- Bitcoin price is still underwater as the bears suppress the price back into $40,000
- Ethereum price is showing bullish effort, but another drop could occur.
- XRP price has the most bullish potential as consolidation will determine the next move.
The cryptocurrency market is displaying mixed signals. On one end, Bitcoin and Ethereum price seem to be steeply declining. The bulls are trying to hold the price, but the bears' strength should not be overlooked. Ripple price has been known to decorrelate from Bitcoin and Ethereum price action and is looking more bullish lately than most digital assets.
Bitcoin price says sit on your hands
Bitcoin price shows an effort from the bulls to keep the price above $39,000. However, trading based on hope is never the wisest decision. BTC price has a $44,000 magnet-like target, but the price can still grab liquidity at $38,000 and lower before moving back up. The safest confirmation to join the uptrend will be a price spike above $41,600.
Bitcoin price suppressed the price below the strong 4-hour, engulfing candle printed this week. Thus, the strength of the bears should not be underestimated. The bulls will need to display more bullish price action before confidently saying the downtrend is over.
BTC/USDT 8-Hour Chart
Investors can expect the BTC price to continue to consolidate before the next true hike or decline occurs. If the bulls can not reach the previous swing high at $41,600, expect the BTC price to fall into the $38,000 zone.
Ethereum price is building a cause
Ethereum price has a bit more to fall as the $3,021 price is hovering above the breached weekly trend line. The ETH price shows bullish support as the bulls have established an indecision doji candle amidst April's sell-off. The 2-day Doji does show a decent amount of volume. Additionally, the Doji candle was established in the upper range of the buyers' zone on the Relative Strength Index.
Ethereum price should warrant traders to keep their eyes on the digital asset this weekend. ETH Price could ultimately tap the weekly trend line at $2,800 before moving towards $3,300 and above.
ETH/USDT 2-Day Chart
If the Ethereum price cannot hold the weekly support level, investors can expect more downslides into $2,750 and possibly $2,500.
Ripple price shows bullish optimism
Ripple price has shown considerable bullish strength as the digital remittance token rallied 10% in just one day. The current XRP price hovers at $0.77. The consolidation will ultimately make or break XRP's next move.
Ripple price will need to consolidate in a shallow manner to validate the potential for more uptrend. A deep correction could be the first signal of a bullish fake-out. It is worth noting that the XRP price volume indicator is looking optimistic, and the Relative Strength Index lies perfectly in the buyers' zone.
XRP/USDT 2-Day Chart
Invalidation of the bullish scenario is a close below $0.75. If this scenario occurs, consider the liquidity under $0.68 as a strong magnet for the bears to aim at.
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