Ethereum
Bitcoin prepares for a possible near-term correction
- The daily Bitcoin price candlestick closes below the weekly support level of $67,147.
- Ethereum price is weakening and may return to its immediate support at $3,321.
- Ripple price fails to close above the 50-day exponential moving average.
The price of Bitcoin (BTC) may initially soak before experiencing a rally, and Ethereum (ETH) and Ripple (XRP) will likely follow suit, plunging ahead of their potential rallies.
Bitcoin price could fall even further in corrective mode
The daily Bitcoin price candlestick closes below the weekly support level of $67,147 on Thursday.
BTC may experience a short-to-medium term downward correction in the coming days, marking the median level of the price imbalance between $63,118 and $64,602 to $63,813.
This median level also roughly coincides with the 50% retracement level at $64,240, calculated from the May 1 low of $56,523 to the May 21 high of $71,994.
If BTC bounces off $63,813, it could rebound 12% to its previous resistance level of $71,280.
BTC/USDT 1-day chart
On the other hand, if BTC breaks and closes below its daily support level of $60,800, the bullish thesis could be invalidated, leading to a 4% upside. accidentits weekly support level of $58,375.
Ethereum price prepares for another downward adjustment
Ethereum price crashed 11% over the past seven days as it failed to close above $4,000.
ETH may experience a short-to-medium term downward correction in the coming days, reaching $3,279, or 61.8%. Fibonacci retracement level, calculated from the low of $2,864 on May 13 to the high of $3,984 on May 27.
The $3,276 level roughly coincides with the midpoint of the price imbalance between $3,146 and $3,498 at $3,321.
If ETH bounces off $3,321, it could rebound 20% to reach its previous resistance level of $3,977.
ETH/USDT 1-day chart
However, if the Ethereum daily candlestick price closes below the $2,864 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering another 9%. accident at the previous support level of $2,600.
Ripple Price Prepares for a Correction
Ripple price fell 4% on June 7 and hit a daily low of $0.450 after failing to close above the 50-day exponential moving average (EMA) at around $0.527.
Ripple price could see a downward correction in the short to medium term to its recent low at $0.450.
If this support level holds, XRP could rebound 1% to $0.519, the 50-day EMA level.
XRP/USDT 1-day chart
However, if the Ripple daily candlestick closes below $0.450, XRP could accident another 7% from its previous support at $0.419.