{"id":28788,"date":"2022-09-12T10:15:59","date_gmt":"2022-09-12T10:15:59","guid":{"rendered":"http:\/\/egrowonline.com\/?p=28788"},"modified":"2022-09-12T10:15:59","modified_gmt":"2022-09-12T10:15:59","slug":"btc-breathes-altcoins-hope-amid-a-bearish-backdrop","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=28788","title":{"rendered":"BTC breathes altcoins hope amid a bearish backdrop"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Bitcoin price reveals exhaustion signs after a 20% ascent in less than five days.<\/strong><\/li>\n<li><strong>Ethereum price flips the $1,730 hurdle into support level in an attempt to fill the FVG at $1,820.<\/strong><\/li>\n<li><strong>Ripple price hits a ceiling at $0.357 and is likely to retrace to $0.340 before attempting another leg-up.<\/strong><\/li>\n<\/ul>\n<p>Bitcoin price has seen a massive spike in <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/bitcoin-traders-play-waiting-game-ahead-of-cpi-data-and-the-merge-202209120738\" rel=\"noopener\">bullish momentum<\/a> that has caused the spotlight to shift from LUNA\u2019s 350% run-up to BTC. Ethereum and Ripple have also rallied due to this run-up and are currently consolidating to establish a new directional bias.<\/p>\n<h2 class=\"fxs_headline_medium\"><strong>Bitcoin price to rediscover its next move<\/strong><\/h2>\n<p>Bitcoin price has <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/first-mover-asia-bitcoin-holds-steady-above-21k-202209120310\" rel=\"noopener\">tagged<\/a> the $20,692 and $21,874 targets as mentioned in the <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/bitcoin-weekly-forecast-macro-bearish-trend-persists-but-a-respite-for-btc-bulls-202209090924\" rel=\"noopener\">previous publications<\/a>. The main trigger for this move was a sweep of the sell-side liquidity resting below the $19,511 support level.\u00a0<\/p>\n<p>As BTC hovers around $22,000, investors need to pay close attention to the resistance barrier, extending from $22,850 to 23,000 and the imbalance, aka Fair Value Gap (FVG) at $23,164. A revisit to these levels could result in a local top formation.\u00a0<\/p>\n<p>The aftereffects of this move would include a sell-off in Bitcoin price to $18,497 and $17,570, which would align with the bearish outlook from a macro perspective.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/BTCPERP_2022-09-12_12-17-24-637985683103305255.png\" rel=\"noopener\"><img decoding=\"async\" alt=\"BTC\/USD 6-hour chart\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/BTCPERP_2022-09-12_12-17-24-637985683103305255.png\" style=\"width: 949px;height: 540px\" \/><\/a><\/p>\n<p><small>BTC\/USD 6-hour chart<\/small><\/p>\n<p>While things are looking up for Bitcoin price, a flip of the $25,000 hurdle into a support level will invalidate the bearish thesis. This move would trigger sidelined buyers to step in and catalyze a run-up to $28,000.<\/p>\n<div class=\"youtube_cke fxs_external\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"How to trade Bitcoin price between $19,500 and $22,700?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/BMN-pcmOBgM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div>\n<h3 class=\"fxs_headline_medium\"><strong>Ethereum price waits for an opportune moment<\/strong><\/h3>\n<p><a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/ethereum\" rel=\"noopener\">Ethereum price<\/a> rallied 25% in the last 13 days \u2013 a higher return than Bitcoin. The advance pushed ETH to flip the $1,730 resistance level into a support floor as it tried to retest the imbalance at $1,820, known as FVG. After sellers took control, ETH fell back and retested the $1,730 barrier and is now trying to breach below it.<\/p>\n<p>If successful, it could trigger an Ethereum price crash to $1,290, which is another stable support level. However, due to the <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/ethereum-merge-makes-network-more-vulnerable-to-attack-security-expert-202209120153\" rel=\"noopener\">Merge<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/volatility\" rel=\"noopener\">volatility<\/a> that comes with it, investors should consider the possibility of ETH disagreeing with the market trend and visiting the $2,000 psychological level once more before a move to $1,290.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ETHPERP_2022-09-12_12-23-10-637985683285686551.png\" rel=\"noopener\"><img decoding=\"async\" alt=\"ETH\/USD 1-day chart\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ETHPERP_2022-09-12_12-23-10-637985683285686551.png\" style=\"width: 951px;height: 506px\" \/><\/a><\/p>\n<p><small>ETH\/USD 1-day chart<\/small><\/p>\n<p>While things are not looking so good for Ethereum price, a daily candlestick close above $2,034 will create a higher high and invalidate the bearish thesis. This development could see ETH revisit the $2,200 and $2,500 hurdles.\u00a0<\/p>\n<div class=\"youtube_cke fxs_external\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Ethereum presents an excellent opportunity for patient bulls as Merge approaches closer\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/cQGH8MdLCfQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div>\n<h3 class=\"fxs_headline_medium\"><strong>Ripple price ready to make a move<\/strong><\/h3>\n<p>Ripple price <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/sec-v-ripple-end-game-ripple-aims-for-ultimate-win-against-the-regulator-202209101858\" rel=\"noopener\">rallied 16%<\/a> after sweeping the August 29 swing low at $0.318. This development was followed by a massive run-up that is currently attempting to overcome the $0.360 resistance barrier.<\/p>\n<p>While flipping this blockade will allow Ripple price to realize more gains, a failure could result in a pullback to $0.340. If buyers step in at this level, they could catalyze another move to $0.381, which is another major resistance barrier.\u00a0<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XRPPERP_2022-09-12_12-22-20-637985683500111143.png\" rel=\"noopener\"><img decoding=\"async\" alt=\"XRP\/USD 1-day chart\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XRPPERP_2022-09-12_12-22-20-637985683500111143.png\" style=\"width: 951px;height: 506px\" \/><\/a><\/p>\n<p><small>XRP\/USD 1-day chart<\/small><\/p>\n<p>However, a breakdown of the $0.309 support level will invalidate the bullish thesis for Ripple price. In such a case, market makers might knock XRP price lower to collect the liquidity resting below the June 18 swing low at $0.286.\u00a0<\/p>\n<div class=\"youtube_cke fxs_external\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"XRP price to trigger the mother of all bear market rallies soon\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/HbOcmjJB7Xk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/top-3-price-prediction-bitcoin-ethereum-ripple-btc-breathes-altcoins-hope-amid-a-bearish-backdrop-202209120846\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price reveals exhaustion signs after a 20% ascent in less than five days. Ethereum price flips the $1,730 hurdle into support level in an attempt to fill the FVG at $1,820. Ripple price hits a ceiling at $0.357 and is likely to retrace to $0.340 before attempting another leg-up. Bitcoin price has seen a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[45],"tags":[200,3349,1147,11105,194,3393],"class_list":["post-28788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoins","tag-backdrop","tag-bearish","tag-breathes","tag-btc","tag-hope"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/bitcoins-36855764_Large.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28788"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28788\/revisions"}],"predecessor-version":[{"id":28789,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28788\/revisions\/28789"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/4597"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28788"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}