Cryptos at risk of further downside

• Bitcoin price falls into the 200-week moving average, liquidating $348 million in the process.
• Ethereum price did not find support at the 2017 all-time highs at $1427.01. 
• Ripple price falls from a triangular pattern in nearly a straight line.

The crypto market needs to turn soon, or summer will be a very disappointing time for investors. Here’s a June recap of Bitcoin, Ethereum and XRP prices.

Bitcoin price shatters optimism

Bitcoin price currently trades at $21,800. The 200-week moving average is being tested as support, and it could be the catalyst before a reversal occurs. Coinglass has reported that $348 million have already been liquidated. Despite the severe loss in value for the peer-to-peer cryptocurrency, someone is making out as a big winner. If the bulls do not provide support soon, a break into the 2017 all-time highs at $19,798 will be the next probable target.

Invalidation for traders willing to participate in a high-risk high-reward trade setup is a breach and close above $25,500 on the daily chart. Said price action could be the catalyst to send Bitcoin price back to $28,000, resulting in a 20% increase from the current BTC price.

BTC/USDT 1-Day Chart                                     

Ethereum price unphased by history

Ethereum price has revisited the 2017 all-time high at $1427.01 this week. To many traders’ surprise, the previous resistance level provided no support as the bears pushed through the barrier level with a strong engulfing candle on the daily chart. Ethereum price now trades at $1184, a level unseen since January 2019. If the bulls do not show up soon, a break into a weekly order block around $800  could be the next bearish target.

A high-risk invalidation level is a breach above $1536. If the bulls can accomplish this bullish event, a continuation rally into $1800 could occur. The ETH price would subsequently rise 40% from the current trading price.

ETH/USDT 1-Day Chart

Ripple price hits target one

Ripple price validates last week’s bearish trade setup as a breach of $0.3839 immediately sent XRP into a free-fall decline. The digital remittance token now consolidates at $0.29. Considerable volume has poured in, warranting the idea for vicious volatility spikes throughout June. If market conditions persist, an extended target at $0.24 could occur. 

Invalidation for the bearish downtrend is a breach above $0.40. If this were to occur, the macro downtrend could be deemed over. XRP price could rise as high as $1.20, resulting in a 200% increase from the current Ripple price.

XRP/USD 1-Day Chart