Top 3 Bitcoin, Ethereum & Ripple price prediction: down on a Highway to Hell

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  • Strong falls across the Crypto board during the weekend erase bullish scenarios
  • Ripple is the most damaged, getting into full bearish territory

Panic. That’s the word to describe the emotions driving the Cryptocurrencies market during the last hours. Big falls across the Crypto board during the weekend, with strong volumes, are leading into a damage-control start of the week. Time to re-draw the technical scenarios from where we stand right now.

BTC/USD 4H chart

BTC/USD

Bitcoin has awakened in Europe at the $6690 mark, losing the floor of the bullish channel and getting back strongly on the bearish structure from where it escaped in the last stages of the past week.

BTC/USD bears have taken a breather in the price congestion support at $6700, but there are only a few supports remaining that can contain them. Below there, another support close to the $6590 mark and the penultimate chance for the bulls to the save the $6000 psychological level. There is only another support before that level at $6440, which if lost, would surely take Bitcoin down to $5800.

It doesn’t look likely, but if Bitcoin bulls awaken, the clear target for them is at the base of the channel lost in the recent hours. That is located at the $7200 mark, but to reach that one, it would need to previously clear the drilled supports at $6860 and $7100.

The 50-EMA that had been able to cross to the upside the 100-SMA is now back below that one, which strengthens the bearish signal.

MACD in the Bitcoin 4-hour chart has sunk into negative territory, and now its opening and inclination propose the continuation of the falls without any signs of a possible change in the price action.

Directional Movement Index in the same chart is showing how the selling positions have spiked, while buyers are down to similar levels seen in February. Therefore, extreme pessimism might trigger some rebound but always inside a very damaged structure, with the trend pointing to the downside.

ETH/USD 4H chart

ETH/USD

Ethereum has dived again into the bearish channel from where it barely escaped and is now resting above the trendline already visited several times during the month of May. ETH/USD’s structure has not been as damaged as the Bitcoin one, also proposing a bearish scenario but with more possibilities for the bulls.

Ethereum is resting just above the trendline that now is located at $522. If that important level was lost, there would be no other support until the $500 mark, with a more likely target down to $485 mark. Below there, the visit to the base of the bearish channel would be inevitable, taking ETH/USD down to $425 at first, and $400 later.

On the upside, and as we already mentioned, the return of the bulls could be significant if they are able to surpass the $567 mark, where a price congestion resistance and the roof of the bearish channel meet. If ETH/USD is able to close above there, it will find a positive scenario but still will have meaningful barriers like the 50-EMA and the 100-SMA (meeting at $580) to clear.

MACD in the Ethereum 4-hour chart shows the strength of the recent falls, getting inside the negative territory of the indicator. A retracement of a certain importance looks likely, but it would only be a previous rest until the bearish continuation.

Directional Movement Index shows the sellers in total control, with buyers at very low levels but without reaching the lows seen at the end of May. Bearish continuation.

XRP/USD 4H chart

XRP/USD

Ripple is reacting to the upside in the first hours of the European session, after reaching the base of the channel that has been ruling the price action since mid-April. XRP/USD has left a swing low at $0.552 after losing the $0.581 support that is now trying to reconquer. Below there, the base of the channel is the support at $0.548, where it meets a price congestion support. If that level is lost, the target is a 10% below the $0.50 level.

On the upside, first resistance in the mentioned $0.58 level, followed by $0.60 and $0.63 where it meets a price congestion resistance, the 50-EMA and soon the 100-SMA. Above there, a major resistance located at $0.664, again a confluence point between the superior line of the channel and the 200-SMA.

MACD in the Ripple 4-hour chart follows the pattern of the other Cryptos analyzed. Bearish continuation and barely a few chances of a turnaround in the short term.

Directional Movement Index in the same chart shows again the sellers in total control, with the buyers completely missing, at levels not seen since January. Very extreme readings and that might favor a rebound.

Read more at: FX Streetin

Disclaimer. The eCoin does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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