- Bitcoin price tests the demand zone between $ 43,150 and $ 45,791.
- Ethereum price is trading below the psychological level of $ 3,000 and anticipates a correction to $ 2,893.
- Ripple price shows strength as it retests the recently flipped support level at $ 1.09.
Bitcoin price has slid deep into the newly formed demand zone, where it is looking for stable ground for a trend reversal. This move has driven many, but not all, altcoins into a momentary correction. Investors can expect this correction to turn into an upswing soon.
Bitcoin price awaits resurgence from buyers
Bitcoin price is currently trading within the demand zone between $ 43,150 and $ 45,791 after hitting a new interim high of $ 47,886 on August 13th. Should this trend continue, BTC could slide 5% and retest the high of the trading range at $ 42,451.
A renewed influx of buyers here could start a new uptrend towards $ 49,024. Successful breach of this barrier would open the way into the $ 50,958 offering area. In a very bullish case, the big cryptocurrency could make a run to the cap of $ 55,210.
BTC / USDT 1-day chart
On the downside, the cryptocurrency could get uncomfortable if it breaks the $ 42,451 support level. This move would confirm buyers’ weakness and pave the way for further decline.
In this case, Bitcoin price is likely to retest the support levels at $ 41,333 and $ 40,500. A break of $ 40,500 would invalidate the bullish thesis.
Ripple price shows signs of a turnaround
The Ripple course has made higher highs and higher lows since November 2020. Drawing trend lines connecting these swing points shows the formation of an ascending parallel channel. On July 22nd, XRP price bounced off the lower trendline and rose about 161%. That rise broke two of three major resistance barriers and marked the midpoint of the channel at $ 1.31.
While the price gain was impressive, the XRP has fallen 20% since then and is currently struggling with the demand barrier at $ 1.09, indicating a resumption of the uptrend.
Should the $ 1.09 level fail, XRP could plunge 12% and hit the next support level at $ 0.964, where buyers are likely to make a comeback.
The resulting rebound should break the middle of the channel and target the $ 1.70 resistance level.
XRP / USDT 1-day chart
While assuming a buyback resurgence around $ 1.09 or $ 0.964 is handy, investors need to be aware that if bullish momentum is absent or if investors continue to take profits, things will get worse. Such a move, resulting in a close below $ 0.964, would invalidate the bullish view.
In a strong bearish case, this move could cause a 20% drop to $ 0.77.