• Bitcoin price falls short of the $30,000 range.
  • Ethereum price has activated a bearish trade setup.
  • Ripple price is inches away from provoking a 30% decline.

Bitcoin price looks weakened

Bitcoin price has failed to maintain support above the $30,000 level. Friday morning, the bears flexed their guns, printing a bearish engulfing candle which now has the peer-to-peer cryptocurrency suppressed by $29,300. The BTC price action could be the first decline of the larger sweep the lows event, a possibility that has been mentioned in previous outlooks.

Invalidation of the bearish thesis is a close above $33,000. If the bulls can establish said price action, they could rally towards $ 37,000, resulting in a 25% increase from the current Bitcoin price.

tm/btc/6/20/22

BTC/USDT 4-Hour Chart

Ethereum price sets up a bearish trade

Ethereum price has breached the lower bounds of a triangle, which has coiled around the payment token throughout the month of May. The breach could be the catalyst for the ETH price to fall to $1400. A bearish engulfing candle has been printed on the 4-hour chart, which has also breached the buyers' support level on the Relative Strength Index. The ETH price now trades at $1731. If market conditions persist, a sharp decline could continue throughout the weekend.

Invalidation of the bearish trade setup is a breach above $1925. If the bulls can establish a closing candle above $1925, a rally towards $2300 could result in a 33% increase in the Ethereum price.

ETH/USDT 4-Hour Chart 

Ripple price is still provoking a sell-off

Ripple price declined but has yet to touch the bearish entry signal at $0.3820. Once $0.3820 is touched, a fall into the $0.30 zone could occur. The bears have printed a large bearish engulfing candle on the 4-hour chart with a settling price of $0.3870, so the probability of activating the bearish thesis is high. Traders should keep a sell-stop at $0.3820 to participate in the move, as the market could get very volatile over the weekend.

Invalidation is vital for this trade setup. If the bulls breach $0.4342, a rally towards $0.51 could occur, resulting in a 30% increase from the current XRP price.

tm/xrp/6/10/22

XRP/USDT 4-Hour Chart

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP