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Following the eventful days in the cryptocurrency markets, what are the anticipated price movements for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)? What are the expectations as the decline following the SEC lawsuit against the cryptocurrency exchange Binance begins to lose its impact?
Bitcoin (BTC)
The long tail in Bitcoin‘s candlestick of July 2 indicates that bulls bought the intraday declines. Buyers may strive to solidify their positions by maintaining the price above the overall resistance of $31,000. If successful, the BTC/USDT pair could gain momentum and initiate a northbound trek towards $40,000. The $32,400 level may pose a minor barrier, but it is likely to be overcome. The rising 20-day EMA of $29,446 and the Relative Strength Index (RSI) near the overbought zone may provide an advantage to the buyers. For sellers to gain dominance in the short term, they will need to pull the price below the 20-day EMA. The pair could then potentially drop to the 50-day simple moving average of $27,704.
Ethereum (ETH)
On July 2, bears attempted to pull Ethereum (ETH) down to the 20-day EMA at $1,866, but the long tail in the candlestick may suggest that bulls bought the minor dips. The 20-day EMA is on the rise and the RSI is above 62, indicating that bulls are in control. There is minor resistance at $2,000, but it is likely to be overcome. The ETH/USDT pair could then rally to the overall resistance zone between $2,142 and $2,200. Sellers are expected to defend this zone rigorously. If the price slips below $2,000 and falls beneath the moving averages, this positive outlook will be invalidated in the short term. The pair might then remain range-bound between $1,626 and $2,000 for a while.
Ripple (XRP)
Bulls are trying to push XRP above the 20-day EMA at $0.48, but bears are defending the level aggressively. If buyers prevent the price from slipping significantly below the current level, the likelihood of a break above the 20-day EMA will increase. The XRP/USDT pair could then move north towards $0.53 and subsequently towards $0.58. Conversely, a sharp drop from the current level would suggest stiff selling near the 20-day EMA. To gain supremacy, bears will have to pull the price down below $0.44. The pair could then potentially drop to $0.41.
