- The price of bitcoin has invalidated a widely held macroeconomic thesis.
- The price of Ethereum is not affected as hard as other cryptocurrencies.
- XRP price could rebound towards $0.60 before another crash.
bitcoin, Ethereum The price of XRP displays evidence of a decorator relationship as all the assets begin to portray a different narrative.
Bitcoin price needs an alternate wave count
Bitcoin price has invalidated the macro thesis widely spread among professional Elliot Wave traders. On Wednesday, May 11, the bears managed to push the price below $28,800, putting an end to the notoriety. Bitcoin Triangle thesis. Now that the initial macro thesis has been hacked, an alternative account must be set up to predict the potential price movement of the bitcoin price.
Bitcoin price remains bullish on the monthly and yearly charts. The volume indicator pointed to the current sell-off as a corrective move of lower volume compared to Bitcoin’s bullish rallies in 2020 and 2021. So, alternative Bitcoin price can still predict long-term targets above $100,000 in the future. However, readers are asked to wait for the total count to be updated as more evidence from the market will help portray a definitive account of the future bitcoin price.
BTC/USD Week Chart
Currently, the macro thesis invalidation is $14,000 but is subject to change once a new thesis is developed in the coming weeks. If the bears manage to break above $14,000, the entire uptrend scenario will be void with less than 1% chance of ever seeing new tops, while the bears could sweep the pandemic bottoms at $6000, resulting in an 80% drop from the level. Present Bitcoin price.
Ethereum price is less harmful from a macro perspective
The price of Ethereum saw a sell-off like most cryptocurrencies this week. Bears managed to achieve success Liquidity Chasing as the yearly lows at $2,150 were breached. However, unlike Bitcoin and XRP, the price of Ethereum did not break the 2021 lows at $1,700.
Ethereum price has a big question mark surrounding the current price action and will likely need more clues from the weekly chart to create a confident outlook. If the bulls can hold the $1,700 level and print a bullish hammer on the weekly chart, an overall range-limiting triangle may be in the works for the current ETH price.
ETH/USDT 1-week chart
The simplest level to neutralize speculating on counter-upside rallies is now $1,700. If the bears break this level, the next downside targets will be $1,400 and $1,100 in the coming weeks, which will lead to a 45% drop from the current Ethereum price.
XRP price could lock up early buyers before another drop
XRP price has broken through a coherent trend channel. Retesting the trend channel could create a classic breakout and retest strategy for bears looking to join the market. At the time of writing, it was ripple The price is trading at $0.42 and a 40% rally to $0.57 could occur before the bears show their bearish strength once again.
XRP price breached the first downside target at $0.36, Referred advance this month. The next targets could be $0.34 and $0.27. It is worth noting that the volume profile indicates a bearish reoccupation of the trend on the weekly chart. Long-term investors should consider rebalancing their portfolios to take advantage of future discounted rates.
XRP / USDT 1-week chart
The downside reversal is the breakout at $0.5978. If the bulls take this level, the entire downtrend can be ended. The bulls can then redirect towards $1.00, which leads to a 140% increase over the current price of XRP.