• Bitcoin price sell-off presents buying opportunity before BTC jumps 36%.
  • Ethereum price attempts to hold gains and limit Monday’s losses.
  • XRP price hanging on by a thread could nosedive to $0.30. 

Bitcoin price finds buyers near the $30,000 value area after hitting new 180-day lows. Ethereum price increased by over 10% during the intraday session, but sellers remained persistent. XRP price finds buyers in the $0.50 value area - but follow-through appears shaky. 

Bitcoin price attempts to recover after tanking nearly 12%

Bitcoin price has developed a strong bounce off of yesterday’s sell-off. While BTC has been up as much as 8%, it has given up a good chunk of those gains, it’s still higher by 3.5% on the day. Despite the strong sell-off on Monday, an aggressive long opportunity developed on Bitcoin’s $1,000/3-box reversal Point and Figure Chart.

The aggressive long opportunity is a theoretical buy stop at $35,000, a stop loss at $32,000, and a profit target at $47,000. The trade setup represents a 4:1 reward for the risk. A two-box trailing stop would help protect any implied profit made post entry. 

$1,000/3-box Reversal Point and Figure Chart

The theoretical long setup is based on a Spike Pattern, so it has no invalidation point. If the current O-column moves lower, the entry and stop-loss follow in tandem until triggered. The profit target remains the same. 

Ethereum price attempts to retake $2,500

Ethereum price is facing continued weakness and selling pressure despite the major rally today. Bulls pushed ETH to an intraday high just shy of the $2,500 level at $2,460, where it promptly found sellers. However, prices are holding steady at $2,350 - higher by 6% for the day. 

Buyers are likely to push Ethereum price higher. The oscillators on the daily chart show strong evidence of momentum turning in favor of the bulls. The clearest example of further upside movement is the position of the Optex Bands oscillator. The Optex Bands oscillator has hit a low not seen since the Covid crash. 

ETH/USD Daily Ichimoku Kinko Hyo Chart

Upside potential for Ethereum price on any rally is likely to be limited to the 61.8% Fibonacci retracement at $2,500 on the low end and the 50% Fibonacci retracement and 2022 Volume Point of Control at $2,900 on the high end. 

XRP price at a make-or-break point

XRP price is sitting on top of its final primary support structure near the crucial $0.50 price level. Unfortunately for XRP bulls, conviction from buyers has yet to appear. If XRP bulls fail to enter, a much deeper collapse may occur. 

Any time spent below $0.47 creates conditions for a flash crash towards the next major high volume node in the 2021 Volume Profile at $0.30.

XRP/USDT Weekly Ichimoku Kinko Hyo Chart

The weekly oscillators show mixed conditions. While the Relative Strenght Index remains in bull market conditions, if it hits 30, then it converts into bear market conditions. However, the Composite Index recently hit a new all-time low on the weekly chart and is still at historical lows, indicating a strong bounce may play out. 

Any XRP price upside potential is likely limited to the $0.75 value area. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin's price dropped below the $60K level briefly on Monday following news of defunct exchange Mt Gox beginning to pay its creditors in July. However, Santiment data reveals that the recent spike in social volume of the phrase "bottom" could signal a potential price rebound for Bitcoin based on historical trends.

More Bitcoin News

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana holders and crypto analysts on X slammed influencer Crypto Bitlord behind the X handle @crypto_bitlord7 for his hot take on Solana and an alleged investigation. The analyst said that the alleged investigation has been brewing for “some weeks now,” and the crypto community on X heavily critiqued the influencer.

More Solana News

Ethereum whales increase their holdings following recent price decline

Ethereum whales increase their holdings following recent price decline

Ethereum's price (ETH) is down nearly 6% on Monday after Mt. Gox announced it would begin repaying creditors their Bitcoin and Bitcoin Cash. However, ETH whales have pounced on the price decline as an opportunity to purchase ETH before the arrival of spot Ethereum ETFs.

More Ethereum News

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whales could be selling as the Dogecoin competitor has not seen sustained price growth in the past three months. WATER token might be facing selling pressure from increased insider activity. Jason Derulo accused of promoting crypto pump-and-dump scams by analyst.

More Shiba News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. 

Read full analysis

BTC

ETH

XRP