• Bitcoin witnesses rejection near the $23,500 level. In doing so, the bullish count has been invalidated.
  • Ethereum price falls as expected but stands a chance to rotate higher.
  • Ripple price shows concerning signals, revitalizing the idea of a $0.24 target.

The crypto market witnesses more declines. The short-lived profit rally may have been a smart money trap to entice traders. 

Bitcoin price reroutes south

Bitcoin price has breached the ascending trend channel, prompting a 25% profit rally since July 13. A breaking news coverage was issued on July 21 to warn traders of the trend failure. The original peer-to-peer cryptocurrency produced the anticipated retest and rejection signal from the ascending channel on July 23 and has since lost 10% of its market value.

Bitcoin price currently trades at $20,706 as the bears suppress the digital crypto in a free-fall fashion. Although July provided knife-catching opportunities in the crypto market to make a profit, the decline in BTC price should not be looked at through the same optimistic lens. In layman's terms, smart money has invalidated the bullish short-term count. BTC price targets $17,000 and potentially $16,200. 

Invalidation of the bearish count is $24,400. If the bulls can conquer this level, they may be able to rally as high as $27,750, resulting in a 33% increase from the current Bitcoin price.

tm/btc/07/26/22

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of inerest in the market. -FXStreet Team

BTC/USDT 4-Hour Chart

Ethereum price falls as expected

Ethereum price showed bearish signals just before the New York session ended on Friday, July 22, as noted by FXStreet analysts

"The Relative Strength Index also shows subtle bearish divergence near the current $1,580 price level, which warrants the idea of a possible liquidation hunt," the analysis read.

The subtle bearish divergence that was spotted has led to a 16% decline. It was also pointed out that smart money could go for one more liquidity hunt as low as $1,290 without invalidating the bullish midterm thesis."  

"Ethereum price currently trades at $1,374. Traders should keep their eye on ETH price closely as the potential knife-catching rebound could be an opportunity to make a profit. Rebound targets lie between the $1,650-$1,900 zone. (More accurate targets can be issued if the first rebound signal takes place)

tm/eth/726/22

ETH/USDT 4-Hour Chart

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. -FXStreet Team

Invalidation of the uptrend scenario has been moved from $1,270 to $1,250 for wiggle room and accuracy. A more conservative approach would be to wait for a turn and breach above $1,460 before getting involved with the Ethereum price.

XRP price targets $0.24

On Monday, July 26, an urgent warning was issued for XRP traders. The digital remittance token was rejected from the descending Elliot Wave Trend Channel (EWTC) and has since fallen 7% in free fall fashion. Being an early bull of the XRP price is ill-advised as a subtle ramping pattern confounds bearish strength on the Volume Profile indicator.

If the technicals are correct, the XRP price is due for severe pain. A conservative target is $0.28 dating back to June 18. Macro confluence targets suggest that $0.24 and $0.20 are also in the cards.

Invalidation of the bearish thesis remains at $0.48. If the bulls can breach this level, they may be able to induce a new bull run targeting $1.20, resulting in a 280% increase from the current XRP price. 

tm/xrp/7/26/22

XRP/USDT 4-Hour Chart

In the following video, our analysts deep dive into the price action of XRP, analyzing key levels of inerest in the market. -FXStreet Team

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

Tezos set for the last stretch as investors ignore warnings

Tezos set for the last stretch as investors ignore warnings

Tezos (XTZ) price action is printing a staggering performance in just a slim two months with 62% gains after bouncing off $1.19 and nearing $2.

More Tezos News

SEC supporters come to the rescue, while XRP price hints at a potential crash

SEC supporters come to the rescue, while XRP price hints at a potential crash

XRP price is grappling with a significant resistance barrier after months of trying to flip it. The most recent failure could result in a steep correction, especially if Bitcoin price crashes.

More Ripple News

Dogecoin Price Forecast: A short-term 60% breakout play and macro levels to DCA

Dogecoin Price Forecast: A short-term 60% breakout play and macro levels to DCA

Dogecoin price shows that the bulls are back in town and have already triggered a journey to the upside. While this outlook was expected in our previous publications, this article will also take a look into the macro outlook for DOGE.

More Dogecoin News

Here’s what to expect from Bitcoin, Ethereum price as Thailand tightens regulation

Here’s what to expect from Bitcoin, Ethereum price as Thailand tightens regulation

Thailand’s central bank is working on tightening regulatory oversight on cryptocurrency platforms. The central bank is prepared to overhaul crypto rules once new amendments give it regulator powers, alongside the Thailand SEC. 

More Bitcoin News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP