- Bitcoin price liquidity has been swiped.
- Ethereum price should see a fall to $1400.
- XRP price action should be watched closely.
The cryptocurrency market is uncomfortable for investors as a Bitcoin sell-off to $28,100 on May 26th has invalidated the bullish thesis. The liquidity hunt is a valid proof of smart money's involvement in the market. Bitcoin, Ethereum and XRPcould experience more downside price action due to the unfortunate breach.
Bitcoin price has whales playing tricks
Bitcoin price magnet-like price action around $41,300 and $39,700 was once a bullish signal. It seems smart money has been holding the BTC price around this level to induce traders to open a long position. Now that the contrarian bullish triangle is invalid, the next target is a guessing game. Bears in the market should avoid being greedy and allow more time from the technicals to display potential targets.
BTC/USDT 3-Hour Chart
Invalidation of the downtrend now lies at $32,630. If this level is breached, the bulls should have enough steam to push the BTC price as high as $38,000, resulting in a 30% increase from the current Bitcoin price.
Ethereum price could shake out early bulls
Ethereum price is still decaying below the $2,000 zone. The ETH price currently trades at $1756 as the bears are following the technicals mentioned in last week's bearish thesis.
Ethereum price will likely fall to $1400 in the coming days as the bears are pushing the price down impulsively. This is the first crypto season in several years where Bitcoin holds its value while the Ethereum price withers. For these reasons, fear seems to be at an all-time high amongst investors. The Relative Strength Index has officially breached the buyers' support level, which further confounds more downside price action for Ethereum in the future.
ETH/USDT 3-Hour Chart
Ethereum price bearish invalidation now lies above $2,480. If the bulls can breach this area, the ETH price downtrend could be void. The bulls could confidently aim for a $3000 ETH price resulting in a 75% increase from the current Ethereum price.
XRP price must be watched closely
XRP price is still disappointing investors the most within the cryptocurrency market. This week, the Ripple price broke away from a consolidative triangle pattern, sending the XRP price to revisit $0.38. Still, analysts are looking for ways to forecast an alternative uptrend scenario ahead of the upcoming news event between XRP and the SEC.
XRP price could continue its erratic nature for days to come. The long-held dispute between the two forces is likely the only thing holding XRP price from reaching $1.00 and beyond. A dollar-cost average approach is still a favorable strategy for XRP maximists aiming for long-term macro targets.
XRP/USDT 3-Hour Chart
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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.