- Bitcoin price continues to consolidate within a bearish pennant pattern.
- Ethereum price could retest the recently established lows.
- XRP price may witness an exit liquidity pump if the market stays stagnant.
The crypto market is losing ground as far as a bullish counterstrike is concerned. The bear rally witnessed earlier in the month has formed a bearish pennant-looking formation on Bitcoin and Ethereum, which could spell bad news for the rest of the market. The resolve on the bearish congestion zone will likely occur soon.
Bitcoin price remains confined
Bitcoin price has yet to show its cards as an ongoing consolidation is below $17,000. Following the 25% decline earlier in the month, the peer-to-peer digital currency has been confined to a coiling trading range. A pennant formation is displayed near the newly established monthly lows, which would result in a crash of equal value to the prior rally.
Bitcoin price currently trades at $16,682 as the bears have forged several rejections at the $17,000 through the 8-day exponential moving average. Using classical analysis, a projection can be made from the pennant-looking pattern formed this week. If the technicals are correct, the bearish targets lie at $14,000 and potentially $12,750.
Invalidation of the bearish idea is a breach above the $18,250 thrust candle. If the level is tagged, the bulls could produce a countertrend spike back to $20,000. The Bitcoin price would rise by 23% if the invalidation scenario occurs.
BTCUSDT 1-day 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 still underwater
Ethereum price continues to display a bearish stronghold as the third trading week of November goes into the weekend. After a 35% decline witnessed earlier this month, the bullish attempts to recover have all been rejected. If market conditions persist, the bears could induce a downswing toward the recently established lows at $1,080
Ethereum price currently auctions at $1,205. Like Bitcoin, ETH has yet to be able to hurdle the 8-day exponential moving average. The Volume Profile Indicators' sparse reading could suggest that high-cap investors will remain sidelined until a definitive trend as a result of the congestion is established.
If the market is genuinely bearish, ETH's next target will be $1,080 and potentially the summer lows at $880.
Invalidation of the bearish could arise if the bulls reconquer the $1,350 swing high. In doing so, an additional spike toward the 21-day simple moving average at $1,450 could occur. The Ethereum price would rise by a 20% increase from the current market value if the invalidation scenario were to occur.
ETHUSDT 4-hour chart
In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team
XRP price might have one more target to hit
XRP price has diverged from most cryptos as the bulls are resilient to the market's downtrend suppression. The digital remittance token has yet to form a pennant pattern like the majority of the too cryptos and is at the upper end of the range following its recent decline. XRP price will either expand toward the mid-$0.40 zone or fall sharply in the coming days.
XRP currently auctions at $0.37. The bulls have hurdled above the 8-day exponential moving average (EMA) and are retesting the indicator for added support. The Relative Strength Index (RSI) has climbed back into support and hovers above both of the RSI's moving averages, which is an optimistic signal. If the market is preparing for a larger countertrend bounce, a hike toward the recently broken support zone at $0.46 would be an ideal target to aim for.
Still, the bullish outlook targeting $0.46 depends on the swing lows at $0.316 holding as support. A breach of the lows could send XRP to the 2020 congestion zone near $0.26. The XRP price would decline by 35% if said price action were to occur.
XRPUSDT 1-day chart
In the following video, our analysts dive deep into the price action of Ripple, analyzing key market interest levels. -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
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.