• Bitcoin price finds some support near the 50% Fibonacci retracement.
  • Ethereum price flirts with a drop below the Cloud and bull flag channel.
  • XRP price reversal date could be right around the corner.

Bitcoin price suffered a strong sell-off on Monday, but oscillator values indicate some near-term support is probable. Ethereum price action is generating panic in hodlers and excitement in bears. XRP price has upcoming Kumo Twist, which could point to a temporary or long-term reversal in the current trend.

Bitcoin price to retest $52,000

Bitcoin price action remains in a solid technical bear market within the Ichimoku Kinko Hyo system. Since triggering an Ideal Bearish Ichimoku Breakout on December 4, Bitcoin has steadily dropped lower but may have found some temporary support.

The Relative Strength Index (RSI )has transitioned into bear market levels, with the oversold levels now at 30 and 20. However, the RSI has bounced off the 30 level and held it as support. At the same time, the Composite Index has crossed above both of its moving averages while the Optex Bands oscillator has moved out of extreme oversold conditions.

BTC/USD Daily Ichimoku Chart

The expected level that Bitcoin would retrace to is likely between the 38.2% Fibonacci retracement and the daily Kijun-Sen at $52,000. However, traders will want to be careful of any daily close below $45,500 as this could trigger a swift move lower towards $40,000.

Ethereum price about to wreck one side of the market

Ethereum price is at a pressure point that could trigger panic or joy for both sides of the market. Presently, Ethereum is trading just a hair below a triple confluence zone of support: the bottom of the bull flag, the 100% Fibonacci expansion, and the bottom of the Cloud (Senkou Span B). Ethereum broke down below these areas yesterday, but buyers returned Ethereum just below those support levels.

ETH/USD Daily Ichimoku Chart

Sellers have again tried to push Ethereum beyond the breaking point, but bulls have thus far been staunch in their defense of this price zone. If bulls can defend the location, the next step is to test the next major resistance zone at $4,400. On the other hand, if bears succeed in pushing Ethereum lower, a fast move to the 161.8% Fibonacci expansion at 161.8% is in the cards. Either way, one side of this market will feel some significant pain.

XRP price signals a turning point in the current direction may happen soon

XRP price has a Kumo Twist coming up on December 17. Kumo Twists are periods where the Cloud shifts from red to green or from green to red. They are periods when Future Senkou Span A crosses Future Senkou Span B.

When an instrument is trending strongly while approaching the date of the Kumo Twist, there is a high probability that a major/minor swing high/low will be found around that date. XRP price is the definition of a strongly trending instrument, with losses of over 42% from the most recent significant swing high on November 10.

XRP/USDT Daily Ichimoku Chart

If XRP price does find a bottom in the present value area, then the likely retracement is a test of the bottom of the Cloud. That would return XRP to the $1.12 value area, nearly a 40% gain from the current $0.80 range.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP