Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Steep correction looms crypto market


  • Bitcoin price faces rejection around the $60,000 level, hinting at a potential move to $53,000.
  • Ethereum price surge gets undone as the $4,387 hurdle subdues buying pressure.
  • Ripple price eyes retest of $1 psychological barrier after a breakout from an ascending parallel channel.

Bitcoin price saw a momentary upswing after its initial downswing on November 18. This quick run-up failed to gather steam, leading to rejection and a retracement. This short-term bearish outlook translated to Ethereum, Ripple and other altcoins.

Bitcoin price approaches another stable support level

Bitcoin price rose 7.4% in two days but failed to surpass or even retest the $60,000 psychological support level. As a result, BTC is undergoing a reversal to the $56,233 support floor. A breakdown of this barrier will result in a move to the $52,746 to $54,972 demand area.

This down move is crucial to collect liquidity resting under $53,000 – something which is likely to happen this week. If large buyers step in, the downswing will cease, and a reversal can be expected. In a worst-case scenario, however, a breakdown of the $53,000 barrier could lead to an 8.7% crash to $48,379.

BTC/USD 1-day chart

BTC/USD 1-day chart

While things are looking down for Bitcoin price, a decisive daily candlestick close above the $60,000 barrier would turn the tables and  give hope for an upswing narrative. In such a scenario,  BTC could retest the $63,000 resistance barrier. 

If the big crypto manages to flip this level, it will likely consolidate between $63,000 and $65,000. Only a daily close above the $65,0000 level would invalidate the bearish thesis.

Ethereum price follows big crypto around

Although Ethereum price was showing considerable strength in its recovery, the retracement in BTC had a knock on effect, causing a strong correction in ETH. As Ethereum price trades around $4,179, investors can expect it to retest the $4,000 psychological level.

This breakdown will lead the smart contract token to the 50% Fibonacci retracement level at $3,756. Market participants can expect a short-term relief bounce or consolidation to occur here. However, if BTC heads down to $53,000 or even $50,000, ETH could easily be pulled  down to $3,500 or $3,200.

ETH/USD 1-day chart

ETH/USD 1-day chart

Ethereum price correlation to Bitcoin is something investors need to watch out for. A drop in BTC could invalidate a perfectly bullish setup on ETH. If BTC manages to produce a daily close above $63,000, however, Ethereum price has a chance at an upswing. 

In this situation, ETH could make a run for the $4,609 resistance level. A daily candlestick close above this hurdle will lead it to the all-time high at $4,875. A higher high above this level would invalidate the bearish thesis.

Ripple price begins its retracement

Ripple price set up three higher highs and four higher lows since September 18. Connecting these swing points using trend lines reveals an ascending parallel channel. This setup forecasts a bearish outlook upon a breakout from the lower trend line at $1.09.

On November 18, XRP price breached the technical formation’s base, indicating a breakout. Since then, the minor upswing has confirmed the downswing by retesting the breakout point. Going forward, Ripple price will head toward the $1 psychological level.

A daily close below this barrier will trigger a 15% downswing to the demand zone, ranging from $0.77 to $0.84.

XRP/USD 1-day chart

XRP/USD 1-day chart

Regardless of the bearish outlook, if Ripple price manages to stay above the $1 psychological level, there is a chance of a recovery. A daily close above the 50% Fibonacci retracement level at $1.24 will invalidate the bearish thesis. 

A flip of the $1.41 level into a support floor, however, will open the path to $1.8 and $2

 

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

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury. 

More Bitcoin news

Crypto.com bulls maintain tentative support zone as CRO bulls target $0.50

Crypto.com price continues to face challenges above the $0.40 price level. Strong selling against the Tenkan-Sen at $0.40 tests buyers' conviction – failure to break above the Tenkan-Sen signals continued weakness.

More Crypto.com news

Polkadot price develops support to return to $30

Polkadot price is holding, so far, the $20 value area as its primary support zone. The recent downtrend and sell-off in the cryptocurrency market has positioned DOT in a strong support zone and one that will likely create the bottom it needs to pursue its next uptrend.

More Polkadot news

Ripple buys back $200 million worth of shares, set to go public at the end of the lawsuit

Ripple bought back $200 million worth of Series C shares from its lead investor, a UK-based investor firm. The payments giant strengthened its balance sheet, set to go public at the end of the SEC vs. Ripple lawsuit.

More Ripple news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP