- Bitcoin prices have been volatile, raising questions about the strength of the bulls.
- Ethereum price is profiting from Monday’s bullish trading setup. Open positions should be managed safely.
- Ripple’s XRP price remains in danger as the bulls tumble back to the downtrend weekly channel.
The crypto market continues to make impressive profits. All bullish trade setups should be safely managed to ensure sound risk management.
Bitcoin price follows technical
Bitcoin price at the time of writing is auctioning at $22,662. The bulls have managed to defeat a sustained triangle formation to start the 3rd week of July. Last week’s bullish paper mentioned a potential compromise of $22,000. Still, Ascension did not come easily. Since the weekend, the BTC price has risen by 9%, and there has been noticeable congestion, raising questions about the strength of the overall market.
Bitcoin price should continue higher as the technicals show higher lows established on the 12-hour chart. Still, a breakout of the lower end of the newly found parallel channel could be an early indicator that the bulls will start making profits. BTC price targets remain at $23,657 and $25,750.
BTC/USD 12 hour chart
The breaking of the uptrend is the break below the channel currently sitting at $21.448. If the deactivation level fails to hold support, the bears may reroute south and target $17,000, down 25% from the current Bitcoin price.
Ethereum price is profitable
Ethereum price is profiting following Monday’s bullish trade setup. The bull is making his 10% profit as the ETH price continues to step up. Still, the volume indicator shows an increase in trades with little price movement. This could be early evidence of a bullish depletion. Therefore, traders who participated in Monday’s trade setup should consider moving their stop loss to break even.
The price of Ethereum is currently auctioning at $1,528. The third bullish target is $1,780, but the deactivation level remains at $1,304. For the reader’s safety, we recommend shifting the risk to break even. Recall that a break above $1,304 sets a bearish scenario with a target of $980, down 35% from the current Ethereum price.
ETH/USDT 3-hour chart
Ripple price is in terrible shape
Ripple’s XRP price has been pulled into a falling Elliott Wave trend channel. XRP’s price action is similar to the Wave 4 norm. So Ripple may be gearing up for another Wave 5 drop.
Ripple price has been stepping up 18% since July 11th. A crowded uptrend can indicate a weak hand in the market. The volume profile indicator confuses this idea as there is no significant change in the average transaction during the rally. Therefore, the bulls should consider looking for better buying opportunities in the market.
XRP/USDT 12 hour chart
Proposed short-term opportunities can present themselves to those willing to take time-consuming risks. Look for classic sell signals or failure to sustain the slope of the current uptrend. Aim for $0.20 or less. An invalidation of the bearish thesis will result in a breach at $0.47. In that case, the trader should release his position immediately as the XRP price could rise to his $0.68 and the market value could rise by 90%.