Bitcoin (BTC) price ends on a bearish note in April amid concerns that further downside pressure may continue. ETH price continues to haunt the bulls and bears as Ethereum (ETH) maintains a tight trading range. Ripple (XRP) price is struggling to hold the $0.60 level. As Kriptokoin.com, we convey the expected levels and analyst views for Bitcoin, Ethereum and XRP.
Bitcoin price action shows several potential bullish signals
Bitcoin price action is trying to recover in May after massive sell-off in April. Historically, April is one of the best performing months for Bitcoin. But April of 2022 was the worst-performing April in Bitcoin history. Last April was also the worst performing month since May 2021.
There are now a few warning signs for bears. First, the strongest trend reversal pattern, the descending wedge, has formed on the daily Bitcoin price chart. The descending wedge has a high rate of positive expectation to turn the price action into a broad trend change or at least a stronger corrective action. The second major reversal signal is the bullish divergence between the Composite Index and price action. Bitcoin price has created a series of lower lows, but the Composite Index has created higher lows. Additionally, the Composite Index climbed above both its slow and fast moving averages. Any recovery for bitcoin price could be limited to the lower part of the $41,300 Ichimoku Cloud (Senkou Span B). Any further bullish outlook will likely be invalidated if Bitcoin drops below $36,000.
Ethereum trying to set a trend
Ethereum price action from an Ichimoku perspective is in the worst possible place on the daily chart: inside the Ichimoku Cloud. The Ichimoku Cloud represents indecision and volatility. ETH was in contact with Bulut for eleven consecutive weeks. ETH needs a clear break like bullish or bearish to form a future trend. For bears, the path to the Ideal Bear Ichimoku breakout is much easier. For this to happen, Ethereum price just needs to close at or below $2,545. Ethereum price may not find support from there until the 50% Fibonacci retracement at $1,770.
A close above the Ichimoku Cloud is positive though not enough for the bulls to signal a clear and determined new uptrend. To complete the Ideal Bullish Ichimoku break on the weekly chart, Ethereum price must close at or above $4,750, slightly lower than the previous all-time high.
XRP outperforms its rivals
XRP price continues to outperform its rivals and is at risk of an increasingly sharp decline. The current support zone at $0.61 formed a double bottom with the previous trading range of $0.60 in January 2022. The resulting volume developed the second largest high volume node in the 2022 Volume Profile and created a strong support zone.
If support continues and XRP price can move higher, gains may be limited to the $0.80 value area. $0.80 includes the daily lower value of the Ichimoku Cloud (Senkou Span B) and the 2022 Volume Control Point. A bounce from $0.60 becomes more likely as the Optex Bands oscillator hits new all-time lows. Failure to hold $0.60 could result in a 61.8% Fibonacci retracement and a flash crash in the critical $0.50 value area of XRP price.
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