- The price of bitcoin has fallen 10% from its August 1 high of $ 42,599.
- Ethereum’s price tracks BTC and has lost 9% as it bounces off the support level of $ 2,460.
- Ripple price has been extremely close to retesting the top of the range at $ 0.785, but is currently being corrected.
The price of Bitcoin has retested the high range during its recent exponential rise and altcoins have followed suit. However, this uptrend is faltering and retreating as investors continue to make profits.
Ethereum and Ripple will also likely correct stable support levels before markets establish direction.
Bitcoin price sets new low
The price of Bitcoin has lost around 10% since the high range re-tested at $ 42,451. This downward movement created a low at $ 37,955 indicating that this sell could continue as high as $ 37,241, around 3% from the current position.
In some cases, BTC could drop as low as $ 36,361 before the uptrend resumes. However, any break below the 50% Fibonacci retracement level at $ 35,618 could negatively impact the bullish outlook.
9-hour BTC / USDT chart
A rebound of $ 37,241, $ 36,361 or the 50% Fibonacci retracement level at $ 35,618 is likely to resume the uptrend. However, a breakdown of $ 35,618 leading to a decisive 9 hour close below it will invalidate the bullish outlook.
In some cases, the resulting selling pressure could push BTC down to $ 34,666 or below.
Ethereum price awaits catalyst
The price of Ethereum has closely followed in Bitcoin’s footsteps. However, as of July 31, ETH appears to have temporarily released and recovered despite the BTC crisis.
Since this move was fleeting, the price of Ethereum fell in line as it continued to retrace lower. So far, the smart contract token has fallen 9% to retest the support level at $ 2,460.
As with BTC, Ethereum’s price could restart its uptrend from $ 2,460 or retest the midpoint of the range at $ 2,297. This move would reveal a full 15% retracement and would most likely be the place where sidelined buyers could step in and trigger another push.
6 hour ETH / USD chart
Regardless of the bullish outlook due to the recent surge, the price of Ethereum could face issues if the support level of $ 2,271 is breached. Such a move will invalidate the bullish outlook and indicate weak buying pressure.
Under certain circumstances, this move could even prompt holders to sell, pushing ETH to $ 2,018.
The ripple price takes a break
The Ripple price rose about 50%, from the low end of the range at $ 0.508 to the high end of the range at $ 0.785 in less than two weeks. Since its peak on August 1, XRP has fallen by around 9% and is currently above $ 0.689.
While a rebound from said support level is likely, a breakdown of it could lead to a retest of $ 0.665 and $ 0.647, the midpoint of the trading range, in some cases.
Investors can expect a reversal from any of the above mentioned levels to retest the resistance level of $ 0.785.
This move would represent an increase of 21% from $ 0.647.
6 hour XRP / USDT chart
On the flip side, a breakdown of $ 0.647 will indicate weak buying pressure and could catalyze a decline. If this were to happen, causing a break out of the support level of $ 0.627, it would invalidate the bullish thesis and trigger a 6% move to $ 0.590.