The market for crypto-currencies depend on the survival of bitcoin. The possibility of a market reversal is still present.
Bitcoin price is at a crossroads
Bitcoin price is trading at $20,646. The bulls are struggling to claim ground on the 200 week moving average. An Elliot Wave trend channel is found near the current market value price, which signals optimism as the first commitment is seen on the 4-day chart. See also: Ripple below 1 dollar: is it a good buying opportunity?. The Relative Strength Index revisits four-year lows and a subtle space to move lower, confirming that BTC price could fall to 2017 highs at $19,666.
The downtrend invalidation is a breakout of $30,500. If this bullish event occurs, the bulls could look to make new all-time highs in the $80,000 range, which would result in a 300% increase from the current bitcoin price.
Ethereum Price Must Recover Quickly
Ethereum price is revisiting the historic low RSi last hit in 2018 when Ethereum traded at $81 on the 4-day chart. Ethereum price is trading at $1,076. The reading of the abnormal indicator justifies the significant belief that the reversal could occur. This may interest you: Solana: The SOL price gains 50% in two weeks, but how far will it go?. Still, if the bulls failed to rally support at the 200-week moving average, if they don’t find support soon, a triple-digit Ethereum could likely target $800.
The downtrend invalidation is located at $1760. Should the bulls turn to break through this hurdle, new all-time highs in the $5,000 area will be a safe bet, leading to a 365% increase from the current Ethereum price.
Ripple price may see a change in trend
The price of Ripple is making a decisive decision as talks of an SEC settlement continue to hover in the market. A hearing could be the catalyst for investors to lighten their load. On the same subject : Cardano: Institutionals join the game. XRP appears to correlate with the price of Bitcoin and may continue to decline towards $0.25 if market conditions persist.
Xrp price is still trading in the fourth wave territory, keeping the downtrend intact. However, a simple breakout of $0.34 could invalidate the downtrend and favor a rally towards $0.40, which would lead to a 25% increase from the current price of XRP.