all41author 
Lockridge Okoth
FXStreet
Bitcoin (BTC) price continues south after breaking the crucial support. The slump has harmed altcoins, with Ethereum (ETH) and Ripple (XRP) prices bearing the brunt. Meanwhile, the crypto market looks to the oncoming Federal Open Market Committee (FOMC) meeting on Wednesday without much expectation, seeing as its influence on crypto market prices has been rather limited of late.
Also Read: Dogecoin, Shiba Inu, and ApeCoin trade volume spikes as correlation to Bitcoin dwindles
Bitcoin (BTC) price has lost crucial support at $29,872 to extend almost 5% lower to a price of $29,090 at the time of writing. The move has seen the king of crypto flip the 50-day Exponential Moving Average (EMA) support into resistance at $29,363 (red). As BTC heads toward the 100-day EMA at $28,344 (green), the bearish outlook points to a retest of the $27,500 level.
The pessimistic outlook is unfortunate considering the oncoming FOMC report, a macroeconomic event that would normally bode well for Bitcoin price if it came as expected. Noteworthy, the previous FOMC indicated the likelihood of a mild recession after the Federal Reserve (Fed) noted a decline in the US Dollar (USD).
BTC and the USD trading inversely to one another, there is a possibility the Fed meeting could impact BTC – even though of late it has had less of an influence. Nevertheless, as reported, a loss of the crucial support at $29,872 would expose Bitcoin price to further losses, potentially tagging the $27,500 support. Such a move would constitute a 5% drop from current levels.
Both the Relative Strength Index (RSI) and the Awesome Oscillators (AO) are headed south, pointing to falling momentum, which augurs well for the bears.
BTC/USDT 12-hour chart
Nevertheless, similar to April 21 and April 25, sidelined investors could choose the $27,500 support as an entry point. The ensuing buying pressure could see the Bitcoin price correct north.
Also Read: Bitcoin Traders Cautious Despite Spot ETF Optimism, Leverage Indicators Suggest
Ethereum (ETH) price suffers the aftermath of awakened sellers below the 200-day EMA at $1,883 (blue) on the four-hour timeframe. The subsequent selling pressure sent ETH toward $1,824, a crucial multi-month support level.
If the support at $1,824 gives way, Ethereum price could fall 7% to the $1,720 range or lower in the dire case to tag the support floor around the psychological $1,640.
ETH/USDT 4-hour chart
However, a resurgence by the bulls could see Ethereum price bounce from the $1,824 support akin to what happened during late June and early July. Such a move could see ETH regain the ground lost, potentially shattering the $1,959 resistance level. This would constitute a $6 rally north from current levels.
Also Read: Ethereum, Tron, and Bitcoin worth $23 million drained from Alphapo hot wallets
Ripple (XRP) price has broken below the support at $0.711, a move that appears to be a successful attempt to collect buy-side liquidity hanging after volatility following the July 13 rally. Liquidity collection often stabilizes the market for a few days before the asset continues its overall trend.
Accordingly, Ripple price could restore north to move within range. However, XRP could extend even further north in a highly bullish case, breaching the $0.823 resistance level. This would denote a 20% rise from current levels.
XRP/USDT 1-Day Chart
Nevertheless, with the RSI heading south and AO histograms soaked red, bears are gaining ground, and Ripple price could rally south toward the $0.544 level.
Also Read: Pro-XRP John Deaton argues SEC vs. Ripple ruling is sound, cites Celsius bankruptcy example
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Join Telegram
Uniswap price fell by nearly 6% in the past 24 hours after posting a 53% rally started in mid-June. Active deposits on the network fell to a 6-month low, suggesting UNI holders are less likely to take profits at the moment.
Litecoin halving event is due on August 4, just under two weeks from now, with investors monitoring the countdown. The event will drop mining rewards by 50%, from 12.5 to 6.25 LTC per block.
In a recent announcement, the IMF opposed conferring the "official currency or legal tender status" to cryptocurrencies. According to the financial authority, such a tag could threaten the superiority of legal currencies as we know it.
Elon Musk rebranded his $44 billion investment to “X,” akin to his online bank X.com from 1999. Musk stated that if done right, X would become half of the global financial system.
Bitcoin price has been consolidating for nearly a month and shows no signs of a breakout move. While the short-term noise might be easy to predict, the long-term outlook is interesting considering the opportunities surrounding a potential approval of a Bitcoin spot ETF.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
