- Bitcoin price trades sideways after brief acquaintance with $35,750
- Ethereum price slides below the monthly trend line at $2,700
- XRP price rests at $.60, displaying hopeful signs
Bitcoin price is still macro bullish
Bitcoin price currently trades at $36,000 after Thursday's jaw-dropping sell-off. April saw four sell-offs which were all quickly reversed in a matter of hours. For the first time, the Bitcoin price is resting post-sell-off. Traders hoping for another fakeout spike to the upside may have to wait as smart money looks to fill orders in this $36,000 before revealing its next move. The Bitcoin Triangle thesis remains intact, as a breach of $29,000 has yet to occur. If the posthumously favored forecast is successful, a $100,000 Bitcoin price is probable from a macro perspective.
Bitcoin price next move is largely dependent on the hands involved at current prices. If the Bitcoin Wycoff Accumulation thesis is correct, $35,500 could be the final low point for the Crypto ecosystem. Wycoff theory could project bullish targets towards the upper end of the range at $54,000 in the short term.
Invalidation of the macro uptrend lies at $29,000. If the bears manage to breach this level, $25,000 and even $17,000 could be likely targets, resulting in a 50% decrease from the current Bitcoin price.
Ethereum price shaking out weak hands
Ethereum price has fallen below the monthly trend line again as the ETH price currently trades at $2700. The ending diagonal thesis was unsuccessful as the ETH price climbed halfway to its target at $2970 this week before rolling over. The fakeout should come as no surprise as April was accompanied by several directional trend changes aimed at shaking out leveraged traders.
Ethereum price could stay within this range a bit longer as market makers will likely reposition themselves before the next directional trend is established. Investors hoping for better days should expect more shakeouts to trap traders on the wrong side of the trade before the Ethereum price can regain lost grounds.
ETH/USDT 12-Hour Chart
Invalidation of the macro bullish Ethereum price is a breach at $2150. If the bears can breach this level, the $1750 will be the next viable target resulting in a 35% decrease from the current Ethereum price.
XRP price floating on hopeful cues
XRP price is currently trading at $0.60 as the digital remittance token fell with the rest of the crypto market Thursday afternoon. Although many investors may be disappointed in the asset's performance, the XRP price still hints that the overall downtrend is merely a correction and is likely to fully retrace in the coming weeks.
XRP price currently rests at the bottom half of a parallel trend channel on the 4-day chart. As long as a close below the trend channel does not occur, the overall structure of the decline will be ruled corrective rather than impulsive. The volume profile also shows signals of bulls entering the market, which adds further confluence that the current downtrend will eventually halt. Thus the dream of a $2 XRP could one day come true.
XRP/USDT 4-Day Chart
Invalidation of the bullish thesis is a breach at $0.54. If the bears can breach this level, the Ripple price could retest $0.44, resulting in a 24% dip from the current XRP price.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.