- Bitcoin is up 5% after a 10% drop over the weekend.
- Ethereum shows that the bulls have lost their main strength.
- XRP price is consolidating in a range that could be resolved by an explosive move.
The cryptocurrency market made a counter-trend bounce after a sustained weekend decline. A two-week consolidation was broken to the downside over the weekend, predicting targets well below the current price. Key levels have been set to determine the next potential moves of the top 3 cryptocurrencies.
Bitcoin price pulls back
The price of Bitcoin started off lower after consolidating in a nearly two-week range of $17,000. Dismantling produced a monthly minimum of $15,476. Now, the peer-to-peer digital currency has responded to the bear attack, as bulls recovered 5% of losses on Tuesday, November 22. However, there is a pennant formation surrounding the BTC price during the 2-week consolidation. Projected targets between $13,500 and $14,000. Thus, the downward trend may continue.
Bitcoin price is currently $16,161 in auctions. A 5% gain reported for several altcoins during the New York session on November 21 was the catalyst for the bullish divergence. The bulls now face significant resistance near the 8-day exponential moving average at $17,000. A retest of the barrier could lead to a stronger selloff.
Invalidating the bearish idea is a breach above swing highs at $17,200 within the previous consolidation. If the level is ticked, the bulls could create a countertrend rally to the 21-day simple moving average at $17,900. If the no-confidence scenario happens, the Bitcoin price will increase by 10%.
BTC/USDT 1 day chart
In the video below, our analysts take an in-depth look at Bitcoin’s price action, analyzing key interest levels in the market. -FXStreet Team
Ethereum price loss basics
The price of Ethereum has seen better days as the bears are down 10% since the weekend. Currently, the bulls are trying to make a counter-trend breakout, but this attempt could exhaust their underlying strength. The Volume Profile Indicator confuses the story, as there has been less activity in recent days compared to the previous sell-off in November, which briefly breached the $1,000 barrier. If market conditions continue, the bears could make a decisive move to keep the Ethereum price below $1,000.
Ethereum price is currently trading at $1119. Bears in the market will likely target summer liquidity at $1,000 and potentially $939. If the sidelined bulls do not enter these zones, a free fall targeting summer lows at $880 will be inevitable. A breach above $1,276 will invalidate the downtrend idea.
Conversely, a countertrend rally to the previous congestion zone at $1,276 would be an ideal target zone for short-term bulls. Bulls need to break the 8-day exponential moving average at $1,192 to justify any bullish trading ideas.
ETH/USDT 1 day chart
In the video below, our analysts take an in-depth look at Ethereum’s price action by analyzing key market interest levels. -FXStreet Team
XRP price range closed before the explosion
XRP price has weathered the bearish stronghold like Bitcoin and Ethereum. The digital remittance token has now formed a range between $0.34 and $0.39. Technical indicators show progressively lower highs and higher lows throughout the month. The newly found density zone is likely to be resolved by explosive action. If the move is a month, the XRP price will likely trade below $0.30 in 2023.
XRP is currently trading at $0.37. The bulls are making their first attempt to break the 8-day exponential moving average (EMA) after the rejection that led to a 10% decline over the weekend. As price moves higher, bearish bears may want to focus on the Relative Strength Index (RSI). The indicator shows the current price close to the previous highs, which indicates that a downward divergence will soon be established and may justify traders to open a short position.
Bearish targets will be the November monthly low of $0.3160 and the summer low of $0.298. A bearish thesis invalidation is a breakout above the swing high of $0.40. If the bulls can break the barrier, a rally towards the previously broken support zone at $0.44 is possible. Such a move will result in a 20% increase from the current price.
XRP/USDT 12 hour chart
In the video below, our analysts take an in-depth look at Ripple’s price action by analyzing key market interest levels. -FXStreet Team