According to crypto analyst Akash Girimath, Bitcoin is at a stage that will catch investors off guard if history repeats itself. The analyst says the bulls are likely poised for a trap that will cause massive liquidations for ETH, XRP. Also, the analyst states that SHIB presents an opportunity for long-term buyers. According to analyst Filip L, APT is at an important turning point.
Bitcoin, Ethereum, Ripple, Shiba Inu and Aptos analysis
BTC price action could turn into a fractal
Bitcoin price action over the past two months is reminiscent of the movements that took place between January 20 and March 1. The repeating pattern is called a fractal and can even be seen in the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators.
If history repeats itself, investors can first expect a minor recovery rally to $28,051 for Bitcoin. This move is the first scenario. It will push BTC to collect the buy-stop liquidity earlier as seen in the chart below. After this liquidity move, sellers are likely to take control and catalyze a steep correction, trapping early and greedy bulls on the wrong side. The RSI and AO indicators are perfectly positioned below their respective average levels for a rejection followed by a pullback. The second leg of the first scenario involves the Bitcoin price sliding down to label the $25,175 and $23,062 support levels.
The bullish thesis or scenario 2 for Bitcoin price involves BTC invalidating the fractal view. This means it has turned the $28,051 barrier into a support base. If it does, BTC will open its way to tag $30,287.
Ethereum fails to take control
ETH price has been struggling to break above a critical hurdle at $1,817 for about ten days. Starting this week, traders can expect a minor rally sweeping this level to gather buy-stop liquidity. This move is likely to trigger a buying spree from greedy bulls. A subsequent increase in selling pressure is likely to push ETH down to the $1,703 support level. This move would mean a 6.4% drop. However, if the selling pressure continues to increase, Ethereum is likely to break the $1,703 barrier. Thus, it is likely to visit the support zone stretching from $1,563 to $1,478.
An invalidation of the bearish outlook for Ethereum price will require a bullish breakout in Bitcoin price, where ETH could turn the $1,817 barrier into a support base. In such a case, it is possible for ETH to try to tag the $2,028 resistance level.
Ripple price rises for now
XRP price was rejected at $0.469 after multiple attempts in May. The inability to overcome this blockade has brought the XRP price down. That’s why XRP is currently trading at $0.463. Looking forward, investors can expect XRP to break the $0.469 hurdle for buy-stop liquidity. But if the Bitcoin price crashes halfway through, the altcoin will likely follow. In such a case, market participants need to focus on ripple price, which revisits the critical $0.439 and $0.432 levels to stop the decline. From the current position, this move would mean a 6.4% descent.
The outlook for Ripple price is bearish due to the uncertainty in Bitcoin price. However, traders need to be mindful that clearing the $0.469 hurdle will invalidate the bearish thesis. In such a case, it is possible for XRP to try to retest the $0.500 psychological level.
Shiba Inu continues to narrow its price range
cryptocoin.comAs you follow, SHIB is stuck in a small range between May and September 2021. Towards the end of the consolidation, the Relative Strength Index (RSI) broke free from being in the oversold zone and started to rise, while the SHIB remained in this range. Looking back, this move signaled that the bulls were starting to wake up. Before long, SHIB price started a 1200% rally next month. This created a local top of $0.0000875.
Similarly, the current consolidation for the SHIB price has been going on for more than a year after it started in May 2022. The RSI has recently dived into the oversold zone. This suggests that there is still time before SHIB catalyzes an explosive move to the upside. Assuming the RSI continues to rise, the short-term target for SHIB price is $0.0000106. Beyond this hurdle, it is possible for SHIB to tag the $0.0000186 resistance level as well. In total, this move will mean an increase of 117%.
Whatever the positive outlook for the Shiba Inu price, investors should take it with a grain of salt due to the current market conditions. If the Bitcoin price suffers a fatal pullback, the negative effects will spread to altcoins, including SHIB. If SHIB price turns the $0.00000712 support level into a resistance level, it will create a lower low and invalidate the bullish view. Such a move is likely to trigger a correction towards the September 2021 low of $0.00000610.
Aptos price at major turning point
APT price is poised to enter an ugly phase on the chart as the selling pressure is not easing at the moment. The bulls risk exposure if the bears extend the price action below $8.06. It is possible that a brutal fall could result in another 15% loss. Meanwhile, the Relative Strength Index (RSI) is pointing to a minor recovery. However, it’s possible that this is just a drop on a hot plate.
APT bulls defended and bought heavily along the green ascending trend line and this key line at $8.06. Both almost lined up with each other. Therefore, the bears are likely to easily push the bulls out of their positions by only testing $8 to the downside. In this case, the bulls will start to panic and kick themselves in the feet, emptying their positions. This will trigger a meltdown to $6.90 before meeting some support.
Upward movement will only occur when some trailing is noticed on the charts. This means that the RSI continues to rise and move away from the oversold barrier. In this case, it will break the red descending trendline to the upside. Thus, it will trigger a big buy wave and head towards $9 on the initial reaction.
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