Bitcoin
Bitcoin Prepares for Possible Short-Term Correction
- Bitcoin price daily 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 to dive before experiencing a rally, and Ethereum (ETH) and Ripple (XRP) will likely follow suit, falling before their potential rallies.
Bitcoin Price Could Sink Further Amid Corrective Mode
Bitcoin price daily candlestick closes below the $67,147 weekly support level on Thursday.
BTC may see a short to medium-term downward correction in the coming days, marking the mid-level of the price imbalance between $63,118 and $64,602 at $63,813.
This midpoint level also roughly coincides with the 50% retracement level at $64,240, calculated from a low of $56,523 on May 1 to a high of $71,994 on May 21.
If BTC reclaims $63,813, it could rise 12% to reach 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% drop. collideits weekly support level of $58,375.
Ethereum price prepares for further downward adjustments
The price of Ethereum has fallen 11% in the last seven days as it has failed to close above $4,000.
ETH may see a short to medium term downward correction in the coming days, marking $3,279, or 61.8% Fibonacci retracement level, calculated from a swing low of $2,864 on May 13 to a swing 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 reclaims $3,321, it could rise 20% to reach its previous resistance level of $3,977.
ETH/USDT 1-Day Chart
However, if Ethereum’s 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 an additional 9% collide to the previous support level of $2,600.
Wavy Price Keys to 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) around $0.527.
Ripple price could see a short to medium term downward correction to its recent low of $0.450.
If this support level holds, XRP could rise 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 collide an additional 7% to its previous support of $0.419.