Bitcoin (BTC)
Bitcoin price is currently trapped inside a descending broadening wedge pattern. This pattern suggests that a bullish breakout could make BTC start a rally of up to 21%, setting a target at US$85,500. However, realistically, this scenario is unlikely to materialize.
Even so, this kind of action could help Bitcoin conquer its all-time high (ATH) record price of US$73,800. Even though BTC could be said to have recorded a volatile week, the price is currently sitting at US$68,197, just above the critical support of US$67,100. The occurrence of a bounce from this area will lead the king of crypto assets to slip out of the pattern mentioned above.
What is important to note is that this breakout attempt has failed several times before. So, there is a chance for the same scenario to repeat itself. As a result, Bitcoin price is at risk of revisiting US$63,000.
Ethereum (ETH)
Ethereum has managed to capture the industry's attention over the past month, especially this week. As the spot ETH ETF trading feature begins to roll out, investors are anticipating a rally in ETH prices. However, what happened was just the opposite.
The price of Ethereum was recorded as having fallen sharply from US$3,500 to US$3,276 at the time of writing. Interestingly, this price trend also made ETH touch the 23.6% Fibonacci retracement line. This area often becomes a point of support during a bear market to prevent a more severe decline. This could be an opportunity for ETH to shoot up again towards US$3,500 in the next few days.
However, if investor response remains negative, then ETH's recovery may be hampered and the price will be stuck below the US$3,455 level. This level is the 50% Fibonacci line.
Ripple (XRP)
XRP price recorded a relatively quiet week without much volatility apart from a rejection at US$0.62. This line marks an important obstacle for the altcoin and has failed to break for the second time this month.
On the other hand, it coincides with the 50% Fibonacci line, a break of this level will be a catalyst for a price rally towards US$0.65. This would represent a four-month peak for the Ripple token. This action will also drag the price closer to the 61.8% Fibonacci line.
However, if it turns out that the breakout again fails to materialize, this altcoin will consolidate or sideways in the range of the upper limit of US$0.57 to the lower limit of US$0.62. If the US$0.57 support falls, the XRP price is threatened with falling further until it touches the 23.6% Fibonacci line at US$0.51.
