The weekly support level of $67,147 is now acting as a support for the Bitcoin price.
Near the $3,424 50% retracement mark, the price of ether finds support.
The $0.467 level was once a support for the Ripple price.
With today's publication of US CPI statistics, the price of Bitcoin (BTC) might fall initially before rising again.
The coordinated dance of cryptocurrency markets may be on display if Ethereum (ETH) and Ripple (XRP) follow Bitcoin's lead.
The price of bitcoin may experience swings
As a result of encountering resistance at the weekly close of about $71,280, the price of bitcoin has fallen 7% in the last five days.
At the moment, it is circling the $67,147 weekly support level.
Because of today's US CPI announcement, the price of Bitcoin is expected to be quite volatile. This revelation has the potential to set off a buy-side liquidity sweep in Bitcoin, which might lead to an upward rise.
Following a 5% decline from its present price of $67,416 to the levels shown below, Bitcoin might find support in this scenario.
The price disparity is at its midpoint at $63,860, falling anywhere between $63,118 and $64,602.
The 100-day Exponential Moving Average (EMA) and the $64,240 level are almost in sync; the former represents a price retracement level of 100%.
Bitcoin may make an 11% rebound to $71,280, its last resistance level, if it can break out of the $64,240 range.
On the other hand, a 4% drop to $58,375, the weekly support level, would be possible if Bitcoin's price breaks and closes below $60,919, rendering the bullish thesis meaningless.
The current price of Ethereum is very encouraging.
After failing to close over the $4,000 level for six consecutive days, the price of Ethereum fell 11%.
Near the $3,424 50% retracement level, which was computed from the $2,864 swing low on May 13 to the $3,984 swing high on May 27, ETH is now finding support.
The US CPI announcement from today is expected to cause Ethereum's price to be quite erratic. This revelation has the potential to set off a buy-side liquidity sweep in ETH, which might lead to an upward rise.
The 61.8% Fibonacci retracement level at $3,279 would provide support in the event that ETH drops 5% from its present price of $3,474.
Ethereum has the potential to surge 20% to reclaim its prior resistance level of $3,977 if it manages to rebound off $3,279.
However, a lower bottom and a break in the market structure would be indicated if the daily candlestick price of Ethereum closed below the $2,864 level. This action would render the previously stated bullish thesis useless, and it might set off a further 9% down to the $2,600 support level, where it previously had been.
Liquidity looks to be about to wash the Ripple price.
After failing to finish above the 50-day Exponential Moving Average (EMA) at about $0.526 on June 7, the price of Ripple fell by 13%.
At the moment, it is supported at the $0.467 mark.
In light of today's US CPI announcement, the ripple price is expected to be very unpredictable. This revelation has the potential to set off a buy-side liquidity sweep for XRP, which might lead to an upward rebound.
If this happens, XRP might fall another 6% from its present price of $0.477 before finding support at its prior low of $0.450.
Upward momentum from $0.450 would send XRP soaring 17% to $0.522, the level of the 50-day exponential moving average.
The Ripple daily candlestick has to shut below $0.450 to prevent XRP from falling another 7% to its prior support level of $0.419. #BTC #ETH #XRP $BTC #cpi