Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for final pullback before next leg up


  • Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart.
  • Ethereum price continues to consolidate under the $3,938 resistance level.
  • Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Bitcoin price is facing resistance and selling pressure as it is inches away from retesting its all-time high. The technicals are also hinting at a retracement, which could translate to other altcoin markets.

Bitcoin price readies itself for a launch

Bitcoin price has risen a whopping 48% since October 1 but is finally slowing down as it approaches its all-time high of $64,895. On the daily chart, the Momentum Reversal Indicator (MRI) has flashed a red ‘one’ sell signal. This technical formation forecasts a one-to-four candlestick correction.

Investors should exercise caution as a pullback could be on its way. This correction could knock the big crypto downer to $62,944, the immediate support level below price, or push it down to the $60,000 psychological level. In some cases, if profit-taking intensifies, BTC might retest the $56,000 support barrier.

The aforementioned retracement may provide an opportunity for sidelined buyers to jump on the bandwagon and kick-start a massive uptrend that not only breaches through the all-time high at $64,895 but also sets up a new target at $70,000.

The 161.8% trend-based Fibonacci extension level at $77,525, could be the next pitstop for bulls.

BTC/USD 1-day chart

BTC/USD 1-day chart

While things are looking slightly bearish for Bitcoin price in the short-term, a breakdown of the $56,000 support level has the chance to deepen the corrective wave, pushing BTC as low as $52,000 or, in some cases, $51,000, therefore, market participants need to be careful and wait for a confirmation of the upswing.

Ethereum price gets stuck again

Ethereum price saw a huge portion of its trading session stuck between $3,387 and $3,938. As ETH coils up below $3,938, investors can expect ETH to follow Bitcoin’s path if it corrects. For Ethereum price, the support levels are much more defined.

A downswing will let ETH retest the $3,619 level first, a breakdown of which will be followed by $3,387 and, in a worst-case scenario, $3,200.

Market participants can expect Ethereum price to kick-start its bull run around $3,200 and head straight toward the $4,000 psychological barrier, and its all-time high at $4,380.

The 100% trend-based Fibonacci extension level at $4,957 is where ETH could erect its next high, and in a highly bullish case, it could head toward the next barrier at $6,384.

ETH/USD 1-day chart

ETH/USD 1-day chart

If the Ethereum price cracks below $3,200, however, it may revisit $3,000. This development does not invalidate the bullish thesis but delays it. Moreover, it would allow the buyers to purchase ETH at a discounted price, potentially kick-starting a new leg-up.

Ripple price tries to reclaim crucial levels

Unlike Bitcoin and Ethereum, Ripple price is seeing less volatility and recently slid below the $1.09 support floor. As XRP price struggles to head above the said barrier, investors need to be careful around this token.

A failure to pull up its weight could result in a retracement to the support area – extending from $1.01 to $0.964. If buyers fail to defend $0.964, the XRP price will likely revisit $0.84 and collect the sell-stop liquidity resting below the September 21 and 29 swing lows.

This development will allow Ripple price to gather enough energy for the next bull rally that will allow it to slice through critical resistance barriers and retest $1.27. If the buying pressure persists, the XRP price could extend its upswing to $1.30 and $1.60.

XRP/USD 1-day chart

XRP/USD 1-day chart

While things are looking grim for Ripple price on a shorter time frame, a failure to stay above $0.84 could create deeper pessimism for XRP, leading to a retest of the $0.77, $0.71 or $0.65 support floors.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP