BTC Will Likely Take Markets on a Rollercoaster

• Bitcoin price has broken out of a symmetrical triangle pattern and remains above retracement support.
• Ethereum price will likely see a pullback towards its main support area between $3,400 and $3,200.
• Ripple price holds the daily support level at $0.467.

Bitcoin (BTC) price is trading with an uptrend following a successful breakout and retest of a symmetric triangle pattern. Ripple (XRP) also follows in BTC’s footsteps by continuing to hold its key support level. The price of Ethereum (ETH), on the other hand, shows signs of an imminent correction.

Bitcoin price expects 7% rise

Bitcoin The price broke out of the symmetrical triangle pattern on June 4th, which was formed by connecting the three lowest highs and three highest lows formed since May 19th using trendlines. The breakout, however, was rejected by weekly resistance around the $71,280 level.

Currently, BTC finds support around the upper boundary of the symmetrical triangle pattern around the $68,500 level.

If this support holds, BTC could rise 7% to its all-time high of $73,777.

BTC/USDT 1-Day Chart

However, if BTC breaks below the triangle’s lower boundary and closes below $67,147, the bullish thesis could be invalidatedleading to an 8% drop to its daily support level of $61,293.

Ethereum Price Looks Promising

Ethereum price broke above a falling wedge pattern on the daily chart on May 20, leading to a 21% rally. However, it is encountering resistance from a block of bearish orders established on March 12 that ranges from $3,980 to $4,093, posing a challenge to ETH bulls.

Investors considering buying ETH should look at the following levels:

1. The 50% retracement level at $3,424, calculated from the swing high of $3,984 on May 27 to the swing low of $2,864 on May 13.
2. The 61.8% Fibonacci retracement level at $3,279 of the same move.

If the conditions mentioned above are met, then the Ethereum Price it could revisit its previous resistance level at $4,000.

ETH/USDT 1-Day Chart

On the other hand, if the Ethereum journal candlestick closing below the $2,864 level would create a lower low and indicate a disruption in the market structure. This development would negate the previously discussed bullish outlook and could potentially lead to an additional 9% increase. declinereaching the previous support level of $2,600.

Ripple price finds support at an important level

Ripple Price bounces back from its daily support level of around $0.467 on Friday.

If the daily support at $0.467 holds, XRP could move higher and retest its previous resistance level at $0.571.

XRP/USDT 1-Day Chart

However, if the Ripple daily candlestick closes below $0.467, then XRP could collide an additional 10% to its previous support of $0.419.

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