Cryptocurrency prices still with no clear directions

With no obvious directional bias, the price of bitcoin is still ambiguous. Ethereum, Ripple, and other altcoins are therefore constrained to consolidation. But when BTC gets closer to a breakout, things might change quickly. The most famous cryptocurrency is trading at $28262 at the time of writing.

Since April 19, the price of bitcoin has been declining and has made three distinctly lower lows and lower highs. By connecting these swing points, a falling wedge setup is shown from which BTC tries to make a quick breakout.

If this proposal is not approved, the $25,209 support floor may be raised again. A sweep below the $25,209 support level and a probable retest of $23,905 would constitute the ideal fake out to the downside, which would be followed by a recovery into the failing wedge and a breakout.

This move would trigger massive pain for buyers and sellers, and the breakout from this manipulative move could see Bitcoin price retest the $30,000 psychological level.

However, a breakdown of the $20,000 psychological level could hamper the bullish outlook and trigger a selling spree among investors. Such a development could see Bitcoin price revisit the $19,251 and $17,676 support floors.

Ethereum price has recovered above the $1,703 support level, but it is unsure if this is the start of a recovery rally. If ETH fails to sustain above the aforementioned support, then the smart contract token is likely to retest the daily inefficiency, which extends from $1,478 to $1,563.

This move in Ethereum price would represent a 9.30% loss from the current price level. On the other hand, if Ethereum price maintains its position above $1,703, it will mean that the bulls are in control. In such a case, ETH could further ascend to retest the $1,817 and $1,853 resistance levels.

On June 13, the ripple price finished its inverted head-and-shoulders configuration, and it has since fallen more than 14%. At the time of writing, the price of XRP is $0.485, and it is awaiting Bitcoin’s directional signal.

If positive momentum picks up, the next barrier for Ripple might be at $0.515. A very optimistic scenario might potentially see XRP retest the $0.548 barrier level.

While the outlook for the price of ripple is similarly unclear, a rapid and significant break of the $0.468 support level will signal the start of a bearish trend. The price of XRP can then return to the $0.442 and $0.408 support levels.