After an incredible bullish run - it seems that Bitcoin is finally ready to pull back slightly - which is a good thing considering how fast we were ascending. The market cap for the entire industry is now currently sitting at a value of around $303 billion - a great starting point to begin July with. The market cap had managed to climb to a high of $385 billion during June before rolling over and falling.
Let us take a look at Bitcoin, Ethereum and Ripple and highlight where we the market could head toward during July.
Bitcoin has seen a steady decline over the past few days after reaching $13,000 and rolling over. The cryptocurrency has fallen by a further 7.24% today which has resulted in Bitcoin reaching the $10,425 level. Despite these recent price drops, Bitcoin is still up 21% on the month with a further 120% price surge over the past 3 months.
We can see that Bitcoin had reached the resistance at a long term bearish .618 Fibonacci Retracement (drawn in black) which had caused the coin to reverse and fall. Bitcoin has now reached support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $10,315. If we break below this, we can expect support at $10,000, $9679 (.618 Fib Retracement), $9,500 and $9,000.
If the sellers continue to break beneath $9,000, lower support can be found at $8,774, $8,500, $8,234 and $8,000.
The RSI is currently battling around the 50 level with a break beneath pushing Bitcoin further lower as the bears take charge of the market momentum.
Ethereum has been suffering at the hands of a falling Bitcoin this week after dropping by a total of 8% to break back beneath the $300 level to reach where it currently trades at $286. Ethereum had managed to reach a high around $340 before reversing and dropping back below $300.
Ethereum currently holds a $30.52 billion market cap value after seeing an 81% price explosion over the past 3 months.
We can see that Ethereum has currently reached support at $282 (.382 Fib Retracement) - this level had provided strong resistance for the market during May 2019 and is expected to provide strong support moving forward.
If the sellers push the market beneath $282 the next levels of support lies at $270, $258 (.5 Fib Retracement) and $223 (.618 Fib Retracement).
Toward the upside, if the bulls break above $300 - further higher resistance lies at $321, $340 and $347.
Ripple has been relatively quiet over the past few months - whilst other altcoins were pumping, Ripple remained stagnant, not being able to break above the resistance around $0.45. The cryptocurrency has recently dropped by a total of 14% over the past week which has seen the price fall beneath $0.40 to reach $0.3966.
We can see that Ripple is currently trading at the lower boundary of a shallow rising price channel - if the price breaks beneath here, we can expect Ripple to tumble further lower. Initial support toward the downside is expected at $0.39 and $0.38. The support at $0.38 is bolstered by both the 100 day EMA and 200 day EMA.
If the sellers continue beneath $0.38, further support can be found at $0.3727, $0.36 and $0.35.