3 Major Crypto Assets Price Predictions: BTC Faces Increasing Bearish Pressure, ETH and XRP Encounter Airdrop "Surprise"

As short positions dominate, the price movement of Bitcoin (BTC), Ether (ETH), and Ripple (XRP) shows signs of weakness. BTC and ETH closed below key support levels, while XRP hovers around critical levels, all suggesting a potential downtrend in the short term.

Bitcoin is expected to pull back below the 16-day range

(Source: Trading View)

The price of Bitcoin eventually fell below the consolidation low of $116,000 on Thursday, ending a continuous 16-day consolidation phase, indicating a possible shift in market momentum. As of Friday (August 1) when this article was written, the price of Bitcoin hovered around $115,800.

If BTC continues to pull back, it may extend its fall and retest the 50-day exponential moving average (EMA) at $112,961.

The relative strength index (RSI) on the daily chart has fallen below the neutral level of 50 and is pointing downwards, indicating that bearish momentum is strengthening. The moving average convergence divergence (MACD) showed a bearish crossover on July 23, issuing a sell signal. This indicator also shows an increasing red histogram below the neutral line, indicating that bearish momentum is further strengthening and presenting a downward trend.

However, if BTC recovers, it may extend the recovery to the upper limit of its consolidation range at $120,000.

Ether short positions target the $3,500 mark

(Source: Trading View)

Ethereum's price fell nearly 3% on Thursday, closing below the daily support level of $3,730. As of Friday when this article was written, Ethereum's price was hovering around $3,700.

If ETH continues to pull back, the downtrend may extend to the next support level of 3,500 USD.

The RSI momentum indicator on the daily chart has fallen below the overbought level and is pointing downwards, indicating that bullish momentum is weakening. The MACD indicator on the daily chart also showed a bearish crossover on Wednesday, further supporting the bearish argument and the future downtrend.

On the other hand, if ETH recovers, it may continue the recovery momentum and move towards its key psychological level of 4,000 USD.

If XRP closes below the support level of 2.99 USD, it may fall

(Source: Trading View)

The price of XRP dropped below the daily support level of $3.40 on July 23, falling 11% the next day. However, the price retested on Friday and found support near the 61.8% Fibonacci retracement level at $2.99, rebounding 3.43% over the weekend. At the beginning of this week on Monday, XRP continued to pull back, declining 6.43% by Thursday. As of the time of writing, the price hovers around $3, finding support near $2.99.

If XRP closes below $2.99, the fall may continue to the next daily support level of $2.72.

Similar to Bitcoin, the RSI of XRP shows signs of weakening bearish momentum, and the MACD indicator also supports the bearish argument, suggesting that a pullback may occur in the future.

On the contrary, if the support level of 2.99 dollars remains strong, XRP may continue to rebound to the previously broken support level of 3.40 dollars.