- Bitcoin price could be bottoming out.
- Ethereum price targets $1500.
- XRP price distortion hints at another sell-off.
Bitcoin, Ethereum and XRP price are showing different signals, warranting the idea of a crypto season ideal for intraday traders.
Bitcoin price bottom is near
Bitcoin price is following the technicals forecasted in the last bearish thesis. Ultimately, traders should consider a truncated wave down to fool overly bearish speculators in the market. The steep nature of the slope before a breach of the lows could be hinting at Smart Money's desire to finally end the accumulation phase at the $28,000 zone before sending the BTC price into the $35,000 levels.
Bitcoin price consolidation also signals Smart Money involvement as the sideways action takes place under relatively low volume. The objective of market makers is always subtle and barely detectable, leaving little to no evidence of their true intentions. A sharp move could be hours away for the Bitcoin price, which will leave traders and investors with the 2nd best option for joining the trend later with less profitable returns.
Invalidation of the bearish downtrend is a breach at $26,500. If the bears can breach this level, a break into 424,500 will be the next target, resulting in a 15% dip from the current Bitcoin price.
BTC/USDT 3-Hour Chart
Ethereum price Positions for a new low
Ethereum price warrants the need for traders to pull back and allow the technicals to manifest. The ETH price is 12% above liquidity levels established in July 2021. The idea that |Smart Money won't grab the orders at these levels without trying to shake out weak hands and maximize their positions at this point is a questionable assumption.
Ethereum price will likely grab liquidity under $1500, but new lows could be established. The crypto market could be approaching a decoupling phase where investors jump ship from the Ethereum foundation and convert their assets into Bitcoin or XRP. Time will tell.
Invalidation of the bearish downtrend is a breach at $2950. If the bulls breach his level, a $4,000 target could be on the cards resulting in a 100% increase from the current Ethereum price.
ETH/USDT 3-Day Chart
XRP price is severely diverging.
XRP price seems to be abandoning the rule that all cryptos move in unison. The XRP price shows distinct differences compared to Ethereum and Bitcoin prices. The deep retracement established this week into the highs at $0.43 warrants the idea of an extended decline in the near future.
XRP price has targets of $0.35 and $0.30. Due to the newly presented decorrelating evidence, it is not advisable to depend on Bitcoin for a definitive market bottom. A significant news event could be coming very soon regarding the XRP and SEC, which could be the catalyst to fully set XRP apart from all other cryptos in the space.
Invalidation of the bearish thesis is a breach at $0.45. If the bulls breach this level, a rally towards $0.31 could occur, resulting in a 25% increase from the current price.
XRP/USDT 15 Min 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
XRP rally likely as Ripple Swell conference is held this week
Ripple trades above $0.5400 early on Monday. The altcoin added over 2% to its value on the day, ahead of a key event. Ripple, a cross-border payment remittance firm, is gearing up for its annual conference called Ripple Swell.
Bitcoin Price Forecast: BTC eyes return to all-time highs
Bitcoin trades close to $66,000 on Monday. The largest asset by market capitalization has noted a steady increase in its demand among traders since April 2024, according to data from crypto intelligence tracker CryptoQuant.
Crypto Today: Bitcoin, Ethereum rally, XRP recovers even as institutional demand for BTC, ETH ETFs slows
Bitcoin rises towards $65,000 on Monday, gaining nearly 4% on the day. Ethereum adds over 3% to trade above $2,500. XRP edges up above $0.53 but trades within its recent range.
Solana Price Forecast: SOL gears up for double-digit gains as demand for meme coins jumps
Solana continues its upward trend this week, rising above the $150 level on Monday. The token of the Ethereum-alternative smart contract chain has gained 3% on the day and is gathering positive momentum at the time of writing.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.