• Bitcoin bounces 5% after a 10% decline over the weekend.
  • Ethereum shows bulls losing underlying strength.
  • XRP price consolidates into a range that could resolve in an explosive move.

The crypto market has produced a countertrend bounce after a persistent weekend decline. The two-week-long consolidation broke to the downside over the weekend, which has projected targets much lower than the current price. Key levels have been defined to determine the Top 3 crypto's next potential moves.

Bitcoin price fights back

Bitcoin price broke out to the downside after nearly two weeks of consolidating in the $17,000 range. The breakout produced a monthly low of $15,476. Now, the peer-to-peer digital currency has retaliated against the bearish onslaught as the bulls have recovered 5% of losses on Tuesday, November 22. Still, a pennant formation, which surrounded the BTC price throughout the 2-week consolidation, has projected targets between $13,500 and $14,000. Thus, the downtrend may continue.

Bitcoin price currently auctions at $16,161. The 5% hike was catalyzed by a bullish divergence reported on several altcoins during the New York session on November 21. The bulls now face significant resistance near the 8-day exponential moving average at $17,000. A retest of the barrier could provoke a much stronger sell-off., 

Invalidation of the bearish idea is a breach above the swing highs within the previous consolidation at $17,200. If the level is tagged, the bulls could produce a countertrend spike back to the 21-day simple moving average at $17,900. The Bitcoin price will rise by 10% if the invalidation scenario occurs.

tm/btc/11/22.22
BTC/USDT 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 losing grounds 

Ethereum price has seen better days as the bears have produced a 10% decline since the weekend. At the current time, the bulls are trying to produce a countertrend bounce, but the attempt could be exhausting their underlying strength. The Volume Profile Indicator confounds this narrative as fewer transactions have taken place in recent days compared to the previous sell-off during November that momentarily breached the $1,000 barrier. If market conditions persist, the bears could induce a definitive move to sustain Ethereum price below $1,000.

Ethereum price currently auctions at $1,119. Bears in the market will likely aim for the summer liquidity at $1,000 and potentially $939. If sidelined bulls do not step in at these zones, a free-fall decline targeting summer lows at $880 would be imminent. Invalidation of the downtrend idea would be a breach above $1,276.

On the contrary,  a countertrend spike into the previous congestion zone at $1,276 would be an ideal target zone for short-term bulls. The bulls need to hurdle the 8-day exponential moving average of $1,192 to justify any bullish trade ideas.

tm/eth/11/22/22

ETH/USDT 1-day chart

In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team

XRP price range bound before an explosion

XRP price has succumbed to the bearish stronghold, much like Bitcoin and Ethereum. The digital remittance token has now formed a range between $0.34 and $0.39. The technicals show lower highs and higher lows progressively throughout the month. The newfound congestion zone is likely to resolve in an explosive move. If the move is bearish, the XRP price will likely trade sub-$0.30 in 2023.

XRP currently auctions at $0.37. The bulls are attempting the first attempt to hurdle the 8-day exponential moving average (EMA) after the rejection that prompted the weekend's 10% decline. As the price ascends, sidelined bears may want to keep an eye on the Relative Strength Index (RSI). The indicator shows the current price near previous highs, which suggests a bearish divergence will soon be established and could justify traders to open a bearish position. 

The bearish targets would be November's monthly low at $0.3160 and potentially the summer lows at $0.298. Invalidation of the bearish thesis is a breach above the swing high at $0.40. If the bulls can breach the barrier, a rally toward the previously broken support zone at $0.44 could occur. Such a move would result in a 20% rise from the current price. 


tm/xrp/11/22/22

XRP/USDT 12-Hour 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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin celebrates annual Pizza Day with a new all-time high

Bitcoin celebrates annual Pizza Day with a new all-time high

Bitcoin (BTC) enthusiasts are celebrating Bitcoin Pizza Day with a banger. BTC made a new all-time high on Wednesday and has entered price discovery mode. The OG cryptocurrency is trading above $110,000 for the first time ever.

XRP Price Forecast: Open Interest skyrockets as Volatility Shares to launch XRP futures ETF on NASDAQ

XRP Price Forecast: Open Interest skyrockets as Volatility Shares to launch XRP futures ETF on NASDAQ

Ripple's (XRP) price accelerates the uptrend to around $2.43 at the time of writing on Thursday, propelled by improving sentiment in the broader crypto market after Bitcoin (BTC) rapidly rallied to new all-time highs at approximately $111,880.

The Graph aims to enable secure cross-chain GRT transfers with Chainlink’s CCIP

The Graph aims to enable secure cross-chain GRT transfers with Chainlink’s CCIP

The Graph (GRT) plans to adopt the Chainlink (LINK) interoperability standard (CCIP) to enable GRT transfers across three ecosystems. A successful deployment of GRT bridges across Arbitrum (ARB), Base (BASE), and Solana (SOL) will significantly expand its cross-chain functionality. 

Top 3 Gainers Fartcoin, Dogwifhat, Popcat: Meme coins lead altcoins rally exploding alongside Bitcoin

Top 3 Gainers Fartcoin, Dogwifhat, Popcat: Meme coins lead altcoins rally exploding alongside Bitcoin

Cryptocurrencies broadly extend gains on Thursday, propelled by Bitcoin’s (BTC) surge to new all-time highs at around $111,880. Meanwhile, altcoins continue to gain strength, with Bitcoin dominance (BTC.D) sliding to approximately 63.84%, buoyed by significant rallies in meme coins such as Fartcoin (FARTCOIN), Dogwifhat (WIF) and Popcat (POPCAT).

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP