Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bears sharpen their knives as the market braces for pain
|- Bitcoin price is losing retaliation fuel. A 25% decline could be within arms reach for bears in the market.
- Ethereum price may succumb to a sweep-the-lows event in the coming days
- XRP price shows slightly divergent technicals when compared to the other two cryptocurrencies
The crypto market is losing ground as far as a bullish counterstrike is concerned. The bear rally witnessed earlier in the month has formed a bearish pennant-looking formation on Bitcoin and Ethereum, which could spell bad news for the rest of the market. The resolve on the bearish congestion zone will likely occur soon.
Bitcoin price remains on the back foot
Bitcoin price is showing concerning technicals during the third trading week of November. Following the sharp decline witnessed earlier in the month, the anticipated bounce many traders have hoped for has succumbed to a bearish stronghold. A classical pennant formation is displayed near the newly established monthly lows. If the technicals are correct, the BTC price could experience an explosive move to the downside in the coming days.
Bitcoin price currently trades at $16,704. On November 16, the bears rejected entry to the $17,000 barrier with the help of the 8-day exponential moving average. Like several altcoins, the peer-to-peer digital currency remains submerged in oversold territory on the Relative Strength Index.
Using classical analysis, a projection can be made from the pennant-looking formation. If the technicals are correct, the bearish targets lie at $14,000 and potentially $12,750. Invalidation of the bearish idea is a breach above the $18,250 thrust candle. If the level is tagged, the bulls could produce a countertrend spike back to $20,000. The Bitcoin price would rise by 23% if the invalidation scenario occurs.
BTCUSDT 1-day chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price faces resistance
Ethereum price is struggling to stay afloat during the third trading week of November. After a 35% decline in the month, the bulls have been persistent in their attempts to rally higher. Still, the bullish attempts appear to be exhausting underlying support in the market. If market conditions persist, a sweep of the newfound monthly lows near $1,080 could occur.
Ethereum price currently auctions at $1,214. The auctioning price remains suppressed under an 8-day exponential moving average. A classic bearish shooting star pattern was established on the daily chart, solidifying the idea that the ETH price is headed lower. Like BTC, the Volume Profile Indicator remains sparse, suggesting bulls are hesitant to stay in the market.
If market conditions persist, ETH's next target will be $1,080. A second capitulation target would be near the summer lows at $880.
Invalidation of the bearish thesis is possible if the bulls can reconquer the $1,350 swing high. In doing so, an additional spike towards the 21-day simple moving average at $1,450 would be a scenario on the table. Such a move would result in a 20% increase from the current Ethereum price.
ETHUSDT 1-day chart
In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team
XRP price headed to $0.32 or back to $0.46
XRP price, unlike the other top two crypto coins, has shown much more retaliation strength during the recent bear rally in November. The digital remittance token has yet to complete a pennant formation and hovers higher than its’ newfound monthly low compared to the other two coins. XRP price can be either a leading indicator or a laggard that will experience stronger bearish price action in the future.
XRP currently auctions at $0.37. The bulls have hurdled above the 8-day exponential moving average (EMA) and are retesting the indicator for added support. A rally toward the $0.46 broken support zone would be the next target if the bulls can sustain themselves. However, a closing candle on the daily chart below the 8-day EMA would spell bad news. A test of the range low near $0.32 would likely occur due to the breach.
There are multiple ways traders can approach the digital remittance token in the coming days. Invalidation of the bearish thesis targeting $0.32 could occur if the bulls hurdle the $0.46 barrier. In doing so, an additional rally toward the monthly high near $0.51 could occur. XRP would rise by 33% if said price action were to occur.
On the contrary, the bullish thesis targeting $0.46 depends on the swing lows at $0.316 holding as support. A sweep of the range lows could send XRP into new yearly lows targeting $0.26, a congestion zone from 2020. Such a move would result in a 35% decline from the current XRP price.
XRPUSDT 1- day chart
In the following video, our analysts dive deep into the price action of Ripple, analyzing key market interest levels. -FXStreet Team
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