- Bitcoin price is still underwater as the bears suppress the price back into $40,000
- Ethereum price is showing bullish effort, but another drop could occur.
- XRP price has the most bullish potential as consolidation will determine the next move.
The cryptocurrency market is displaying mixed signals. On one end, Bitcoin and Ethereum price seem to be steeply declining. The bulls are trying to hold the price, but the bears' strength should not be overlooked. Ripple price has been known to decorrelate from Bitcoin and Ethereum price action and is looking more bullish lately than most digital assets.
Bitcoin price says sit on your hands
Bitcoin price shows an effort from the bulls to keep the price above $39,000. However, trading based on hope is never the wisest decision. BTC price has a $44,000 magnet-like target, but the price can still grab liquidity at $38,000 and lower before moving back up. The safest confirmation to join the uptrend will be a price spike above $41,600.
Bitcoin price suppressed the price below the strong 4-hour, engulfing candle printed this week. Thus, the strength of the bears should not be underestimated. The bulls will need to display more bullish price action before confidently saying the downtrend is over.
BTC/USDT 8-Hour Chart
Investors can expect the BTC price to continue to consolidate before the next true hike or decline occurs. If the bulls can not reach the previous swing high at $41,600, expect the BTC price to fall into the $38,000 zone.
Ethereum price is building a cause
Ethereum price has a bit more to fall as the $3,021 price is hovering above the breached weekly trend line. The ETH price shows bullish support as the bulls have established an indecision doji candle amidst April's sell-off. The 2-day Doji does show a decent amount of volume. Additionally, the Doji candle was established in the upper range of the buyers' zone on the Relative Strength Index.
Ethereum price should warrant traders to keep their eyes on the digital asset this weekend. ETH Price could ultimately tap the weekly trend line at $2,800 before moving towards $3,300 and above.
ETH/USDT 2-Day Chart
If the Ethereum price cannot hold the weekly support level, investors can expect more downslides into $2,750 and possibly $2,500.
Ripple price shows bullish optimism
Ripple price has shown considerable bullish strength as the digital remittance token rallied 10% in just one day. The current XRP price hovers at $0.77. The consolidation will ultimately make or break XRP's next move.
Ripple price will need to consolidate in a shallow manner to validate the potential for more uptrend. A deep correction could be the first signal of a bullish fake-out. It is worth noting that the XRP price volume indicator is looking optimistic, and the Relative Strength Index lies perfectly in the buyers' zone.
XRP/USDT 2-Day Chart
Invalidation of the bullish scenario is a close below $0.75. If this scenario occurs, consider the liquidity under $0.68 as a strong magnet for the bears to aim at.
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
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
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.