• The price of Bitcoin triggers a Death Cross signal as the 50-day SMA drops below the 200-day SMA.
• The Ethereum price is testing the 200-day SMA for the first time since April 22, 2020.
• XRP price breaks below several key support levels in a rush to test May 23 low of $ 0.652.

The price of Bitcoin is currently trading with the biggest daily loss since the May 19 drop of 14.29%, touching the lower trendline of the symmetrical triangle. Ethereum’s price shows double-digit decline for the first time since May 29. XRP price exhibits the worst trading day since the May 23 corrective low.

Bitcoin price does not confirm BTC as ultimate store of value

Until June 15, the price of Bitcoin had one of the best rallies of the first half of June, lifting the flagship cryptocurrency by 33% and within 260 points of a substantial resistance range. The range is constructed by the 50-day SMA at $ 41,946, the 38.2% Fibonacci retracement of the April-May correction at $ 43,331, the 200-day SMA at $ 43,120 and the retracement of 38.2% of the 2020-2021 advance at $ 41,581.

The rally immediately reversed lower, pushing the price of Bitcoin down the lower trendline of the symmetrical triangle today and near the June 8 low of $ 31,013, pushing down 23% . BTC triggered a death cross signal during the downward turn when the 50-day Simple Moving Average (SMA) broke below the 200-day SMA on Saturday.

For some background, in March 2020 a death cross signal was a failure as it occurred after BTC was in a new uptrend. In October 2019, a death cross signal was followed by a 30% drop that lasted until December 2019. And a death cross signal in March 2018 was immediately followed by a big rebound before lower the gain and print the eventual low in December 2018, showing a loss of 50% from the day of the signal.

With the unsuccessful resistance test ubiquitous around $ 41,581 to $ 43,331, the resulting brutal reversal and the death cross, it is imperative to consider a larger head and shoulder pattern near the l ‘completion.

A daily close below $ 30,000 would trigger the head-and-shoulders pattern and expose the price of Bitcoin to a collapse of the 200-week SMA at $ 13,388, based on the measured 54% movement for the top pattern .

BTC / USD weekly chart

The price of Bitcoin is surrounded by a key support area between $ 30,000 and $ 32,000, possibly preventing further deterioration of BTC. This could be a higher level of risk to target new long positions if investors are bullish.

A daily close above $ 35,741 would be the first warning that a BTC rebound will materialize, but it’s not easy to lean heavily on the long side to a daily close above $ 43,331 .

The price of Bitcoin is at a short-term turning point in the ongoing corrective process that began in April. The most important technical model predicts a bold decline that would leave the cryptocurrency market in shock and fear. Still, the presence of contagious support around the psychologically significant $ 30,000 may be enough to overcome downward pressures.

Ethereum price pushes crypto traders to seek answers

Since the May 23 low, the price of Ethereum has charted an uneventful path, with a progressively narrow range in the shape of a symmetrical triangle. However, the June 16 breakout of the lower trendline of the symmetrical triangle forced ETH investors to consider a test of the May 23 low of $ 1,728 and potentially a much larger selloff.

The measured movement of the symmetrical triangle is around 43% from the lower breakout on June 16, bringing the price of Ethereum to $ 1,357.

Today, the price of Ethereum hit support at the 200-day SMA, the first test of the strategically important moving average since April 22, 2020. ETH must maintain the narrow range between the May 23 low of $ 1,728 and the 200-day SMA at $ 1,872. at the daily closing. A conservation default leaves the smart contract giant vulnerable to a test of the 2018 peak at $ 1,419, which equates to a 28% drop from the current price. If the selling pressure does not decrease to the 2018 high, the odds increase that the altcoin will sweep the measured movement target of $ 1,357.

ETH / USD daily chart

A bullish reversal in the price of Ethereum and a daily close above the tactically important price level of $ 2,041 would be a starting point to assess swing trading opportunities on the long side. A rebound above $ 2,280 would be further confirmation of a new trading opportunity.

The Ethereum price dislocation is no different from most altcoins. ETH showed no impulsivity or accumulation for almost a month. Despite a 40-50% drop at various times, market participants were not motivated to enter the market with any commitment, leaving the digital asset locked in a tightening technical vise.

XRP Price Surprises Investors With Significant Drop Below $ 0.76

The XRP price has displayed a similar passivity and lack of direction as many altcoins. Ripple was not inspired by the 30% rally in the price of Bitcoin, instead preferring to be limited between two towering levels, the neckline of an inverted head-and-shoulders pattern at $ 0.76 and the $ 1.00 psychologically. important.

The range had not been accompanied by any signs of accumulation or distribution, increasing the likelihood that the price of XRP will remain stuck in the prevailing price range for the foreseeable future.

In three days, the price of XRP trades below $ 0.76, the Anchored Volume Weighted Average (Anchored VAP) price of $ 0.742, and the 200-day SMA at $ 0.728. Ripple is set to close today, with the biggest daily drop since May 21 and the lowest daily close since April 4.

It is essential to mention that the XRP price formed a bearish flag from May 23 to June 5. The pattern has a measured movement of 55%, putting a target price of $ 0.415. Based on the current price, that would be a 37% loss for loyal Ripple investors.

XRP / USD Daily Chart

Only a daily close above $ 0.76 would trigger a revision of the cautious to negative view of the XRP price.

Ripple investors need the May 23 low of $ 0.652 to maintain a daily close basis, or the XRP price could be destined to continue the notable selloff. It is difficult to determine if it is achieving the measured movement target at this time, but it should be factored into any trading plan going forward.