Price Forecast: Bitcoin is Expected to Experience High Volatility, Ethereum Looks Promising, as Ripple Receives Support at a Key Level
The price action of Bitcoin (BTC) has shown a positive trend after breaking out and retesting a symmetrical triangle pattern. Ripple (XRP) has maintained its key support level, following BTC, while Ethereum (ETH) is showing potential signs of a correction.
Bitcoin price Aims for a 7% Rise
BTC broke out of the symmetrical triangle pattern on June 4 and found support near the upper boundary of the pattern at $68,500. If this support holds, BTC may experience a 7% surge to reach its all-time high of $73,777. Conversely, a break below the lower boundary of the triangle and a close below $67,147 could lead to an 8% drop to the daily support level of $61,293.
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ETH Price Looks Promising
Ethereum broke above a falling wedge pattern on the daily chart on May 20, resulting in a 21% increase. However, it is encountering resistance from a bearish order block established on March 12, ranging from $3,980 to $4,093. Key levels for ETH to monitor are the 50% retracement level at $3,424 and the 61.8% Fibonacci retracement level at $3,279.
Adhering to these conditions could see Ethereum retesting its previous resistance level at $4,000. Nevertheless, a daily candlestick close below $2,864 may signal a disruption in market structure, potentially leading to a 9% decline to the prior support level of $2,600.
Ripple price Receives support on a Key level
Ripple has bounced off its daily support level around $0.467, and if this support remains intact, XRP could move upwards to retest its previous resistance level at $0.571. Conversely, a daily close below $0.467 could result in a 10% drop to the previous support level at $0.419.
Read Also: Former Director Encourages Ripple’s Investment Approach as Partnerships Grow
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
