- Bitcoin rejected from $20,000 to end June.
- Ethereum price tests a critical support level.
- Ripple price loses the battle as the bears target $0.29.
The cryptocurrency market continues to fester with pessimism. If market conditions persist, the summer of 2022 will give a fruitless harvest.
Bitcoin Price Signals Scary Times
Bitcoin price is trading at $19,350 at the time of writing. The bears appeared towards the last days of June with enough strength to produce a monthly close below the psychological level of $20,000 at $19,942. The monthly close is now the second largest bearish candle since May 2021. This unfortunate evidence shows the need to consider lower targets for Bitcoin price in the coming months. $18,750 and $17,300 will be key levels to watch.
The bearish downtrend invalidation is based on a gap above $23,500. If the bulls can break above the $23,000 mid-barrier, they may be able to recapture the trend and reach $31,000, which will result in a 60% surge from the current Bitcoin price.
BTC/USDT 1-month chart
Ethereum price tests final support
Ethereum price is trading at $1,047 at the time of writing. A Fibonacci retracement tool surrounding the June low and high ($881 – $1,233) suggests that ETH price has lost 50% of the accumulated gains. If the bulls are unable to produce a rally from current price levels, the bears will recapture the trend with the goal of reaching the June 18 low at $890 and potentially $700 to put knife hunters out of the market. It is worth noting that a death cross is taking place as the 21-day moving average is sloping down towards the notorious 200-week moving average. The collision of these key moving averages confuses the sentiment of the market as a whole, as the Crypto Fear and Greed Index returns to historical levels.
The downtrend invalidation remains a gap above $1,284. If the bulls can break above this level, it is possible that they could go as high as $2,100, which will result in a 100% surge from the current price of Ethereum.
ETH/USDT 4-hour chart
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Ripple’s XRP price loses bullish ground
XRP price shows unsustainability as June was a highly volatile news correlated market. The technicals suggest that the hype is over as the bears have confidently broken through the 50% and 61.8% Fibonacci retracement levels (around June’s monthly low of $0.28 and monthly high of $0 ,38).
XRP price looks to be targeting $0.28 lows in the near term. However, a Ripple price of $0.20 has been predicted for a long time on FXStreet. Investors should consider a sell-off in the vicinity of $0.20 as the likely second target.
The bearish downtrend invalidation is a gap above $0.39.
The next attempt at this $0.39 barrier could trigger a bullish rally towards $0.51, resulting in a 63% surge from the current XRP price.
XRP/USDT 4-hour chart