{"id":54867,"date":"2021-07-07T10:00:40","date_gmt":"2021-07-07T14:00:40","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=54867"},"modified":"2021-07-07T10:00:40","modified_gmt":"2021-07-07T14:00:40","slug":"bitcoin-ethereum-and-ripple-update","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/07\/bitcoin-ethereum-and-ripple-update\/","title":{"rendered":"Bitcoin, Ethereum, And Ripple Update"},"content":{"rendered":"<p>Bitcoin invalidated the <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12535.jpg\">short-term pattern<\/a> posted last <a href=\"https:\/\/www.ino.com\/blog\/2021\/06\/silver-favor-bulls-bitcoin-to-zero\/\">month<\/a> as it pulled both sides\u2019 triggers and then returned to the current equilibrium. The other <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12536.jpg\">large-scale pattern<\/a> is good to go.<\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12600.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12600.jpg\" width=\"1678\" height=\"790\" alt=\"Bitcoin, Ethereum, And Ripple Update - Bitcoin Daily Chart \" class=\"aligncenter size-full\" \/><\/a><\/p>\n<p>I assumed that the right shoulder has been in progress with a possible spike to the upside. The price accurately followed that forecast as the price even surpassed the previous top to mirror the extreme in the left shoulder. Both shoulders peaked almost in the same area as the entire pattern aligns horizontally.<!--more--> <\/p>\n<p>The pattern is complete now as we finally have the invalidation at the top of the right shoulder at $41,392. The downward trigger is the Neckline around the $30k level. The price of Bitcoin has pierced it only once without a follow-through breakdown.    <\/p>\n<p>The majority of readers chose the crash option for Bitcoin. <\/p>\n<div id=\"polls-488\" class=\"wp-polls\">\n\t<form id=\"polls_form_488\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_488_nonce\" name=\"wp-polls-nonce\" value=\"23480bf457\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"488\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Where do you think Bitcoin is headed?<\/strong><\/p><div id=\"polls-488-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1462\" name=\"poll_488\" value=\"1462\" \/> <label for=\"poll-answer-1462\">Up<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1463\" name=\"poll_488\" value=\"1463\" \/> <label for=\"poll-answer-1463\">Down<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(488);\" onkeypress=\"poll_result(488);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(488); return false;\" onkeypress=\"poll_result(488); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-488-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>The hype could not save Ethereum from a huge collapse amid the entire crypto-market sell-off. The price dropped beneath the common Fibonacci retracement levels. The structure has changed then.<\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12601.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12601.jpg\" width=\"1522\" height=\"787\" alt=\"Bitcoin, Ethereum, And Ripple Update - Ethereum Daily Chart \" class=\"aligncenter size-full\" \/><\/a><\/p>\n<p>The price collapsed to the low of $1,728. After that, it started to recover robustly, almost reaching the 50% pullback area. The top was established at $2,914, and then the price crashed again. <\/p>\n<p>I marked that pullback as green \u201ca\u201d leg because the following drop could not break down the former valley of $1,728. It means that the second green leg \u201cb\u201d could be in progress. The top of the leg \u201ca\u201d at $2,914 is the target for leg \u201cb\u201d as it looks like the box-type horizontal consolidation.    <\/p>\n<p>This two-legged pullback is an interconnector between red legs 1 and 2 to the downside. If we assume that the consolidation would emerge as per the plan, we can find the preliminary target for the second leg down. The equal distance with leg 1 could reach the $258 level in leg 2. It will be a 94% retracement of the entire move up post the 2018-year crash, the same retracement we had in the mentioned 2018 collapse.<\/p>\n<div id=\"polls-489\" class=\"wp-polls\">\n\t<form id=\"polls_form_489\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_489_nonce\" name=\"wp-polls-nonce\" value=\"c71070e24a\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"489\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Where do you think Ethereum will go?<\/strong><\/p><div id=\"polls-489-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1464\" name=\"poll_489\" value=\"1464\" \/> <label for=\"poll-answer-1464\">Up<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1465\" name=\"poll_489\" value=\"1465\" \/> <label for=\"poll-answer-1465\">Down to $258<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(489);\" onkeypress=\"poll_result(489);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(489); return false;\" onkeypress=\"poll_result(489); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-489-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>Ripple (XRP) follows the trajectory set with the breakdown of a <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12476.jpg\">Triangle pattern<\/a> posted in <a href=\"https:\/\/www.ino.com\/blog\/2021\/05\/bitcoin-ethereum-and-ripple\/\">May<\/a>. Most readers preferred the \u201cI don\u2019t trade Ripple\u201d option followed by the bullish bet. This time, the least popular option of downward movement has played out.    <\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12602.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12602.jpg\" width=\"1586\" height=\"784\" alt=\"Bitcoin, Ethereum, And Ripple Update - Ripple Weekly Chart\" class=\"aligncenter size-full\" \/><\/a><\/p>\n<p>It looks like the XRP price falls prey to the distribution stage when investors get rid of the asset. I zoomed out the chart to show you the historical pattern of that stage. Yes, it is not a new thing for the Ripple as in not so distant 2018, the price retraced heavily into the abyss of 92%, down to $0.25 from the peak of $3.30. <\/p>\n<p>If we apply the historical correction percentage to the current situation, the target level for the drop could be in the area of $0.26. It amazingly coincides with the initial downward target of a <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12476.jpg\">Triangle<\/a>. <\/p>\n<p>Overall, this could build a large corrective structure. We have one fast move to the upside to peak at $3.30 in 2018 and the following long-lasting retracement within two legs to the downside. In this case, we cannot rule out the full retracement to tag the all-time low of $0.13 to complete the entire structure.<\/p>\n<div id=\"polls-490\" class=\"wp-polls\">\n\t<form id=\"polls_form_490\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_490_nonce\" name=\"wp-polls-nonce\" value=\"5a989bb3bf\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"490\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Please share your thoughts about Ripple (XRP)<\/strong><\/p><div id=\"polls-490-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1466\" name=\"poll_490\" value=\"1466\" \/> <label for=\"poll-answer-1466\">I am still bullish<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1467\" name=\"poll_490\" value=\"1467\" \/> <label for=\"poll-answer-1467\">I see the drop to $0.26-0.27<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1468\" name=\"poll_490\" value=\"1468\" \/> <label for=\"poll-answer-1468\">I see a full retracement to $0.13<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(490);\" onkeypress=\"poll_result(490);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(490); return false;\" onkeypress=\"poll_result(490); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-490-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>Retracements or even total extinction threat well-known cryptocurrencies as the global \u201cgreen\u201d agenda is acute these days. The central banks are also strong opponents as they are eager to roll out their own digital currencies, although with the same fiat virtue. More and more established institutional investors, on the other hand, admit that cryptos as an asset class came here for long. <\/p>\n<p>Indeed, the first cars were not environmentally friendly; the first aircraft were unsafe, but we still use both types, although none of the prototypes survived. <\/p>\n<p>Investors have poured more than one trillion dollars into this market for some reason. Let it be a digital escape, anti-inflation\/fiat, gambling, etc. The coins as \u201cproducts\u201d could change or even be substituted; however, the crypto-market would continue.<\/p>\n<div id=\"polls-491\" class=\"wp-polls\">\n\t<form id=\"polls_form_491\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_491_nonce\" name=\"wp-polls-nonce\" value=\"70283cd15b\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"491\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Do you think cryptos are here for long time?<\/strong><\/p><div id=\"polls-491-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1469\" name=\"poll_491\" value=\"1469\" \/> <label for=\"poll-answer-1469\">Yes, forever<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1470\" name=\"poll_491\" value=\"1470\" \/> <label for=\"poll-answer-1470\">No, they will disappear over time<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(491);\" onkeypress=\"poll_result(491);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(491); return false;\" onkeypress=\"poll_result(491); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-491-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>Intelligent trades!<\/p>\n<p><a href=\"http:\/\/www.ino.com\/blog\/meet-aibek-burabayev\/\" title=\"Meet Aibek Burabeyev\">Aibek Burabayev<\/a><br \/>\nINO.com Contributor, Metals<\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Bitcoin invalidated the short-term pattern posted last month as it pulled both sides\u2019 triggers and then returned to the current equilibrium. The other large-scale pattern is good to go. I assumed that the right shoulder has been in progress with a possible spike to the upside. The price accurately followed that forecast as the price [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":21,"featured_media":54870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6922,14379,3438,6243,14677,8593,31548,102],"class_list":["post-54867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-bitcoin-bitstampusd","tag-chart-analysis","tag-cryptocurrency","tag-cryptocurrency-trading","tag-ethereum-eth","tag-ripple-xrp","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin, Ethereum, And Ripple Update - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"Bitcoin invalidated the short-term pattern posted last month as it pulled both sides\u2019 triggers and then returned to the current equilibrium.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2021\/07\/bitcoin-ethereum-and-ripple-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin, Ethereum, And Ripple Update - 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