- Bitcoin price is attempting a recovery to $20,750 after three days of selling off.
- Ethereum price is waiting for Bitcoin’s cue to restart its recovery rally to $1,730
- Ripple price needs confirmation to kick-start its bounce to $0.340 and $0.381.
Bitcoin price is showing signs of pausing its downtrend with growing hints of a recovery. Investors need to wait for confirmation, however, before getting more seriously bullish. Ethereum and Ripple await the big crypto’s cue to do the same.
Bitcoin price hopes for a recovery
Bitcoin price has slipped below the ascending parallel channel, triggering a 10% crash to $19,513. As sellers take a break, the buyers are likely to step in and trigger a recovery rally. This development could see BTC retest the $20,750 hurdle.
While a move above this level could indicate a resurgence of buyers, it is unlikely that bulls have the necessary momentum. Therefore, investors should be cautious with the potential recovery rally for Bitcoin price.
BTC/USD 12-hour chart
Regardless of the buyers’ attempt, market makers are likely to target the liquidity resting below the swing lows formed between July 13 and June 18, extending from $18,889 to $17,578, especially if bulls fail to step in here.
Ethereum price loses steam
Ethereum price has filled the imbalance, resting at $1,478 and is currently attempting a recovery. ETH’s bounce depends on Bitcoin and what it does next.
If Bitcoin price rallies, Ethereum price could see a quick bounce to $1,571, followed by a retest of $1,650. If the momentum is strong, then $1,730 level is where Ethereum price could form a local top.
ETH/USD 4-hour chart
On the other hand, if Ethereum price fails to stabilize, sellers could send ETH down to collect the liquidity resting below $1,350 and retest the $1,280 support level.
Ripple price prepares its next move
Ripple price has filled the imbalance to the topside at $0.371 and collected the liquidity resting below equal lows formed at $0.326. While this efficient move is now complete, investors need to wait for a recovery above $0.326, which will confirm an incoming bounce.
The targets of this bullish move are $0.340 and $0.360, but things could escalate, allowing Ripple price to retest $0.381 if the momentum is right.
XRP/USD 6-hour chart
While things are looking ideal for a Ripple price recovery, a failure from bulls to step up will lead to a steep correction to $0.309 and $0.286 in search for liquidity hunts.
