- Bitcoin price showed weakness as it sliced through the $63,788 resistance level, suggesting a deeper downswing could be brewing.
- Ethereum price continues to set up new highs as bulls eye $5,000 next.
- Ripple price breaks out of a bullish pennant, contemplating the start of an 80% ascent.
Bitcoin price has been consolidating for more than ten days and shows no signs of a directional bias. BTC collected liquidity and could be primed for a move lower. For now, the altcoins are showing strength as BTC coils up. If BTC crashes, altcoins are bound to take a hit.
Bitcoin price on the fence as bulls fight bears
Bitcoin price rose 8% between November 1 and November 2 and pierced into the liquidity zone, ranging from $62,614 to $63,699. While it closed above it on a four-hour time frame, the daily candlestick did not. This indecision suggests the inability of the buyers to push through.
Therefore, investors can expect BTC to head lower, to the immediate support level at $60,000. A daily close below this level will suggest that the downswing will continue. In such a case, the big crypto will revisit the demand zone ranging from $56,629 to $58,587.
This barrier will be crucial in determining the directional bias, a breakdown of which will reveal that BTC is headed to $53,000. This move would be a perfect buy opportunity for patient and long-term investors.
BTC/USD 1-day chart
On the other hand, if Bitcoin price bounces off the demand zone at $56,629 to $58,587, it will indicate that the buyers are fighting for control. However, a daily close above $63,788 or $64,000 will reveal that an uptrend is likely.
Bullish confirmation would come from a retest of the same level. In such a case, BTC will head toward the $70,000 psychological level.
Ethereum price shows strength and affinity to move higher
Unlike Bitcoin, Ethereum price set up a new high at $4,643 and is currently hovering in this region. The 100% trend-based Fibonacci extension level at roughly $5,000 is a few ticks away; therefore, investors could expect ETH to retest this barrier in the coming future, especially if BTC continues to consolidate. In a highly bullish case, the ascent could extend beyond this barrier due to its deflationary nature after the recent network upgrades.
Over the past week, the number of ETH being minted by miners are less compared to the ones being burned after the EIP-1559 upgrade. Add that to the recently approved CME's Micro Futures, Ether's future looks extremely bullsih.
ETH/USD 1-day chart
As bullish as that is, the outlook is contingent on the assumption that BTC does not violently crash to $53,000 or lower. If it does, Ethereum price will likely revisit the $3,619 barrier, followed by a crucial support floor at $3,200. Investors can expect ETH to make a comeback around this area.
Ripple price sees a bullish breakout
Ripple price has set up multiple lower highs and higher lows since August 10, which, when connected using trend lines, result in the formation of a symmetrical triangle pattern.
This setup forecasts a 79% ascent to $1.97, obtained by adding the distance between the first swing high and the first swing low to the breakout point at $1.10.
Since its breach on November 2, Ripple price has seen a 9% ascent so far. While this move is bullish, XRP needs to produce a daily close above $1.41 to strongly confirm a move to its intended target at $1.97.
XRP/USD 1-day chart
On the other hand, if Ripple price fails to slice through the supply zone, ranging from $1.31 to $1.97, it will indicate weakness among buyers. If the XRP price slides back into the technical formation, it will invalidate the bullish thesis and retest the $1 psychological level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.