The price of Bitcoin has been falling downwards and made a decrease of 9.14% from Sunday’s high of $32,289 to its lowest point today at $29,336. It has broken the significant horizontal support zone and is currently interacting with the descending support level from the channel in which it was since the ending days of May.
On the hourly chart, you can see that this is another downfall back to its lows of the 26th of June and is eyeing out the one on the 22nd. This downward trajectory is the continuation of the descending triangle from the start of July which was broken on the downside today. This area is still considered as support so we might see a bounce for another minor recovery but the picture still looks bearish with the price most likely headed further down in the upcoming period.
If this last descending support breaks the price will move further down and with no significant support close it could continue moving to the $18,000 zone where the next one is. This would be expected in either way but potentially these low levels would be viewed as a good buying opportunity for some, which can lead to a minor recovery first.
The price of Ripple has also been in a downward trajectory and from Sunday’s high of $0.6 made a decrease of 14.21% measured to its lowest point of $0.516 around which it is currently being traded.
Looking at the hourly chart, we can see that the price if back on its low levels from the 22nd of June. After a slightly short-lived recovery till the start of July, another descending move was seen. This could indicate that the price has started another downtrend with the previous ascending move being corrective in nature. Another possibility could be that this is the 2nd sub-wave of the higher degree three-wave correction in which case we are to see another corrective upward move that correlates with the one till the 29th of June.
If the price finds support here and starts increasing again we are to see recovery but if it continues moving to the downside further the next zone it could stop at would be just below $0.5, making a lower low compared to the one on the 22nd of June.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.
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