Bitcoin
Will the bulls return in July?
The cryptocurrency market has shown weak price action since the beginning of the month, indicating an increase in selling pressure within the crypto space. Additionally, the global cryptocurrency market capitalization recorded a 10.27% drop in valuation, from $2.53 trillion on June 1 to $2.27 on June 30.
Furthermore, elite cryptocurrencies continue to hover close to their crucial support levels, highlighting the rising bearish sentiment in the cryptocurrency market.
With increasing volatility in the cryptocurrency market, will the top three tokens record a bullish reversal in July or dive towards their new lows? Dive in, as in this article we cover price analysis and targets for Bitcoin, Ethereum, and XRP for the coming week.
BTC price forms a channel pattern:
Bitcoin (BTC) price has formed a parallel channel pattern on the 1D timeframe, suggesting weak price action for the star cryptocurrency in the market. Furthermore, the BTC Price is hovering near its crucial support level of $60,819.50, the outcome of which is unpredictable.
TradingView: BTC/USDT
The Simple Moving Average (SMA) is about to register a bullish crossover on its price chart. This highlights an increase in buying over selling pressure and a high possibility of a bullish reversal for the Bitcoin Price in the cryptocurrency space.
On the other hand, the technical indicator RSI successfully retested its oversold range. This resulted in the BTC token experiencing a positive convergence.
If the market sustains the price of the Bitcoin crypto above its crucial support level of $6,819.50, the bulls will head towards its resistance level of $67,775. On the other hand, if the bears continue to dominate the market, the price of BTC will plunge towards its lower support trendline.
ETH coin price exhibits major bearish action:
Amidst the ongoing cross-border market correction, the Ethereum Price has formed a descending channel pattern and has been trading within it since the beginning of June. Furthermore, the leading altcoin has lost 3.37% in the last seven days and 9.40% in the last 30 days.
TradingView: ETH/USDT
The 50-day EMA constantly acts as a resistance to the ETH Price chart on the 1D time frame, suggesting weak bullish price action for it in the cryptocurrency market.
Furthermore, the Moving Average Convergence Divergence (MACD) showed a steady decline in the red histogram. Furthermore, the averages present a great possibility of upward convergence, suggesting a potential positive reversal in the near future.
If the bulls regain momentum, ETH price will break out of its resistance trendline and prepare to test its $3,730 resistance level during the next week. However, if the bears gain control, the Ethereum crypto will plunge towards its lower support level of $3,000.
Ripple Price About to Test Its Crucial Support:
O XRP Price has formed a symmetrical triangle pattern on the 1D timeframe and has continued to trade within it since mid-April. Furthermore, with a drop of approximately 3% in the past seven days, the altcoin has fallen close to its crucial support trendline.
TradingView: XRP/USDT
The technical indicator, MACD, displays a constant flat line on its price chart, suggesting weak buying and selling pressure in the crypto space. Furthermore, the averages show a neutral trend, highlighting the uncertainty in the future price action of the XRP crypto.
If the market regains dynamism, the Ripple Price will prepare to retest its symmetrical triangle pattern resistance trendline during the next week. Negatively, the bearish price action may pull the XRP coin price towards its low of $0.420 in the next period.