Similar to July, the August trade started on a huge bearish note. Most of the cryptos are facing extreme bearish heat, with the star token, Bitcoin, plunging below $64,000 for a while. This has caused the other altcoins to face a pullback of an average of 4% to 6% since the early trading hours. As the mid-quarter trade appears to have flipped towards the south, it would be fascinating to watch the next price action.
Bitcoin (BTC) Price Preparing for a 10% Downturn
The start of the month was bearish that began after losing the crucial $70,000 resistance, a couple of days before. The bulls are leaving no stone unturned in holding the pivotal support just below $64,000. However, the current trade set-up suggests, that the rally is about to experience another major drop which may not only breach below support at $63,000 but also revive the possibility of hitting $60,000 or below.
The BTC price remains within the bullish range as long as the levels trade above the crucial support zone between $61,588 and $60,685. However, the current trade set-up suggests, that the price may undergo an 8% pullback if the bears manage to dump the prices by another 4% in the next few days. Mainly because, the 50-day MA is displaying signs of a bearish crossover with the 200-day MA, called the Death Cross which may drag the levels close to $60,000 or even lower. If the bulls manage to hold $63,880 or initiate a rebound at any level between $63,880 and $61,670, the death cross may be averted.
Ethereum (ETH) Price Could Hit $2900 Soon
As the bearish clouds are circulating over the crypto markets, the ETH price is gearing up to manifest a descending action. The price failed to sustain above $3,500 initially and later displayed weakness at $3,300, which has flashed bearish signals for the crypto. While the technicals are slowly flipping in bearish favour, here’s what’s next for the ETH price rally.
The ETH price is displaying a similar consolidation, it underwent in the first few days of June. the price traded within a range bound, just above the local support and the Supertrend. As the price hit the Supertrend, it changed to bearish which caused a 12% pullback after a slight upswing of nearly 4% to 5%. Therefore, the Ethereum price is feared to not only plunge below $3000 but could also head towards $2800.
Ripple (XRP) Price Could Lose All its Gains
The XRP price continues to remain within a bullish range, regardless of the prevailing bearish pressure over the markets. The bulls are trying to hold the levels above $0.6, but one wrong move may drag the levels below $0.56. While the technicals are bearish, the chart pattern displays some probability of a bullish rebound.
The recent upswing has given the XRP price some momentum; however, the recent consolidation has raised some suspicion. Meanwhile, the accumulation is in an ascending trend, which keeps up the bullish probabilities. However, the RSI is about to plunge as the MACD displays a drop in buying volume. Therefore, the price is feared to plunge, but if the bulls manage to hold $0.585, then the price may revoke a bullish divergence and reclaim $0.66.