- 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.
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)
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.
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
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