Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Making profit vs chasing profit
- Bitcoin price ascends in a turbulent fashion, which raises questions about the bullish strength.
- Ethereum price is in profit from Monday's bullish trade setup. Open positions should be managed safely.
- Ripple's XRP price remains dangerous as the bulls tread back into a descending weekly trend channel.
The crypto market continues to make impressive gains. All bullish trade setups should be safely managed to ensure healthy risk management.
Bitcoin price is following the technicals
Bitcoin price, at the time of writing, auctions at $22,662. The bulls have successfully invalidated the persistent triangle formation to start the third week of July. Last week's bullish thesis mentioned the likeliness of a $22,000 breach. Still, the ascension has not come with ease. There has been noticeable congestion amidst the 9% incline since the weekend for the BTC price, which raises questions about the market's overall strength.
Bitcoin price should continue higher as the technicals show higher lows established on the 12-hour chart. Additionally, the BTC price has established its highest market value in over a month. Still, a breach of the lower end of the newly found parallel channel could be an early indicator for bulls to begin taking profit. Targets for the BTC price remain at $23,657 and $25,750.
BTC/USD 12-Hour Chart
Invalidation of the uptrend is a breach below the channel currently positioned at $21.448. If the invalidation level cannot hold support, the bears could reroute south, targeting $17,000, resulting in a 25% decrease from the current Bitcoin price.
Ethereum price is in profit
Ethereum price is in profit following Monday's bullish trade setup. The bulls have experienced a 10% profit as the ETH price continues to ascend in stair-step fashion. Still, the volume indicator shows increased transactions without much price movement. This could be early evidence of bullish exhaustion. Thus, traders who partook in Monday's trade setup should consider moving their stop losses to break even.
Ethereum price currently auctions at $1,528.The third bullish target is at $1,780, but the invalidation level remains at $1,304. For the safety of our readers, moving risk to break even is recommended. Remember that a breach of $1,304 would set up a bearish scenario targeting $980, resulting in a 35% decrease from the current Ethereum price.
ETH/USDT 3-Hour Chart
Ripple price is in a scary situation
Ripple's XRP price has retracted into a descending Elliot Wave Trend Channel. The XRP price action resembles Wave 4 criteria, meaning Ripple could be setting up for one more Wave 5 decline.
Ripple price has ascended 18% in stair-step fashion since July 11. The congested incline could be an indication of weak hands in the market. The Volume Profile Indicator confounds this idea as there is no significant change in average transactions during the rally. Thus, the bulls should consider looking for better buy opportunities in the market.
XRP/USDT 12-Hour Chart
A proposed short opportunity could present itself for those willing to take a time-consuming risk. Look for classical sell signals or failure to maintain the current uptrend's slope. Aim for $0.20 and lower. Invalidation for the bearish thesis will be a breach at $0.47. In that case, traders should immediately release their positions as the XRP price could rally as high as $0.68, resulting in a 90% increase in market value.
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.
