Bitcoin price approaches a support confluence at $21,710, a breakdown of which, could lead to a 12% crash.
Ethereum price is retracing after retesting the $1,700 hurdle and is likely to continue doing that until BTC establishes a directional bias.
Ripple price is hovering above the $0.340 level, a significant barrier that could make or break the altcoin.
Bitcoin price shows a lack of bullish momentum as it bounces off the previously created range. This development could result in a bearish outlook if the immediate support cluster is breached. In such a case, Ethereum and Ripple price are likely to follow suit and drop.
Bitcoin price at last line of defense
Bitcoin price produced a four-hour candlestick close below the 200-week SMA, indicating a weakness among buyers. However, bulls have another chance to recover as BTC hovers around the 30-day Exponential Moving Average (EMA) at $22,010 and above the 100 four-hour Simple Moving Average (SMA) at $21,562.
If BTC squanders this opportunity and produces a daily candlestick close below $21,710, it will invalidate any possibility of a bullish outcome. In such a case, market participants can expect the Bitcoin price to drop 10% and retest the range’s midpoint at $19,657.
In some cases, BTC might even dip into the liquidity pool, extending from $18,638 to $19,286. Here, buyers can choose to step in and attempt another run-up or wait till market makers push the big crypto to sweep the range low at $17,605.
