bears' presence in the market following the retreat under the midline. If the RSI moves near the oversold territory, we can expect Ripple to drop, perhaps to $0.78.

    XRP/USD four-hour chart

     XRP/USD daily chart 061621

    If support at $0.8 remains intact, buyers can regain the lost ground to areas above $0.9. However, a real break above $0.9 is required to attract more buy orders as investor sentiment grows in favour of the ultimate upswing beyond $1.

    Don't Miss: Will Ripple Make Me Rich in 10 Years?

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