The correction in the crypto market, especially in the Bitcoin price, the Ethereum price and the XRP price, continues to expand and proves once again how well technical analysis works. The Top 3 Coins pick up their price targets. An update.
In order to give an overview of the top 3, the developments of Bitcoin, Ethereum and XRP prices Bitcoin Evolution will be presented here. If possible, we will also use previous price analyses and take a look at what has happened since then.
Bitcoin Evolution plays a rol
This was not a good week for the Top 3! Bitcoin fell below 7,000 US dollars, Ethereum fell to its lowest level at the beginning of June and Ripple managed to reach its annual minimum. Certainly the postponement of the SEC decision and Jamie Dimon’s remarks play a role, Bitcoin Evolution review at least with regard to Bitcoin. Let’s analyse the top 3 crypto currencies a little more closely.
Since the last update a week ago, the Bitcoin rate has dropped 1,000 US dollars. The unchanged forecast arrows even coincide in time. The breakout above the downward trend was a false breakout and thus the bearish variants from the last analyses were activated. With the ongoing downward movement, the Bitcoin price reaches the short-term upward trend. If the daily candle closes on the current level – BTC/USD 6,487 US Dollar – this is undercut. The cloud of the Ichimoku Kinko Hyo indicator can still support the Bitcoin price up to 6,370 US dollars. After that, it can be seen as resistance. The sell signals using moving averages have already been active for 7,600 US dollars.
The current breach of the short-term uptrend has no bearing. Within the course of the day, the prices recover again and the daily closing price takes place directly on the upward trend or even above it. Again, the medium-term downward trend – currently falling to 7,140 US dollars – is started and overcome. The next hurdle is then 7,700 US dollars.
The erroneous outbreak above the medium-term downward trend continues to have an effect. The cloud of the Ichimoku Kinko Hyo indicator still offers support up to the USD 6,370 mark. Below that, a worsening of the downward movement is to be expected. The break onlinebetrug in the short-term upward trend means that the price target of 6,000 US dollars, which has been announced for weeks, will be reached. Below 5,877 US dollars, losses of up to 5,428 US dollars are imminent.
Ethereum has now abandoned the support area presented (418 – 471 US dollars). The price reset of the last few days fulfilled the condition for the sell signal. This was accompanied by an Ethereum price below 405 US dollars. Last week, the lower cloud edge of the Ichimoku Kinko Hyo indicator offered the perfect “short entry”. Already last week it was pointed out that the power of Ethereum is not even sufficient to outbid it.
The price target reached on the underside – 365 US dollars – can be used as support. No rates below 338 US dollars are generated. The Ethereum exchange rate can again regain the 405 US dollars and even rise above the resistance level. Prices above 471 US dollars brighten the chart in the short term. The price outperforms the short-term downward trend – currently falling to 478 US dollars. A rise above 520 US dollars also provides a buy signal from the point of view of the Ichimoku Kinko Hyo indicator.
Greater recovery potential can only be achieved when the price rises above 684 US dollars. The upcoming upward targets: