- 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