- Bitcoin price is surrendering most of its weekend gains to test support.
- Ethereum price returns to critical Fibonacci support.
- The XRP price is likely to retrace to $0.28.
Bitcoin price drops more than 5% following a massive rally from fresh 2022 lows. Ethereum price, like BTC, has given up almost all of the gains it has generated since last Friday. The price of XRP is showing signs that it will not be able to overcome the resistance in the short term, signaling that another significant decline in value might occur.
Bitcoin price sees traders analyzing move following weekend rally
Bitcoin price action has retreated since Sunday’s close, falling more than 5% on the day. BTC bounced off the 38.2% Fibonacci retracement near the open on Saturday, May 14, 2022 and so far holds this zone as support.
The result of the Bitcoin price pullback is a powerful Triple Top Breakout setup on the $500/3-box reversal Point and Pattern chart. The hypothetical long entry is a buy stop at $32,000, a stop loss at $29,500 and a profit target at $39,000.
BTC/USD $500/3-box Reversal Point and Figure Chart
The trade represents 3.5:1 rewards for risk. A two-box trailing stop would help protect any profit generated following entry.
Ethereum Price Testing New Support Range; failing to hold here might trigger another 40% wipeout
Ethereum price lost almost all of its momentum following last Thursday’s selloff. As ETH approached the daily Tenkan-Sen and 78.6% Fibonacci retracement at $2,161, sellers quickly took over. As a result, today’s session saw ETH erase all gains from Sunday and Saturday.
However, Ethereum’s price remains well above the new 2022 lows it set last Thursday at $1,763. The $1,950 level is the last area of primary support on ETH’s daily chart before it can crash into the next high node of the 2021 volume profile at $1,250.
Daily chart ETH/USD Ichimoku Kinko Hyo
Any upside potential for Ethereum price is likely limited to the $2,500 value zone where the daily Kijun-Sen at $2,470 and the 61.8% Fibonacci retracement at $2,571 exist.
XRP price is ready for another 40% selloff
XRP price action does not look promising for traders. However, from the perspective of Ichimoku’s daily chart, there is no near-term support ahead, nor is there an imbalance with any of Ichimoku’s components.
Traders have the unenviable task of breaking the most critical resistance zone for XRP down to the $1 level: $0.50. The $0.50 value zone contains the 61.8% Fibonacci retracement ($0.495), the daily Tenkan-Sen ($0.47), and the 2021 volume control point ($0.48). As a result, buyers pushed XRP into this range and immediately encountered sellers.
Daily chart Ichimoku Kinko Hyo XRP/USDT
The real danger for any XRP price holder is between $0.42 and $0.28. There is a very lightly traded area in the volume profile between $0.42 and $0.28. Probably, XRP price may not start a new uptrend until it breaks into the $0.28 value zone – which also contains the powerful 88.6% Fibonacci retracement.
The short-term upside potential for XRP price is likely limited to the daily Kijun-Sen at $0.55.
