Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Knife Catching 102 - Sir Guillotin's Fate
|- Bitcoin price consolidates after a sharp weekend decline.
- Ethereum price could present a bullish opportunity, but the invalidation level should not be superseded.
- Ripple price shows strong bearish technicals, and lower targets are likely to get breached.
Joseph Guillotin, the inventor of the infamous medieval Guillotine, was rumored to have been slain by his invention. Guillotin's outspoken advocacy against France's execution measures with his device would lead to his karmic demise. Knife catchers can view Sir Guillotin's fate as a symbol and perhaps natural law during down-trending market environments. Don't lose your head by overreaching your hand.
Bitcoin price sharply declines
Bitcoin price has fallen into bullish interest dating back to almost one month ago, near the end of July. The bulls who missed the summertime rally may be enticed to open a position in hopes that the barrier will repeat history and prompt another.
Bitcoin price at the time of writing auctions at $23,124 as a sideways consolidation unfolds after the free-fall decline on August 18. The relative strength index shows an influx of trading volume, which could promote a highly volatile market in the days to come.
Fractal wave theory deriving from previous Bitcoin market behavior in 2018 is being used to forecast a potential smart money liquidity hunt. Placing a bullish entry around the current price levels is ill-advised. Attempting to catch a low near the $19,600 zone could be a high-risk-high-reward trade setup. The high-risk invalidation point should not supersede the June 18 low at $17,622.
BTC/USDT 4-Hour Chart
In the following video, our analysts deep-dive into Bitcoin's price action, analyzing key levels of interest in the market - FXStreet Team
Ethereum price is a dangerous blade
Ethereum price has fallen into a key target of interest as the bears have induced a massive sell-off over the weekend, breaching both the 8- & 21-day simple moving averages. The volume profile indicator shows a near identical reading to the July 24 liquidity hunt, with a market low established at $1435. The sell-off became a catalyst for a smart money fake-out, enabling a 35% rally towards the recent $2030 monthly high.
Ethereum price currently auctions at $1550. The relative strength index has room to fall, which merits the idea for bulls to exercise caution while looking for Knife Catching opportunities. A second attempt at $1435 could be a good area for knife catchers to begin scalping on lower time frames. The ideal low would be in the $1330-$1350 price territory. Bullish targets would lie between $1850 and $1,910 but are subject to change as more price action reveals itself.
Invalidation of the highly risky bullish scenario depends on $1,250 holding as support. Should $1,250 get tagged at any time shortly, the bulls should immediately forfeit their positions; a selling frenzy could occur, targeting the $880 now established on June 18, resulting in a 44% decline from the current Ethereum price.
ETH./USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market - FXStreet Team
XRP price edges near calamity
XRP price seems to be the most unlikely to succeed amidst the trio this week. The digital remittance token is submerged below a descending trend channel after falling penny-from-Eiffel style on August 19.
XRP price currently auctions at $0.330. Liquidity levels near $0.325 will likely get tagged in the coming days. A bullish divergence pattern has been displayed due to the sharp 13% decline. Traders looking for a bullish rebound (based on the bullish divergence) should be warned that divergences within overbought and oversold territory can be smart money traps. The XRP price shows the potential to slice straight through the 1st liquidity level and conquer the $0.300 price zone.
Being a buyer of the XRP price is too risky to justify, as previous outlooks have targets as low as $0.240. Thus investors should consider waiting on the sidelines for lower targets or joining the bears unless the macro invalidation point at the $0.048 level is breached.
XRP/USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market - FXStreet Team
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