BTC indecisiveness halts recovery plans for major altcoins

  • Bitcoin price looks for a buy signal that will arrive after a sweep of the $20,750 support level.
  • Ethereum price drives into the overhead barrier at $1,675, attempting a recovery rally. 
  • Ripple price needs a buy trigger to start its bounce and recover losses. 

Bitcoin price continues to consolidate inside another tight range with no directional bias in sight. This development has caused many altcoins to explode, while Ethereum and Ripple continue to wait for a BTC cue. 

Bitcoin price recovery one step away 

Bitcoin price continues to consolidate after the recent 12% crash that occurred between August 18 and August 20. This downswing set up multiple equal lows at $20,750. Now, BTC investors can wait for a sweep the liquidity resting below those lows to flip bullish. The emerging recovery rally could propel BTC to the $22,400-to-$23,200 area. 

BTC/USD 4-hour chart

While things are looking shaky for Bitcoin price, a flip of the $20,750 support level into a resistance level will postpone the recovery rally. Such a development could trigger a continuation of the downtrend to the BTC $20,000 and $19,000 psychological levels.

Ethereum price tries to remain bullish

Ethereum price is bent on recovering its recent 19% loss it encountered following Bitcoin’s cue. After the initial attempt failed to move past the $1,675 hurdle, ETH retraced and is currently giving this run-up another go. As a result, it has set up a higher high at $1,673 but is still far away from flipping the $1,675 hurdle into a support floor. 

Doing this could open the path for Ethereum price to retest the $1,730 high time frame resistance level. In a highly bullish case, ETH could further visit the $1,820 barrier

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Although the recovery targets are looking reachable, a sell-off in Bitcoin price could hurt Ethereum’s recovery. In such a case, a flip of the $1,474 hurdle could invalidate the ETH recovery thesis and trigger a potential crash to $1,280.

Ripple price needs a trigger to bounce

Ripple price has broken free of its $0.381 and $0.360 tight range as it crashed 13%. This move pushed XRP price to retest the $0.340 support level, where it is consolidating again. While a recovery rally is an ongoing effort, the chances of a bounce will increase after liquidity run below $0.331. 

In such a case, XRP investors can expect the remittance token to make a run for the $0.360 resistance level and $0.381 subsequently.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the other hand, if Ripple price flips the $0.326 support floor into a hurdle, it will invalidate the recovery outlook and potentially trigger a crash to $0.309.