Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto calamity is being provoked
- 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.
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.
XRP/USDT 4-Hour Chart
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
