Share:

  • Bitcoin price is likely to collapse as smart money has trapped longs. 
  • Ethereum price action shows concerning sell signals.
  • XRP price action is most optimistic, the invalidation levels are vital.

The cryptocurrency market is in an unfortunate spot. Traders may have been enticed to jump the gun following Monday's rally, which played right into smart money's game plan as they are still in control of the downtrend. Bitcoin, Ethereum and XRP price could experience severe liquidity hunts if market conditions persist.

Investing in Bitcoin price now is purely a gamble

Bitcoin price failure to hold the critical levels at $41,500 and $40,000 hints at strong bearish control. Investors still in the trade have probably placed their stop losses under the Monday swing low of $38,536, which is an obvious target for bears to aim for next. If the swing low gets breached, BTC price could disappointingly head back towards the low $36,000 zone

TM/BTC/4.22.21

BTC./USDT 4-Hour Chart

Bitcoin price should warrant traders to wait for a break of $43,000 to say the uptrend will continue confidently. In the grand scheme of things, missing the first 10% of a move is ok when you are on the right side of the trend. If the BTC price can breach $43,000, the $51,000 target will be back on the table, resulting in a 30% increase from the current BTC price.

Ethereum price could plunge towards $2,750

Ethereum price has fallen back below the psychological $3,000 level. The ETH price currently trades at $2,950 as the bears have printed repetitive bearish engulfing candlesticks of equal length. If market conditions persist, the ETH price will likely plunge to $2,750.

ETH price has breached all key levels above $3,000 with strong bearish candles. In addition, the 50-day moving average has also been broken and accompanied by decent sell volume on the 4-hour chart.

TM/ETH/4/22/22

ETH/USDT 4-Hour Chart

Ethereum price invalidation remains the same as last week at $3,320. If the bulls can rebound into this area, the ETH price uptrend will be back on the table. The bulls could confidently aim for $4,000, resulting in a 35% increase from the current Ethereum price. 

XRP price has the most potential 

XRP price still looks the most optimistic in the cryptocurrency market. Ripple price broke out from the descending wedge pattern this month and is now coming to retest the upper trendline. XRP currently trades at $0.72. A dollar-cost average approach could be the best option for XRP enthusiasts.  

XRP price volume is still fading on the 4-hour chart, which adds to the optimistic sentiment. There has not been a bearish candle to match the power of the March 15th bullish engulfing candle of 10%.

TM/XRP/4/22/22

XRP/USDT 4-Hour Chart

The safest invalidation level will be below the second supply zone at $0.62. XRP long-term targets are in the $3.00 zone, so any discounts given out by smart money are likely to come with some drama. If XRP price breaks $0.62, expect all hell to break loose. XRP price could likely fall back to $0.44, resulting in a 40% dip from the current price.

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price outlook as MicroStrategy buys 3,000 BTC just 52 days before halving

Bitcoin price outlook as MicroStrategy buys 3,000 BTC just 52 days before halving

Bitcoin (BTC) price continues to ride on the exchange-traded funds (ETF) theme, as markets count the days to the halving, 52 days out (just about seven to eight) weeks). Meanwhile, Microstrategy has taken advantage of the current lull in the market to grow its BTC portfolio with yet another volumnous purchase for the second time in the month. 

More Bitcoin News

Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges

Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges

Pepe coin (PEPE) price is trading with a strong bullish bias, outperforming the meme coin top four, including Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK), which are up by single digits. Meme coins appear to be rallying after the Bitcoin price showed strength.

More Cryptocurrencies News

BTC ETF AUM could surpass Gold, expert says, amid enthusiasm for new investment funds

BTC ETF AUM could surpass Gold, expert says, amid enthusiasm for new investment funds

In a landmark decision on January 10, the US Securities & Exchange Commission (SEC) approved multiple spot Bitcoin exchange-traded funds (ETFs) in a single go. Almost seven weeks down the line, the theme continues to drive the cryptocurrency market, giving investors the train to ride on as markets prepare for the BTC halving in 52 days.

More BTC News

Cardano price notes further decline, report reveals ADA ecosystem is plagued with dead coins

Cardano price notes further decline, report reveals ADA ecosystem is plagued with dead coins

Cardano price continued its decline on Monday. ADA price dropped nearly 3% in the past 24 hours. In a recent report by Alpha Quest, the protocol ranks in the top 10 blockchains that host dead coins. 

More Cardano news

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP