- Bitcoin price eyes up the inefficiency gap present up to $18,514 after facing rejection from the weekly open.
- Ethereum price will follow suit and revisit the $993 support level after an 11% correction.
- Ripple price has already collapsed by 15% but could drop another 5% to retest the $0.319 support floor.
Bitcoin price faced an intense sell-off as it approached the recent weekly open, indicating that investors are looking to book profits. This downswing has caused Ethereum, Ripple and other altcoins to take a dip as well.
Bitcoin price continues to tumble
Bitcoin price has dropped 5.5% since retesting the weekly open at $21,025 on June 28. The lack of buying pressure means bears have taken control. As a result, BTC has sliced through Monday’s low at $20,482 and is currently heading toward the previous Monday’s low at $19,612, which is also the liquidity objective from a market maker’s perspective.
Investors can now expect the downtrend to continue to $19,612. Bulls need to be patient, however, as this correction could slide even lower due to the presence of the Fair Value Gap (FVG) aka the price inefficiency, extending from $18,514 to $19,120, suggesting even lower prices are possible before the market stabilizes.
The two turning points for Bitcoin price would be $19,612 and $18,514.
BTC/USD 2-hour chart
On the other hand, if Bitcoin price produces a four-hour candlestick close below $18,040, it will indicate that sellers are in control. This development could see BTC make fresh lows around $15,550.
