Crypto

Top 3 Price Predictions for Bitcoin, Ethereum, and Ripple: Decorrelation, Liquidity Hunt, and Alternative Counts | Cryptocurrency

  • The price of bitcoin has disproved a widely held macroeconomic thesis.
  • The price of Ethereum has not been hit as hard as other cryptocurrencies.
  • XRP price may recover to $0.60 before another crash.

Bitcoin, Ethereum and XRP prices are showing signs of decorrelation as all assets start to paint different narratives.

Bitcoin Price Needs Alternative Wave Counting

The price of Bitcoin has disproved a widely held macroeconomic thesis among professional Elliot Wave traders. On Wednesday, May 11, the bears managed to push the price below $28,800, ending the famous bitcoin triangle thesis. Now that the original macroeconomic thesis has been broken, an alternative count needs to be established to predict the possible price movement of the Bitcoin price.

Bitcoin price remains bullish on monthly and yearly charts. The volume indicator showed that the current sell-off was more of a corrective move with less volume compared to the bitcoin bull run in 2020 and 2021. in future. However, readers are advised to wait for the updated macro account as more market data will help build the definitive narrative of Bitcoin’s future price.

BTC/USD chart for 1 week

The macrothesis invalidity is currently $14,000, but this is subject to change once a new dissertation is written in the coming weeks. If the bears are able to break above $14,000, the entire uptrend scenario will be nullified with less than a 1% chance of seeing new all-time highs, while the bears could well break the pandemic lows at $6,000, down 80% from current maxima. . Bitcoin price.

The price of Ethereum has suffered less from a macroeconomic point of view

The price of Ethereum, like most cryptocurrencies, has plummeted this week. The bears managed to complete a successful liquidity hunt when the yearly low was broken at $2,150. However, unlike Bitcoin and XRP, the price of Ethereum has not broken the 2021 lows of $1,700.

The price of Ethereum is under big question regarding the current price action and it will probably need more data on the weekly chart to determine a confident forecast. If the bulls can hold this level and print a bullish hammer on the weekly chart, a macro-range bounded triangle could be in the works for the current price of ETH.

ТМ/ETH 5.13.22

ETH/USDT 1 week chart

The easiest invalidation level to use to scalp uptrend counter rallies is now $1,700. If the bears break this level, the next bearish targets will be $1,400 and $1,100 in the coming weeks, causing the current price of Ethereum to fall by 45%.

XRP price may trap early buyers ahead of another drop

The price of XRP has broken through the consolidation trend channel. Retesting a trend channel can be a classic breakout and retest strategy for bears looking to join the market. At the time of writing, the price of Ripple is trading at $0.42 and there could be a 40% rally to $0.57 before the bears show their bearish power again.

The price of XRP has broken the first downside target at $0.36 mentioned earlier this month. The next targets could be $0.34 and $0.27. It should be noted that the volume profile indicates a bearish rebound of the trend on the weekly chart. Long-term investors should consider rebalancing their portfolios to take advantage of future price declines.

TM/XRP/5/22/22

XRP/USDT 1 week chart

The downtrend reversal is a breakout at $0.5978. If the bulls reach this level, the entire downtrend could be broken. Traders could then redirect $1, which would result in a 140% increase in the current price of XRP.

Back to top button