Bitcoin (BTC) price continues to fluctuate in the short term. However, the medium and long-term outlook is relatively bullish, according to analyst Akash Gitimath. Also, the analyst says that indecision weighs on Ethereum (ETH), Ripple (XRP) and other altcoins. Analyst Lockridge Okoth evaluates SHIB’s outlook.
BTC price at turning point
Bitcoin (BTC) price is up 26% since June 15. However, cryptocoin.comAs you’ve followed on , BTC has remained dormant after that. After its recent rally, BTC hit a new high at $31,430 after removing the previous local top at $30.968. The Relative Strength Index (RSI) has risen above the average line at 50. Also, the Awesome Oscillator (AO) produced a green histogram bar above the zero line. This development is a clear sign that bullish momentum is on the rise.
Therefore, a stable three-day candlestick close above the Momentum Reversal Indicator (MRI) Status Trend Resistance at $30.711 would be a buy signal. A move after this close would allow Bitcoin price to target $35,260, the midpoint of the weekly Bearish Breaker. Although unlikely, if the bullish momentum continues to dominate, bitcoin price could attempt to retest the Bearish Breaker’s upper limit at $41,273.
The bullish outlook for bitcoin price makes sense given the momentum indicators. But traders need to take a closer look at the RSI. BTC has formed three high peaks since January. The RSI, on the other hand, formed three lower peaks. This situation is called “bearing bias”. Usually, the underlying asset eventually makes a correction.
While BTC is waiting, ETH is waiting for a buy signal
Ethereum (ETH) price is extremely promising not only from a technical point of view, but also in terms of indicators. Between May 31, 2022 and June 28, 2023, ETH formed an ascending triangle with roughly three equal highs and four high lows. This technical pattern predicts a 45% rise to $2,915 once the $1,865 barrier is cleared. The theoretical target is achieved by measuring the distance between the initial swing high and low and adding it to the breakout of the $1,865 resistance level.
Therefore, Ethereum price needs to produce a decisive return of the aforementioned barrier to start this major bullish move. Supporting this outlook, the RSI and AO indicators both broke above their respective average lines. This development marks a shift in momentum in favor of the bulls. Also, the Wave Trend indicator formed a bullish cross just above the oversold zone. This added credibility to the ascension thesis. Therefore, investors need to be patient. Because this is a long-term outlook and will take some time to materialize.
On the other hand, the bullish thesis of the ascending triangle will be invalidated if Ethereum price closes a stable three-day candlestick close below $1,639. Further increase in selling pressure will likely trigger a descent close to 15% towards $1,408.
XRP price needs clarity
Ripple price has been stuck between the $0.548 and $0.413 barriers since March 26. A steady conversion of the upper limit to a support base at $0.548 would be a clear buy signal. In such a case, a 40% rise to $0.778, the target of a potential double bottom formation, is possible for XRP, as in the chart below. Interestingly, this price target also coincides with MRI’s State Trend Resistance level. This makes it an important level to book profits.
Although it is assumed that a break of $0.548 will lead to a Ripple price rally, traders need to take another look at the indicators. The RSI and AO indicators have clearly produced lower lows, while XRP price has produced equal highs. Such a setup is called “exaggerated bearish bias”. It also often leads to a steep correction for the underlying asset.
The Wave Trend indicator also signaled a bearish divergence in line with the overall bearish outlook. Therefore, the bullish thesis will be invalidated on a pullback below the $0.413 support level. With such a move, XRP is likely to see a 17% correction towards $0.334. This price is the next level of Status Trend Support.
SHIB price view
The Shiba Inu price is far from $1.0. Despite this, it remains one of the most promising long-term investments. The price of meme-coin has been very volatile over the years. Spiral price movements have proven this, as the bulls and bears vie for control. SHIB turned bullish on June 18, as evidenced by the Parabolic SAR indicator. The move occurred as the altcoin found support around the $0.00000650 level. The recovery rally sent the token up 25% before the bulls took a breath. Now SHIB is resisting at $0.00000737.
However, SHIB is still in the jungle until its price breaks above May’s high around 0.00000917. The significance of this level is that it marks the last low high in the previous downtrend. This means that a decisive break above it will confirm the reversal and the long-term bearish outlook confirms a bullish turn.
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