Bitcoin (BTC) has been consuming the patience of investors due to its stagnation for almost six weeks. The lack of volume extended to altcoins, with Ethereum (ETH) and Ripple (XRP) prices also not showing much activity. The weekly outlook shows weakness could lead to bottom tests.
Bitcoin price keeps falling
BTC price continues its sideways movements in the 50-day EMA zone at $29,352. The lack of volume came after the bullish momentum stretching from $28,930 to $31,462.
Failure by the bulls to hold the current $29,352 support could lead the price to drop as low as $28,930. Such a move will invite sellers back onto the stage. In an extreme bear case, a drop to 28,417 support could be on the way.
Lockridge Okoth, one of FXStreet analysts, says that a potential return to 28,417 support would be a crash scenario. In such a case, the bears will make a comfortable move to reach the 26,000 support. On the technical indicator side, the RSI below 50 and the Awesome Oscillators in the negative zone are supporting the bearish. This shows that bears are leading the market.
On the other hand, if the buying pressure builds above the $28,930 support level, bitcoin price is likely to resume its upside movements. A decisive daily candlestick above the $31,462 resistance is clearing the way to higher highs, leading to potential new highs.
Ethereum price gains edge over Bitcoin
ETH price has completed a gradual consolidation inside a falling wedge formation. It is currently moving up on the 1-day chart of ETH/BTC. The bulls are replaced by bears, while lower highs (LH) and lower lows (LL) characterize the bullish technical formation.
Technically, a solid daily candlestick above the $0.070 levels will confirm an uptrend that was last seen on June 5. Such a move represents a 10% rise from the current level. Technical indicators support the said bullish trend.
On the other hand, if investors start taking profits, the current bullish movement will be interrupted. Subsequent selling pressure will see the ETH/BTC chart approach the support at $0.061. This is putting more pressure on the ETH price. It will signal potential losses among ETH investors.
Ripple price rises for a breakout
On the other hand, XRP price continues its uptrend. The price is trending upwards steadily after finding support at $0.676. With both momentum indicators supporting the bulls, XRP will soon target new highs in the $0.826 region.
The three bullish EMAs show that this is the path of least resistance. It also implies that the odds are in favor of the bulls.
In a bear case, losing the $0.676 support will jeopardize the gains of the July 13 rally. The bears’ next target is at $0.604. The Ripple victory of July 13, which we quoted as Kriptokoin.com, is among the main catalysts that support the XRP price.
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