- Bitcoin price tests the lower half of an ascending channel for the third time.
- Ethereum price continues displaying bearish divergence but underline market strength remains.
- Ripple price in a make-or-break situation.
The crypto market moves higher. Placing a countertrend short is still ill-advised. Higher targets remain possible for all assets.
Bitcoin fools early bears
Bitcoin price tests an ascending trend line for the third time as day traders take advantage of the intra-hour bullish momentum. Previous outlooks have consistently advocated against being overly bearish as choppy out-of-nowhere price movements could likely ensue based on the ascending wedge formation around the Bitcoin price.
Bitcoin price currently auctions at 23,905. There is a clear bearish divergence on the daily chart, prompting the sellers to aim for lower targets consistently. Still, the liquidity levels at $24,800 and $26,950 have not been breached. An ideal bearish scenario would be a breach into this level accompanied by a bearish volume profile pattern and RSI divergence.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
BTC/USDT 1-Day Chart
Ethereum price rallies as intended
Ethereum price shows its first smart money fake-out during August. Previous forecasts have continuously mentioned the likeliness of such a move as magnet-like liquidity levels lie within the $1,850 and $1,900 zone. Ethereum price breached through the $1,700 zone overnight, causing bears to advance with optimism. On August 8, 2022, the bears’ hopes were fully invalidated as a strong candle vengefully pierced through $1,700 and has since ascended the Ethereum price to $1,853.
Ethereum price currently trades at $1,835. The large bullish engulfing candlestick will be a challenge for bears looking to hold on to their losing position. Traders trapped below $1,700 may have to wait on the sidelines and potentially mark their limits as $1,900, and $2,100 remain possible short-term targets.
ETH/USDT 6-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ripple price is in a now-or-never predicament
Ripple's XRP price breaches an ascending parallel channel for the fourth time. A definitive candlestick above the barrier should be the catalyst for the Ripple price to rally to $0.435 in the short term for a 15% gain.
XRP price currently auctions at $0.37. If the bulls establish a successful daily close above the mentioned barrier, the bullish trade will be justifiable. Invalidation of the uptrend scenario would depend on $0.34 holding as support. Failure to hold above $0.34 would ensure a sweep the lows event, targeting $0.325 in the short term and potentially $0.24 for up to a 35% decline.
XRP/USDT 1-Day Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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