BTC Eyes $60K Revisit, ETH, XRP To Follow

Bitcoin (BTC) price has shown incredible strength since the August 5 local bottom. Since then, BTC has shot up 21% and trades below $60,000. Ethereum (ETH) price and Ripple (XRP) price have followed the pioneer crypto’s footsteps and recovered some of the losses.

Bitcoin Price Likely to Shoot Higher

Bitcoin price forms an inverse head-and-shoulders setup on the 30-minute chart, signaling an incoming bullish outlook. As the name suggests, this setup contains three distinctive swing lows, with the central swing point lower than the other two. 

The target for this technical formation is obtained by adding the distance between the neckline and the head to the breakout point. In such a case, Bitcoin price forecast suggests a move to $62,971.

On the other hand, a breakdown of the $56,719 support level would invalidate the inverse head-and-shoulder setup. This development would knock BTC price down to $54,676.

Ethereum Price Struggles With Key Support Level

Ethereum price has been hovering around the $2,618 level for the past nine days with no impulsive moves away from it in either direction. This outlook from ETH is quite opposite with what’s happening with Bitcoin price. For now, ETH price is likely to slide lower to collect the sell-side liquidity resting below $2,510 before a reversal could occur. 

The Relative Strength Index (RSI) also looks weak as it hovers below the 50 mean level, suggesting a potential correction in ETH price before an uptrend kickstarts.

A failure to recover above $2,618 after a liquidity sweep of $2,510 will signal weakness from ETH bulls. Such a development for Ethereum price predicts further south, where 

XRP Price In Tough Spot 

XRP price is currently dead in the water and is ranging with a negative slope, which is bearish, unlike Bitcoin price, which showcases a clear bullish outlook. This type of price action often resolves to the downside with a spike in volatility. Investors can expect the remittance token to retest the four-hour demand zone, extending from $0.492 to $0.516. Sidelined buyers are likely to make a comeback here and trigger a Ripple price recovery bounce. 

On the contrary, a breakdown of the $0.492 support level will invalidate the bullish outlook. In such a case, XRP price could trigger a 12% correction to the August 5 swing low of $0.431.

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Akash Girimath

Akash Girimath is an engineer at core, but is interested in the chaos of the financial markets. Akash is senior report and analyst who also trades cryptos on a regular basis and maintains a small crypto fund for friends and family.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.