- Bitcoin price may have printed the final bottom for spring.
- Ethereum could see a countertrend rally to $3,150.
- XRP price action is still disappointing, but holdlng could pay off
The cryptocurrency market could be establishing a bottom that will only be noticed in retrospect. Traders may have been experiencing sell-offs and fakeouts all month. The games played could be smart money’s involvement before the market rallies. Bitcoin, Ethereum and XRP could experience more sideways price action before a new rally is confirmed.
Bitcoin signals whales in the market
Bitcoin price magnet-like price action around $41,300 and $39,700 hints that whales may be trying to accumulate the digital asset. The criteria could fit perfectlky as a Bitcoin Wycoff accumulation phase. Investors should consider a dollar-cost approach at these levels to avoid missing out on a good entry in retrospect. The next target for Bitcoin price lies somewhere in the $36,000 zone if the bulls cannot hold the swing low at 37,701.
BTC./USDT 4-Hour Chart
Invalidation of the Macro Bitcoin triangle lies at $28,000. If $28,000 is breached, traders should have enough steam to push the BTC price as low as $17k resulting in a 40% correction from the current Bitcoin price.
Ethereum price could shake out greedy bears
Ethereum price still trades below the $3,000 zone. The ETH price currently trades at $2,850 as the bears have validated last week’s bearish thesis by tapping $2,750 earlier this week.
ETH price has breached the weekly trend line again but now trades above it at $2,850. This is the first sign of the bull rally everyone is hoping for. In addition, the ETH price could be coiling into an ending diagonal pattern on the 8-hour chart. The Relative Strength Index displays bullish divergence in oversold territory, which further confirms that the downtrend could briefly come to a halt. The bullish target is $3,150
ETH/USDT 8-Hour Chart
Ethereum price invalidation is $2,480. If the bears can breach this area, the ETH price uptrend could be void. The bears could confidently aim for $2,200, resulting in a 20% decrease from the current Ethereum price.
XRP price forces traders to lighten their load
XRP price still looks like the most disappointing digital asset in the cryptocurrency market. Today, the ripple price broke through a parallel trend channel as the price has wiped out liquidity under $0.62. A dollar-cost average approach could still benefit XRP maximists aiming for long-term macro targets.
XRP price volume is still falling on the 4-hour chart in a steep decline. Day traders are likely being liquidated, so a spike in price would be unsurprising. Still, the safest invalidation level is now $0.54.
XRP/USDT 8-Hour Chart
XRP macro targets are well above the $3.00 zone, so any discounts in Ripple price are likely to be accompanied by smart money fakeouts. However, If the XRP price breaks $0.54, expect more genuine sell-offs. XRP price could likely fall back to $0.44, resulting in a 35% dip from the current price.