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A dead cat bounce or a real bullish chance?

  • Bitcoin prices slip below the weekly open, indicating a possible 10% drop to $ 17,924.
  • Ethereum price follows BTC and reexamines the $ 993 support level.
  • The fluctuating price faces a third rejection in the $ 0.336 hurdle and leans toward a correction of $ 0.306.

Bitcoin prices are showing signs of exhaustion, reversing the bullish trend seen in the last three days. This has led to the reversal of Ethereum, Ripple and other altcoins. Going forward, investors can expect this small retreat to evolve into a step the Bulls use to extend the run-up.

Bitcoin pricing plans its next step

The price of Bitcoin soared to a weekly open of $ 20,535 and hit a high of $ 21,068 on Monday, June 22nd. This bullishness caused many altcoins to trigger exponential rallies. However, it appears that exhaustion of the buying pressure will lead to a correction that pushed BTC from $ 21,705 to $ 20,416.

This 7% decline is likely to continue until the BTC reexamines the $ 19,416 support level. Here, buyers have the opportunity to save the price and raise it, keeping up with the trend of growth. However, the failure could lower the price of bitcoin and make it a sweep of Monday’s low of $ 17,924.

ETH / USD 4-Hour Chart

BTC / USD 4-Hour Chart

On the other hand, if Bitcoin prices hit a high of $ 21,705 on June 21, and stabilized above $ 21,068, that would invalidate the view. This growth could see the BTC further rally to $ 23,000.

Ethereum prices are preparing to climb higher

Ethereum prices rose 35% between June 19 and June 22 and set the swing high at $ 1,192. During the process ETH produced a set of highs, which later recognized that bullish momentum was depleted.

This withdrawal is likely to reduce Ethereum prices, at least until the $ 993 support level is revisited. Here, the bulls have the opportunity to defend the ETH and trigger a run-up that may extend beyond the recent setup swing height.

ETH / USD 4-Hour Chart

ETH / USD 4-Hour Chart

If Ethereum prices a four-hour candlestick for less than $ 993, it will invalidate the bullish thesis, with no signs of quick recovery. This growth will result in a further $ 1,219 and $ 1,283 hurdle retest.

The fluctuating price has to pay it off again

The fluctuating price has hit the $ 0.336 hurdle three times since June 13. Every time the Bulls triggered a rally to try a breakout, it failed. The most recent test was on June 21, which resulted in a 5% withdrawal.

This decline will continue until the XRP price hits the $ 0.306 support floor. With this increase in purchasing pressure, bouncing from this level is key to triggering an ongoing uptrend expansion.

If Ripple manages to reverse the $ 0.336 barrier in price, XRP may reconsider the $ 0.401 hurdle after a 19% rise.

XRP / USD 4-Hour Chart

XRP / USD 4-Hour Chart

While things look cautiously optimistic for the fluctuating price, a four-hour candlestick below $ 0.306 invalidates the recent rise to $ 0.336. In such a case, the XRP price could fall to $ 0.250, the next stable support floor.

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