- After a sharp sell-off over the weekend, Bitcoin’s price has risen.
- Ethereum price may present a bullish opportunity, but it should not be superseded by deactivation levels.
- Ripple price points to a strong bearish technical and the lower target is likely to be breached.
The notorious inventor of the medieval guillotine, Joseph Giltwin, was rumored to have been killed by his invention. Guillotin’s outspoken defense of French executions with his device would lead to the end of his karma.Knife catcher can be viewed Fate of the Guillotine As a symbol in a downtrend market environment and perhaps as a law of nature. Don’t lose your head by reaching too far.
Bitcoin price plummets
Bitcoin’s price, which dates back almost a month to near the end of July, has attracted bullish interest. Bulls who missed the summer rally may be tempted to open positions in the hope that the barrier will repeat history and promote another barrier.
Bitcoin price at the time of writing is auctioning off at $23,124, with sideways consolidation unfolding after the August 18 plunge. The Relative Strength Index shows an influx of trading volume, which could fuel a highly volatile market in the coming days.
Fractal wave theory, derived from previous Bitcoin market movements in 2018, has been used to predict potential smart money liquidity hunts. We do not recommend setting a bullish entry near the current price levels. A low near $19,600 could be a high-risk, high-reward trade setup. High-risk nullification points should not replace the June 18th low of $17,622.
BTC/USDT 4-hour chart
In the following video, our analysts dive deep into Bitcoin price dynamics and analyze key interest levels in the market – FXStreet Team
Ethereum price is a dangerous blade
Ethereum price became a key interest as the bears triggered a massive selloff over the weekend, breaking both the 8-day and 21-day simple moving averages. The Volume Profile Indicator is nearing the same level as the July 24th liquidity hunt, with market lows set at $1435. The sell has become a catalyst for smart money counterfeiting, allowing a 35% rally towards the recent monthly high of $2030.
Ethereum is currently auctioned at $1550. The Relative Strength Index has room for a downside, so caution should be exercised by the bulls while they look for opportunities to catch Knife him. The second attempt at $1435 could be a good area for knife catchers to start scalping on a shorter timeframe. The bullish target is between $1,850 and he at $1,910, but that could change as more price action is revealed.
Deactivation of the highly risky bullish scenario hinges on holding $1,250 as support. If $1,250 is tagged anytime soon, the bulls should lose their positions soon. A target of $880, set on June 18, could result in a maniacal sell-off that sees him drop 44% from his current Ethereum price.
ETH./USDT 4-hour chart
In the following video, our analysts dive deep into Ethereum price action and analyze key interest levels in the market – FXStreet Team
XRP Price Edge Near Disaster
XRP price looks to be the least likely success of the trio this week.
The price of XRP is currently being auctioned at $0.330. A liquidity level close to $0.325 could be tagged in the coming days. A sharp drop of 13% displayed a bullish divergence pattern. Traders looking for a bullish rebound (based on a bullish divergence) should be aware that a divergence within the overbought and oversold territory can be a wise money trap . The price of XRP slices straight through the first liquidity level and shows potential to conquer the $0.300 price range.
With the previous outlook setting a low target of $0.240, being a buyer of XRP prices is too risky to justify. Investors should therefore look on the sidelines for lower targets or join the bears unless the macro’s disabling point at the $0.048 level is breached.
XRP/USDT 4-hour chart
In the following video, our analysts dig deep into Ripple’s price action and analyze key interest levels in the market – FXStreet Team