- Bitcoin price falls to find support at $30,000
- Ethereum price is on pace to decline towards $1400.
- XRP price declines in free-fall fashion.
The cryptocurrency market displays disheartening sentiment amongst investors as a Bitcoin price fails to hold support above 30,000. Failure to hold the psychological number hunt is work only being carried through by smart money. Bitcoin, Ethereum and XRPcould experience more sell-offs due to the immense power displayed by the bears.
Bitcoin price has fallen below $30,000
Bitcoin price failure to hold the $30,000 price zone is a signal no trader wants to see. It appears smart money has a strong enough influence to keep the BTC price suppressed. Now that the previous bullish thesis is invalid, the bears are building shorts to aim for lower targets. Bulls in the market should step back and allow more evidence from the technicals before placing a long entry.
BTC/USDT 2-Day Chart
Invalidation of the downtrend now still lies at $32,630. If this level is breached, the bulls should be able to raise the BTC price as high as $38,000, resulting in a 30% increase from the current Bitcoin price.
Ethereum is still on pace to fall further
Ethereum price still falls short of the $2000 price level. The ETH price currently trades at $1756 as the bears continue to follow last month’s technicals.
Ethereum price shows no signs of a bullish retaliation. The ETH price is suppressed and declining in an almost free-fall-like manner. A $1400 target is imminent for the Ethereum price and lower targets would not be surprising. There are no indicators to dispute the bearish thesis at the current time.
ETH/USDT 4-Hour Chart
Ethereum price bearish invalidation still lies above $2,480. If the bulls can breach this area, the ETH price downtrend could be void. The bulls could rally as high as $3000, resulting in a 75% increase from the current Ethereum price.
XRP price is witnessing a steep decline
XRP price is heartbreaking as investors who bought the dip are seeing their investments diminish in value. This week, the Ripple price saw an intense decline following a weekend rally that shot the price above $0.42. The digital remittance token is losing value in a free-fall fashion and is unlikely to stop at the current $0.38 price level.
XRP price could continue its plummeting nature for days to come. The long-held dispute between XRP and SEC still alludes to unpredictable price action for the summer. If market conditions persist, XRP price is on pace to tap the liquidity levels at $0.32. A dollar-cost average approach is still a favorable strategy for XRP maximists aiming for long-term macro targets.
XRP/USDT 1-Hour Chart