Bitcoin has been steadily growing, and its price reached above $28,500 without any substantial retrace. After touching $28,500, we saw a small corrective move, but every single drop in BTC is being bought back. BTC dominance has risen, which has started affecting the altcoin market.
Most of the altcoins have dropped substantially in their BTC pair. As long as the BTC dominance keeps rising, altcoins will continue moving sideways. When BTC dominance dropped yesterday, many alts started bouncing, and we saw an increase in ETH price from $600 to $750.
Let us review some altcoins to understand possible long/short setups.
ETH/BTC – Price Prediction
ETH broke the support of 0.0263 and dropped below towards the lower support levels. As long as ETH is above 0.0263, we can start seeing a move towards 0.0278, 0.0294, 0.0310, and 0.0330. Failure to hold the support of 0.0263 could lead to a drop towards 0.0251 and 0.0242.
XRP/BTC – Price Prediction
XRP has lost all of its supports compared to BTC. There is absolutely no support below the current value of 1,546 sats. If BTC can reclaim the support of 1,546 sats, we can start seeing a move towards 1,912 and 2,277 as per the weekly charts. These two were the previous two important support levels and need to be reclaimed for the recovery of XRP compared to BTC. If XRP fails to reclaim the support of 1,546 sats, the downside could be catastrophic for XRP.
LINK/BTC- Price Prediction
LINK is currently trading just above the trend line support. As long as it is above the support of 44,174 sats, we could see a move towards 51,948 sats and 67,692 sats. Failure to hold the support of 44,174 could lead to a drop towards 39,242 sats.
Images courtesy of TradingView.
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