Bitcoin price fluctuates in a triangle pattern as bears reject auctions at the $20,000 price level, according to crypto analyst Tony M. Meanwhile, Ethereum is witnessing historically low gas fees. The analyst states that XRP was rejected in the middle of $0.35 and is preparing for a sharp move. We have prepared Tony M’s analysis of BTC, XRP and ETH for our readers.
“Bitcoin price crossed investors fingers”
The bears are depressing the leading cryptocurrency on the 4-hour chart. Bitcoin price is trading at $19,440. The constant back-and-forth price action witnessed to begin in July has developed a spiral-like pattern that could distract long-term investors from taking action until a definitive breach occurs.
Still, the market leaves opportunities for those who want to stay engaged. Crypto analyst Ali_Charts predicted a potential sell signal during the Asian trading session. He stated that if BTC price fails to break through the 20,800 barrier, Bitcoin price will “trigger a short correction to $19,720, or even $19,500.” On July 5, 2022, Ali’s 1-1 trade setup was fully confirmed as the bears stretched a major bearish candle on the 12-hour chart.
Bitcoin price is still within the confines of the spiral-like pattern. Must be watched closely to join the next directional move. The bears will likely hold shorts until targets of $15,500 and potentially $14,700 are reached. So it is possible that a break below $18,635 is the straw that broke the camel’s back.
Conversely, a decisive close above $20,800 is likely to dissolve the consolidation pattern with a bull rally targeting $23,000 and potentially $24,700. This means a 20% increase from the current Bitcoin price.
“Ethereum price comes close to cutting the board”
Ethereum price remains below the expected 200-week moving average target at $1,200. On July 5, the bears tried to break the liquidity below the $1,000 level. Here, the bears are taking full advantage of the pre-run target while Ethereum price is hovering at $1,085. As featured on Kriptokoin.com, Ethereum has witnessed the lowest gas fees in the last two years. The sale therefore came at an interesting time. If counter market conditions persist, the $980 price level will be a likely target to look forward to a bullish challenge.
Trading a tight consolidation range is never an easy task. Breakout traders are likely to step aside until there is a breach above $1,200 to jump in the market. If this event occurs, the bulls are likely to target $1,500 and potentially $1,650 in the short term.
For those who want to catch a knife, an opportunity will present itself at the level of $ 935-950 in the coming days. Note that the invalidation of the early bullish view is a breach below $810. The $810 invalidation level provides wiggle room at $879.80, the June 18 low, should smart money catch some liquidity. If the bulls can break above $810, we expect more selling to $775 and $730. This means a reduction of up to 30% from the current ETH price.
“Ripple price atrophied and bloody”
The bears rejected the auctions in the mid-$0.35 region. Therefore, Ripple price is currently trading at $0.31. The 8 and 21-day moving averages produced a death cross during the Asian night session. Ripple is now facing serious problems as it hovers just above its current market value.
The resolution of the two colliding moving averages is likely to wake up dormant breakout traders. It is also possible that this is the catalyst that broke the June low of $0.29. If the latter is breached, expect more selling to $0.25 and potentially $0.21. This means a decrease of up to 30%. However, the Relative Strength Index is holding the current XRP price inside a supportive bullish zone at $0.31 on the 4-hours chart. Therefore, we do not recommend jumping into the market as an early bear.
Invalidation of the bearish thesis, a sure close above $0.34. The price action in question represents a 24% increase from the current XRP price. It is also possible that this will cause a buyer frenzy targeting $0.39 in the short term.
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