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Tony M.
FXStreet
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 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 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.
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Solana price shows that the buyers are struggling due to the recent downswing. A further spike in selling pressure could trigger a downtrend that could push it past an immediate support level and flip it into a hurdle in its path.
Zilliqa price witnessed a 17% correction following a sharp rise overnight. Proponents believe massive profit-taking and high selling pressure were the key drivers of the recent pullback.
Cardano price experienced a strong comeback from buyers, which pushed it up explosively. However, the price faced a massive resistance at a significant barrier, leading to a full 180.
Bitcoin price suffered a massive setback after a minor uptrend due to the FOMC meeting on May 5. While the Fed concluded a 50 basis point hike in interest rates, the volatility that it brought caused the stock market and BTC to crash.
Bitcoin suffered a massive setback after a minor uptrend due to the FOMC meeting on May 5. While the Fed concluded a 50bps hike in interest rates, the volatility that it brought caused the stock market and BTC to crash.
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