Price prediction for Bitcoin, Ethereum, Ripple: Crypto markets recover after this weekend’s carnage

  • The Bitcoin price stabilizes around $ 19,252.
  • The Ethereum price bounces back quickly as it dives into the low-volume profile range and ranges between $ 964 and $ 383.
  • The Ripple price breaks into the weekly demand range, which ranges from $ 0.240 to $ 0.315.

The Bitcoin price has shown incredible resilience after returning after falling below a stable support level. This rapid but small recovery has given some altcoins – not Ethereum and Ripple – massive price increases. Synthetic (SNX) price has increased by 121% over the last few days.

The Bitcoin price is holding up against bears

The Bitcoin price has fallen below the support level of $ 19,252 in the last two days and has reached a bottom level of $ 17,605. This sudden drop was met with buying pressure from the bulls, which eventually caused the weekly light to rise 16% from the lowest.

As a result, the weekly light showed a return of -22% instead of -33%. Interestingly, this outlay also took the BTC price above the $ 19,252 support, suggesting that the bulls may be planning a recovery rally.

If this momentum continues, there is a chance that the bitcoin price will rise further and test the $ 23,480 barrier again. This increase would mean a gain of 17% from the current level of $ 20,055.

Although this upward movement may seem bullish, investors need to understand that the macroeconomic outlook is predominantly bearish.

BTC / USD 1 week chart

While things are not looking good for the Bitcoin price, there is a chance that a sudden increase in selling pressure could result in a weekly candlestick closing below $ 19,252, invalidating BTC’s recovery thesis. In such a case, the large cryptocurrency would fall 20% and revisit the support to $ 15,551.

Ethereum price at turning point

The Ethereum price has risen 28% since last week’s low of $ 880. Now, at the start of the new week, ETH has seen more sales, suggesting that the downward trend could continue.

Since ETH broke $ 1,270 at high volume, a drop to the next $ 745 at high volume is likely. This move will help the smart contract token fill in the price inefficiency, also known as the Fair Value Gap (FVG), which goes as high as $ 661.

In the event of a minor uptrend, the $ 1,270 resistance barrier will stifle momentum, resulting in a rejection and withdrawal of the Ethereum award.

ETH

ETH / USD 1 week chart

Regardless of the bearish outlook, the Ethereum price will invalidate the bearish outlook if it closes with a weekly light above $ 1,270. This move should give buyers another chance at a $ 1,730 recovery rally.

The ripple price continues to slide lower

The Ripple price plunged into the weekly demand zone between $ 0.240 and $ 0.315 and then recovered 13% from the lowest $ 0.287. However, the new start to the week is already under heavy pressure from sellers. Fortunately for the XRP price, the demand zone is an important source of support and we are less likely to see a massive sale.

However, if the Ripple price breaks the 50% point for this weekly demand zone at $ 0.275, it will indicate that sales orders will far exceed existing buy orders, suggesting that the Bears are back in control.

In such a case, investors can wait for a weekly candlestick to close below $ 0.40 to confirm the upcoming downward trend. A breach of this barrier could bring the XRP price down 26% to 0.176.

XRP

XRP / USD 1 week chart

It is also possible for the Ripple price to jump out of the weekly demand zone between $ 0.240 and $ 0.315 and trigger a recovery rally to $ 0.381. If the XRP price creates a weekly candle that closes above $ 0.418, it would invalidate the ongoing downside hypothesis and give new hope to prudent buyers.

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