Cryptocurrency markets await the start of the greenest week
- Bitcoin price drops to the demand area between $19,284 and $20,726, leading to a possible reversal point.
- Ethereum price is looking to find a stable support floor to trigger a breakout of the $1,284 barrier.
- Ripple price may revisit the demand area for four hours, extending from $0.286 to $0.306, in an attempt to rise.
Bitcoin price is recovering to a stable support area indicating that a potential rally may be on its way. This development also drove Ethereum, Ripple, and other altcoins lower before the rebound retracement took place.
Bitcoin price at reversal point
Bitcoin price drops to the $19,284-$20,726 demand zone, which could lead to a possible reversal that pushes BTC higher. This rally could lead to a rally that could retest the $25,000 level.
For this to happen, the bitcoin price needs to flip the 200-week simple moving average (SMA) at $22,629. Hence, investors need to wait for confirmation to set themselves in the right direction.
BTC / USD 1 day chart
As things improve, Bitcoin price needs to respect the demand zone between $19,284 and $20.726 to have a chance at the mentioned rally. A daily candlestick close below $19284 will invalidate the bullish theory.
Ethereum price is looking for a foothold
Ethereum price is looking to find a stable support floor after being rejected from the $1,284 resistance level. The midpoint of the $878-$1,284 range at $1,081 is likely to be the key level at which buyers may step in.
Assuming such a return occurs, investors can expect ETH to attempt to break above the $1,284 barrier. Doing so will open the way for Ethereum price to retest the next levels at $1,543 and $1,697.
ETH/USD 1 day chart
Regardless of the upside, a breakdown of the June 30 swing low at $994 will invalidate the bullish theory of Ethereum price by producing a lower bottom. In such a case, ETH could pull back to the lower band at $878.
Ripple price needs to inject liquidity
Ripple price attempted to rise after falling in the demand area for four hours, extending from $0.286 to $0.306. This move pushed the price of XRP up 17% and above the mid-range point at $0.336. However, the bulls failed to hold it, which led to a rebound.
The pullback is heading to the demand zone mentioned above, where buyers have another chance to come back. Assuming bullish momentum stabilizes and leads to a rally, market participants can expect XRP price to tour the higher range at $0.387, coinciding with the equal highs.
XRP/USD 1 Day Chart
On the other hand, if the Ripple price breaks the immediate support level and produces a Japanese candlestick close below $0.286, it will invalidate the bullish theory.