- Bitcoin prints a higher low but faces resistance at $17,000.
- Ethereum remains submerged below a broken support level.
- XRP price has recovered 20% of market losses but may be losing steam.
The crypto market is attempting a retaliation against the recent onslaught experienced earlier in the month. As a congestion zone forms on BTC near the psychological $17,000 level, the top 3 cryptos remain indecisive. Key levels have been defined to forecast possible outcomes for the crypto giants in the coming weeks.
Bitcoin price facing resistance
Bitcoin price is the primary focus for crypto traders going into the third trading week of November, as its next move will likely determine the outcome for the rest of the market. After a 10% decline over the weekend, the bulls finally stepped near the upper $15,000 level to provide support. The peer-to-peer digital currency managed to recover 8% of its market value. Still, despite the hopeful gesture, Bitcoin will need to take on a lot more work to truly define a strong countertrend rally.
Bitcoin price currently trades at $16,996. The 10% decline printed a higher low at $15,815. The Relative Strength Index (RSI) shows the market is cooling off as the indicator has climbed back into support on smaller time frames. Still, the peer-to-peer digital currency faces considerable bearish pressure as the 200-week moving average, the 21-day simple moving average, and the 8-day exponential moving average hover above the current auctioning price.
If market conditions persist, Bitcoin may be headed for one more low near $15,000. Invalidation of the bearish idea is a breach above the $18,531 thrust candle. If the level is tagged, the bulls could produce a countertrend rally back to $20,000. Bitcoin price would rise by 20% if the invalidation scenario occurs.
BTCUSDT 12-hour 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 is submerged
Ethereum price is facing significant bearish pressure going into the third trading week of November. After a 35% decline on the month, the bulls produced a retaliation rally that was capped near the recently broken support at $1,300. After a few days of consolidation, the ETH price is still submerged below the barrier and shows signals that suggest bulls are hesitant to stay in the market.
Ethereum price auctions at $1,264 as the bulls attempt to hurdle the 8-day exponential moving average. A rejection from the indicator would be explosive and could provoke a second test of the $1,080 lows. The Relative Strength Index breached oversold levels during the previous decline, which suggests the downtrend is still ongoing.
Invalidation of the bearish thesis could arise if the bulls hurdle the $1,350 swing high. In doing so, an additional spike towards the 21-day simple moving average at $1,450 would stand a fair chance of occurring. Such a move would result in a 17% 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 fights back
XRP price currently auctions at $0.39 as the bulls have pulled off a second recovery rally of recouping 20% losses from the week prior. Now, as the price consolidates just below the $0.40 barrier, traders are forced to ask a central question: is the countertrend rally coming to an end or just getting started?
XRP price has hurdled above the 8-day exponential moving average, which sets it apart from Bitcoin and Ethereum. The Volume Profile Indicator also shows the bulls attempting to produce a ramping pattern, but the number of transactions is still relatively lower than the previous declines. Keeping this in mind, the XRP price may need to remain range bound between $0.39 and $0.31 for a few more days before the next definitive trend can be established.
For bears looking to enter the market, invalidation of the bearish scenario 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 30% if said price action were to occur.
XRPUSDT 12- hour chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.