Altcoins
Altcoins in disarray as BTC hides directional bias
- Bitcoin price needs to break through either $70,000 or $50,000 to determine the next stable directional bias on the weekly time frame.
- Ethereum price action offers a possible bullish reversal with 25% upside potential.
- Ripple price could surge 8% to $0.60 as XRP bulls maintain higher lows.
Bitcoin The (BTC) price remains devoid of directional bias on the higher time frames. On the lower time frames, the Relative Strength Index (RSI) on the 1-day time frame shows that both the bulls and the bears have folded their hands. This has put the altcoins in a state of confusion or dismay.
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Cryptocurrency Price FAQ
Bitcoin Price Needs Stable Directional Bias
Bitcoin price remains rangebound between $60,660 and $70,000. It is moving horizontally and without directional bias. Based on volume profiles, both bulls and bears are playing it safe, given that there are no spikes near the current price.
However, with the RSI above the mid-50 level and the Awesome Oscillator (AO) in positive territory, the odds are tilted in favor of the upside. To confirm this directional bias, however, the bulls must pull BTC to close decisively above $70,000 on the weekly. chart.
BTC/USDT 1-week chart
On the other hand, if the bears take control of the market amid the declining momentum shown by the plummeting RSI, Bitcoin price could fall below $60,660. In the worst case, the fall could send BTC to the $50,000 threshold, below which the bullish bias would be invalidated.
Read also : Bitcoin Price Consolidates as Buying Momentum Stagnates, but MicroStrategy Leads BTC Owners List
Ethereum Price Has 25% Upside Potential
Ethereum Price could surge 25% if the falling wedge pattern, a bullish reversal technical formation, is activated. For this to happen, one of two scenarios must occur. First, Bitcoin price must give a clear directional bias that bodes well for altcoins, or second, altcoins must be zero liquidity of the price of Bitcoin to launch a alternate season.
A 25% surge above the Ethereum price breakout point would send ETH to $4,250. For that to happen, however, ETH bulls need to break through the resistance order block due to volume spikes near $3,500, where strong bearish activity is waiting to descend on ETH.
ETH/USDT 1-Day Chart
On the other hand, increased selling pressure could push Ethereum price below the $2,900 support. In the extreme case that ETH were to register a lower low below $2,800, the bullish thesis would be nullified.
Read also : Ethereum Could See Brief Rally Despite Michael Saylor’s Criticism of ETH ETFs
Ripple Price Targets $0.60
Ripple price recorded an intraday high of $0.5703 on Monday with the potential for further gains as XRP bulls continue to show strength. If the bulls manage a stable move above the market range high at $0.5715, it would pave the way for a continuation of the uptrend above the 50% Fibonacci marker of the broader market range at $0.5847. This could set the pace for Ripple price to test the psychological level of $0.6000, which is nearly 10% above current levels.
The RSI continues to record higher lows, which signifies increasing bullish strength. A stable move and a close above the mid-50 level would confirm the continuation of the uptrend.
XRP/USDT 1-Day Chart
On the other hand, if the bears take over and profit-taking occurs, the Ripple Price could extend its fall. A candlestick close below $0.4952 would encourage more sell orders. However, for the bullish thesis to be invalidated, the price must close below $0.4500 on the one-day time frame.
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