- Bitcoin price falls short of the $30,000 range.
- Ethereum price has activated a bearish trade setup.
- Ripple price is inches away from provoking a 30% decline.
Bitcoin price looks weakened
Bitcoin price has failed to maintain support above the $30,000 level. Friday morning, the bears flexed their guns, printing a bearish engulfing candle which now has the peer-to-peer cryptocurrency suppressed by $29,300. The BTC price action could be the first decline of the larger sweep the lows event, a possibility that has been mentioned in previous outlooks.
Invalidation of the bearish thesis is a close above $33,000. If the bulls can establish said price action, they could rally towards $ 37,000, resulting in a 25% increase from the current Bitcoin price.
BTC/USDT 4-Hour Chart
Ethereum price sets up a bearish trade
Ethereum price has breached the lower bounds of a triangle, which has coiled around the payment token throughout the month of May. The breach could be the catalyst for the ETH price to fall to $1400. A bearish engulfing candle has been printed on the 4-hour chart, which has also breached the buyers’ support level on the Relative Strength Index. The ETH price now trades at $1731. If market conditions persist, a sharp decline could continue throughout the weekend.
Invalidation of the bearish trade setup is a breach above $1925. If the bulls can establish a closing candle above $1925, a rally towards $2300 could result in a 33% increase in the Ethereum price.
ETH/USDT 4-Hour Chart
Ripple price declined but has yet to touch the bearish entry signal at $0.3820. Once $0.3820 is touched, a fall into the $0.30 zone could occur. The bears have printed a large bearish engulfing candle on the 4-hour chart with a settling price of $0.3870, so the probability of activating the bearish thesis is high. Traders should keep a sell-stop at $0.3820 to participate in the move, as the market could get very volatile over the weekend.
Invalidation is vital for this trade setup. If the bulls breach $0.4342, a rally towards $0.51 could occur, resulting in a 30% increase from the current XRP price.
XRP/USDT 4-Hour Chart