BTC likely to take markets on a roller coaster ride

• Bitcoin price has broken out of a symmetrical triangle pattern and remains above return support.
• Ethereum price is likely to retreat to its main support zone between $3,400 and $3,200.
• Ripple price holds the daily support level at $0.467.

Bitcoin (BTC) price is trading with a bullish bias following a successful breakout and retest of a symmetrical triangle pattern. Ripple (XRP) is also following in BTC’s footsteps by continuing to hold its major support level. The price of Ethereum (ETH), on the other hand, is showing signs of an impending correction.

Bitcoin price eyes 7% rise

Bitcoin price broke the symmetrical triangle pattern on June 4, formed by connecting the three lower highs and three higher lows, formed since May 19 using trendlines. The breakout, however, was rejected by the weekly resistance around the $71,280 level.

Currently, BTC is finding support around the upper boundary of the symmetrical triangle pattern around the $68,500 level.

If this support holds, BTC could then rebound 7% to reach its all-time high of $73,777.

BTC/USDT 1-day chart

However, if BTC breaks the lower triangle boundary and closes below $67,147, the bullish thesis could be invalidleading to an 8% fall to its daily support level of $61,293.

Ethereum Price Looks Promising

Ethereum price broke out of a descending wedge trend on the daily chart on May 20, leading to a 21% rally. However, it encounters resistance from a bearish order block established on March 12, which ranges from $3,980 to $4,093, posing a challenge to ETH bulls.

Investors considering purchasing ETH should monitor the following levels:

1. The 50% retracement level at $3,424, calculated from the May 27 high of $3,984 to the May 13 low of $2,864.
2. The 61.8% Fibonacci retracement level at $3,279 of the same move.

If the conditions mentioned above are true, then the Ethereum Price could revisit its previous resistance level at $4,000.

ETH/USDT 1-day chart

Conversely, if the daily rate of Ethereum candlestick closing below the $2,864 level, this would create a lower low and indicate a disruption in market structure. This development would cancel out the bullish outlook mentioned previously and could potentially lead to an additional increase of 9%. declinereaching the previous support level of $2,600.

Ripple price finds support at a major level

Ripple Price rebounded from its daily support level around $0.467 on Friday.

If the daily support at $0.467 holds, XRP could move higher and retest its previous resistance level at $0.571.

XRP/USDT 1-day chart

However, if the Ripple daily candlestick closes below $0.467, then XRP could accident an additional 10% from its previous support at $0.419.

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