- Bitcoin price is taking a U-turn after sweeping the range high at $31,493.
- Ethereum price is likely to retrace to the $1,813 support level before triggering the next leg-up.
- Ripple price is also looking to pullback to $0.389 to recuperate and catalyze a move to $0.455.
Bitcoin price seems to have triggered a relief rally that is going to revisit significant levels, formerly critical in catalyzing the sell-off. Some altcoins have already started their run-ups, but for Ethereum and Ripple a minor retracement seems likely before they start their upswings.
Bitcoin price prepares for a quick rally
Bitcoin price swept the upper limit of the range, extending from $28,575 to $31,493 on May 30. This move comes after multiple dips below the range low over the last week. As BTC trades above the upper limit, a pullback is on its way.
This retracement will likely sweep or retest Monday’s low at $29,288, allowing bulls to recuperate. Such a development will mark the end of the correction and indicate the start of the next bullish leg that will propel Bitcoin price to 200 four-hour Simple Moving Average at $32,507.
BTC/USD 1-hour chart
On the other hand, if Bitcoin price breaks below $27,708, it will create a lower low and invalidate the bullish thesis.